JPMorgan Chase & Co. Forecasts Strong Price Appreciation for T. Rowe Price Group (NASDAQ:TROW) Stock

Key Points

• JPMorgan Chase & Co. has raised its price target for T. Rowe Price Group from $102.00 to $109.00 while maintaining an "underweight" rating on the stock, indicating a potential upside of 2.05% from its current price.
• Several other analysts have also updated their ratings, with Wells Fargo and TD Cowen setting targets of $108.00, while Barclays maintains a target of $95.00.
• T. Rowe Price Group reported an EPS of $2.24 for the last quarter, slightly exceeding analysts' expectations, although revenue showed a year-over-year decline of 0.6%.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) had its price target lifted by research analysts at JPMorgan Chase & Co. from $102.00 to $109.00 in a research note issued on Wednesday,MarketScreener reports. The firm presently has an "underweight" rating on the asset manager's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 2.05% from the company's current price.

TROW has been the subject of a number of other research reports. Wells Fargo & Company increased their price objective on T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a research note on Friday, July 11th. TD Cowen raised their target price on shares of T. Rowe Price Group from $103.00 to $108.00 and gave the stock a "hold" rating in a research note on Wednesday, October 8th. The Goldman Sachs Group raised their price objective on T. Rowe Price Group from $91.00 to $92.00 and gave the company a "sell" rating in a research report on Friday, October 3rd. BMO Capital Markets assumed coverage on shares of T. Rowe Price Group in a report on Friday, October 3rd. They issued a "market perform" rating and a $108.00 target price for the company. Finally, Barclays reaffirmed an "underweight" rating and issued a $95.00 price target (up previously from $91.00) on shares of T. Rowe Price Group in a research report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Reduce" and an average target price of $106.92.

T. Rowe Price Group Stock Up 1.4%

TROW stock opened at $106.81 on Wednesday. The stock's 50 day moving average is $105.82 and its 200-day moving average is $98.64. T. Rowe Price Group has a twelve month low of $77.85 and a twelve month high of $125.81. The firm has a market capitalization of $23.47 billion, a PE ratio of 11.93, a P/E/G ratio of 5.80 and a beta of 1.50.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.09. The company had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.72 billion. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. T. Rowe Price Group's revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the company posted $2.26 EPS. On average, equities research analysts anticipate that T. Rowe Price Group will post 9.29 earnings per share for the current fiscal year.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,090 shares of the company's stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $105.01, for a total transaction of $324,480.90. Following the sale, the director owned 47,335 shares in the company, valued at $4,970,648.35. This represents a 6.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Swedbank AB lifted its stake in T. Rowe Price Group by 0.5% during the third quarter. Swedbank AB now owns 42,379 shares of the asset manager's stock worth $4,350,000 after purchasing an additional 227 shares during the last quarter. Vontobel Holding Ltd. grew its position in shares of T. Rowe Price Group by 20.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 13,456 shares of the asset manager's stock valued at $1,381,000 after buying an additional 2,292 shares during the last quarter. IFM Investors Pty Ltd raised its stake in T. Rowe Price Group by 0.8% during the 3rd quarter. IFM Investors Pty Ltd now owns 42,266 shares of the asset manager's stock worth $4,373,000 after acquiring an additional 334 shares in the last quarter. OLD National Bancorp IN boosted its stake in T. Rowe Price Group by 16.2% in the third quarter. OLD National Bancorp IN now owns 75,040 shares of the asset manager's stock valued at $7,702,000 after acquiring an additional 10,463 shares in the last quarter. Finally, Security National Bank of Sioux City Iowa IA grew its holdings in shares of T. Rowe Price Group by 1.1% during the third quarter. Security National Bank of Sioux City Iowa IA now owns 16,379 shares of the asset manager's stock worth $1,681,000 after purchasing an additional 185 shares during the last quarter. 73.39% of the stock is owned by institutional investors and hedge funds.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.

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