Evercore Forecasts Strong Price Appreciation for T. Rowe Price Group (NASDAQ:TROW) Stock

Key Points

• Evercore raised its price target for T. Rowe Price Group from $113 to $121, implying 14.68% upside from the stock’s reported $105.51 price.
• Analyst sentiment remains cautious overall: TROW has one Buy, nine Hold and four Sell ratings, producing a consensus “Reduce” rating and an average price target of $105.92.
• T. Rowe Price exceeded quarterly expectations, reporting $2.57 in EPS versus the $2.52 estimate and $1.91 billion in revenue, up 10.7% year over year.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) had its price objective increased by research analysts at Evercore from $113.00 to $121.00 in a research report issued to clients and investors on Monday. Evercore's price target points to a potential upside of 14.68% from the stock's current price.

A number of other research analysts also recently issued reports on the company. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $115.00 price objective (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Morgan Stanley reduced their price target on shares of T. Rowe Price Group from $116.00 to $110.00 and set an "equal weight" rating for the company in a research report on Friday. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $109.00 price objective on shares of T. Rowe Price Group in a research report on Monday, August 3rd. UBS Group set a $110.00 target price on shares of T. Rowe Price Group in a research note on Monday, August 31st. Finally, The Goldman Sachs Group increased their target price on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a "sell" rating in a research report on Tuesday, June 30th. One research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Reduce" and a consensus target price of $105.92.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock opened at $105.51 on Monday. T. Rowe Price Group has a 52 week low of $85.22 and a 52 week high of $122.00. The company's 50 day moving average price is $111.14 and its two-hundred day moving average price is $105.20. The stock has a market cap of $22.51 billion, a P/E ratio of 10.58, a P/E/G ratio of 3.50 and a beta of 1.46.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.52 by $0.05. The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.T. Rowe Price Group's quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.24 earnings per share. On average, equities analysts anticipate that T. Rowe Price Group will post 10.15 EPS for the current year.

Insiders Place Their Bets

In related news, VP Joshua Nelson sold 10,000 shares of T. Rowe Price Group stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total value of $1,118,200.00. Following the completion of the transaction, the vice president directly owned 71,328 shares in the company, valued at approximately $7,975,896.96. The trade was a 12.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On T. Rowe Price Group

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of T. Rowe Price Group during the 2nd quarter valued at $2,728,119,000. State Street Corp increased its position in shares of T. Rowe Price Group by 2.7% during the second quarter. State Street Corp now owns 14,653,478 shares of the asset manager's stock valued at $1,665,954,000 after buying an additional 381,183 shares during the period. Goldman Sachs Group Inc. increased its position in shares of T. Rowe Price Group by 332.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager's stock valued at $897,880,000 after buying an additional 6,740,172 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of T. Rowe Price Group by 20.0% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,150,561 shares of the asset manager's stock worth $358,187,000 after buying an additional 524,544 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of T. Rowe Price Group by 12.6% in the first quarter. First Trust Advisors LP now owns 3,694,171 shares of the asset manager's stock worth $332,993,000 after buying an additional 413,317 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company's stock.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment management, advisory and related services to individual investors, retirement plans, institutions, financial intermediaries and other clients.

The company offers a broad range of investment products and strategies, including mutual funds, exchange-traded funds, separately managed accounts and institutional portfolios.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.