T. Rowe Price Group (NASDAQ:TROW) Stock Price Target Lowered at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered T. Rowe Price’s price target from $107 to $106 and maintained an “underweight” rating, implying approximately 4.54% upside from the stock’s then-current price.
• Analyst sentiment remained cautious: TROW had a consensus “Reduce” rating and a $104.15 average price target, based on one Buy, ten Hold, and three Sell ratings.
• Shares fell 2.5% to $101.40 during Tuesday trading, despite the company’s latest quarterly results exceeding expectations, with EPS of $2.57 and revenue of $1.91 billion.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) had its price target cut by research analysts at JPMorgan Chase & Co. from $107.00 to $106.00 in a report released on Tuesday, Benzinga reports. The firm presently has an "underweight" rating on the asset manager's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 4.54% from the company's current price.

A number of other research firms have also issued reports on TROW. UBS Group began coverage on shares of T. Rowe Price Group in a research note on Wednesday, October 7th. They set a "neutral" rating and a $107.00 target price for the company. The Goldman Sachs Group raised 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 note on Tuesday, June 30th. Morgan Stanley cut their price target on T. Rowe Price Group from $116.00 to $110.00 and set an "equal weight" rating on the stock in a report on Friday, September 25th. Barclays cut their price target on T. Rowe Price Group from $108.00 to $103.00 and set an "underweight" rating on the stock in a report on Monday, August 3rd. Finally, Zacks Research downgraded T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $104.15.

T. Rowe Price Group Stock Down 2.5%

Shares of TROW traded down $2.59 during trading on Tuesday, reaching $101.40. The company's stock had a trading volume of 1,393,289 shares, compared to its average volume of 2,060,342. The company has a fifty day moving average of $108.37 and a two-hundred day moving average of $106.47. T. Rowe Price Group has a twelve month low of $85.22 and a twelve month high of $122.00. The company has a market cap of $21.63 billion, a price-to-earnings ratio of 10.17, a P/E/G ratio of 4.56 and a beta of 1.45.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings data 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. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%. The firm had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.89 billion. During the same quarter in the prior year, the firm posted $2.24 earnings per share. T. Rowe Price Group's revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, equities analysts forecast that T. Rowe Price Group will post 10.13 EPS for the current fiscal year.

Insider Activity at T. Rowe Price Group

In other news, VP Joshua Nelson sold 10,000 shares of the business's stock in a transaction 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 sale, the vice president owned 71,328 shares of the company's stock, 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 link. 1.60% of the stock is owned by corporate insiders.

Institutional Trading of T. Rowe Price Group

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in shares of T. Rowe Price Group during the 2nd quarter worth $2,728,119,000. State Street Corp raised 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 worth $1,665,954,000 after purchasing an additional 381,183 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% during 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 valued at $358,187,000 after purchasing an additional 524,544 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of T. Rowe Price Group by 12.6% during the first quarter. First Trust Advisors LP now owns 3,694,171 shares of the asset manager's stock valued at $332,993,000 after purchasing an additional 413,317 shares during the last quarter. Finally, Provident Trust Co. boosted its position in shares of T. Rowe Price Group by 0.4% in the 2nd quarter. Provident Trust Co. now owns 2,061,353 shares of the asset manager's stock valued at $234,355,000 after purchasing an additional 8,524 shares during the period. 73.39% of the stock is currently owned by institutional investors.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. The company provides investment strategies and related services to individual investors, retirement plans, financial intermediaries, institutions, and other clients.

Its offerings include actively managed mutual funds, exchange-traded funds, separately managed accounts, collective investment trusts, and other portfolio solutions. T. Rowe Price invests across equity, fixed-income, multi-asset, and alternative strategies, and also provides retirement planning, asset allocation, advisory, and investment research services.

Founded in 1937 by Thomas Rowe Price Jr., the company serves clients through operations and distribution relationships in the United States and international markets.

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