T. Rowe Price Group (NASDAQ:TROW) Stock Price Breaks Below 200-Day Moving Average - Here's What Happened

Key Points

• T. Rowe Price shares fell below their 200-day moving average, trading as low as $103.34 and last changing hands at $103.49, down 0.7%.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating, with one Buy, ten Hold and three Sell ratings and an average price target of $104.23.
• The company reported quarterly earnings and revenue above analyst expectations and maintains an attractive 5.0% annualized dividend yield, based on a $1.30 quarterly payout.

T. Rowe Price Group, Inc. (NASDAQ:TROW - Get Free Report)'s stock price passed below its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $103.78 and traded as low as $103.34. T. Rowe Price Group shares last traded at $103.49, with a volume of 2,031,656 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Barclays lowered their price target on T. Rowe Price Group from $103.00 to $102.00 and set an "underweight" rating for the company in a report on Wednesday, October 14th. Evercore set a $109.00 price objective on T. Rowe Price Group in a research note on Friday, October 9th. Morgan Stanley raised their target price on T. Rowe Price Group from $110.00 to $112.00 and gave the company an "equal weight" rating in a report on Friday. Weiss Ratings upgraded shares of T. Rowe Price Group from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, September 4th. Finally, JPMorgan Chase & Co. dropped their price target on shares of T. Rowe Price Group from $107.00 to $106.00 and set an "underweight" rating for the company in a research note on Tuesday, October 13th. One analyst has rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $104.23.

T. Rowe Price Group Stock Down 0.7%

The business's fifty day simple moving average is $106.34 and its two-hundred day simple moving average is $103.78. The company has a market cap of $22.08 billion, a price-to-earnings ratio of 10.38, a PEG ratio of 3.05 and a beta of 1.45.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced 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. The firm had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. T. Rowe Price Group's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the company earned $2.24 earnings per share. Sell-side analysts predict that T. Rowe Price Group, Inc. will post 10.08 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th were paid a $1.30 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $5.20 dividend on an annualized basis and a yield of 5.0%. T. Rowe Price Group's payout ratio is currently 52.16%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of T. Rowe Price Group in the 2nd quarter valued at approximately $2,728,119,000. State Street Corp grew its position in 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 buying an additional 381,183 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of T. Rowe Price Group by 20.0% in the 2nd 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 acquiring an additional 524,544 shares during the period. First Trust Advisors LP boosted its position in 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 worth $332,993,000 after purchasing an additional 413,317 shares in the last quarter. Finally, Provident Trust Co. increased its position in shares of T. Rowe Price Group by 0.4% in the second quarter. Provident Trust Co. now owns 2,061,353 shares of the asset manager's stock valued at $234,355,000 after buying an additional 8,524 shares in the last quarter. 73.39% of the stock is currently owned by institutional investors and hedge funds.

T. Rowe Price Group Company Profile

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 strategies and advisory services to individual investors, retirement plans, financial intermediaries, institutions and other clients.

The company offers a range of actively managed and multi-asset investment products, including mutual funds, exchange-traded funds, separately managed accounts and other portfolio solutions.

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