T. Rowe Price Group (NASDAQ:TROW) Given New $103.00 Price Target at JPMorgan Chase & Co.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) had its price objective increased by research analysts at JPMorgan Chase & Co. from $94.00 to $103.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an "underweight" rating on the asset manager's stock. JPMorgan Chase & Co.'s price target would indicate a potential downside of 8.13% from the stock's previous close.

Several other brokerages have also recently weighed in on TROW. StockNews.com cut shares of T. Rowe Price Group from a "buy" rating to a "hold" rating in a research note on Friday, February 9th. Wells Fargo & Company lifted their price objective on shares of T. Rowe Price Group from $105.00 to $108.00 and gave the stock an "underweight" rating in a research note on Friday, February 9th. UBS Group boosted their target price on shares of T. Rowe Price Group from $100.00 to $109.00 and gave the company a "sell" rating in a research report on Friday. Morgan Stanley boosted their target price on shares of T. Rowe Price Group from $101.00 to $106.00 and gave the company an "equal weight" rating in a research report on Friday, January 19th. Finally, TD Cowen upgraded shares of T. Rowe Price Group from a "sell" rating to a "hold" rating and boosted their target price for the company from $92.00 to $114.00 in a research report on Monday, April 8th. Four research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company's stock. According to MarketBeat, T. Rowe Price Group has an average rating of "Hold" and an average price target of $110.56.

T. Rowe Price Group Stock Performance

Shares of TROW stock traded down $2.14 during midday trading on Tuesday, hitting $112.11. 1,290,855 shares of the company were exchanged, compared to its average volume of 1,391,160. T. Rowe Price Group has a 52 week low of $87.43 and a 52 week high of $132.76. The firm's 50 day moving average price is $114.58 and its two-hundred day moving average price is $106.61. The firm has a market capitalization of $25.07 billion, a P/E ratio of 14.49, a PEG ratio of 2.22 and a beta of 1.40.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings data on Thursday, February 8th. The asset manager reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.12. T. Rowe Price Group had a net margin of 27.69% and a return on equity of 18.41%. The business had revenue of $1.64 billion during the quarter, compared to analysts' expectations of $1.63 billion. During the same quarter in the previous year, the company earned $1.74 EPS. The business's revenue was up 6.5% on a year-over-year basis. Analysts expect that T. Rowe Price Group will post 8.13 EPS for the current year.

Insider Buying and Selling

In related news, insider Jessica M. Hiebler sold 1,138 shares of the company's stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $107.13, for a total transaction of $121,913.94. Following the completion of the transaction, the insider now directly owns 14,113 shares in the company, valued at approximately $1,511,925.69. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other T. Rowe Price Group news, Director Freeman A. Hrabowski III sold 8,740 shares of the business's stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $118.32, for a total transaction of $1,034,116.80. Following the sale, the director now directly owns 21,073 shares of the company's stock, valued at approximately $2,493,357.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jessica M. Hiebler sold 1,138 shares of the business's stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $107.13, for a total transaction of $121,913.94. Following the sale, the insider now directly owns 14,113 shares in the company, valued at $1,511,925.69. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On T. Rowe Price Group

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in T. Rowe Price Group by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 20,183,563 shares of the asset manager's stock worth $3,051,553,000 after acquiring an additional 625,340 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of T. Rowe Price Group by 2.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,900,101 shares of the asset manager's stock valued at $513,874,000 after purchasing an additional 134,839 shares during the last quarter. Morgan Stanley boosted its stake in shares of T. Rowe Price Group by 0.7% in the 3rd quarter. Morgan Stanley now owns 3,483,350 shares of the asset manager's stock valued at $365,299,000 after purchasing an additional 25,012 shares during the last quarter. Northern Trust Corp boosted its stake in shares of T. Rowe Price Group by 4.1% in the 3rd quarter. Northern Trust Corp now owns 2,356,132 shares of the asset manager's stock valued at $247,088,000 after purchasing an additional 93,829 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of T. Rowe Price Group by 2.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,271,065 shares of the asset manager's stock valued at $238,167,000 after purchasing an additional 44,175 shares during the last quarter. 73.39% of the stock is owned by institutional investors.

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.