T. Rowe Price Group (NASDAQ:TROW) Stock Price Expected to Rise, TD Cowen Analyst Says

Key Points

• TD Cowen raised T. Rowe Price’s price target to $110 from $108 but maintained a “hold” rating, implying roughly 0.72% downside from the stock’s $110.80 price. Analysts overall remain cautious, with an average “Reduce” rating and $105.83 target.
• T. Rowe Price reported quarterly adjusted earnings of $2.57 per share, exceeding the $2.52 consensus estimate, while revenue rose 10.7% year over year to $1.91 billion.
• The stock has declined 0.4% in midday trading and remains below its 52-week high of $122.00. Institutional investors own approximately 73.39% of the company, while a company vice president recently sold 10,000 shares.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) had its price target hoisted by equities research analysts at TD Cowen from $108.00 to $110.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a "hold" rating on the asset manager's stock. TD Cowen's price target would indicate a potential downside of 0.72% from the company's current price.

A number of other equities analysts have also recently weighed in on the company. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $109.00 price objective on shares of T. Rowe Price Group in a report on Monday, August 3rd. The Goldman Sachs Group increased their price target 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. Zacks Research downgraded shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 13th. 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 report on Monday, August 3rd. Finally, Morgan Stanley set a $116.00 price objective on shares of T. Rowe Price Group in a research note on Wednesday, July 29th. Ten investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, T. Rowe Price Group has an average rating of "Reduce" and an average price target of $105.83.

T. Rowe Price Group Stock Down 0.4%

NASDAQ:TROW traded down $0.44 during midday trading on Monday, hitting $110.80. The company had a trading volume of 141,741 shares, compared to its average volume of 2,131,232. T. Rowe Price Group has a 52-week low of $85.22 and a 52-week high of $122.00. The stock's fifty day moving average price is $114.35 and its 200-day moving average price is $103.40. The company has a market capitalization of $23.64 billion, a PE ratio of 11.11, a P/E/G ratio of 3.68 and a beta of 1.47.

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

Insider Buying and Selling

In other T. Rowe Price Group news, VP Joshua B. Nelson sold 10,000 shares of T. Rowe Price Group stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total value of $1,118,200.00. Following the transaction, the vice president directly owned 71,328 shares of the company's stock, valued at $7,975,896.96. The trade was a 12.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On T. Rowe Price Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Corient Private Wealth LP grew its holdings in T. Rowe Price Group by 9.1% in the 2nd quarter. Corient Private Wealth LP now owns 128,271 shares of the asset manager's stock worth $14,583,000 after acquiring an additional 10,746 shares during the last quarter. HighTower Advisors LLC raised its stake in shares of T. Rowe Price Group by 1.2% during the second quarter. HighTower Advisors LLC now owns 189,043 shares of the asset manager's stock valued at $21,492,000 after acquiring an additional 2,160 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of T. Rowe Price Group during the second quarter worth about $46,511,000. California State Teachers Retirement System boosted its holdings in shares of T. Rowe Price Group by 10,632.8% during the second quarter. California State Teachers Retirement System now owns 45,287,275 shares of the asset manager's stock worth $5,148,710,000 after purchasing an additional 44,865,323 shares during the period. Finally, Wedmont Private Capital bought a new stake in shares of T. Rowe Price Group in the second quarter worth about $265,000. 73.39% of the stock is currently owned by institutional investors.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm's product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.

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