T. Rowe Price Group (NASDAQ:TROW) Coverage Initiated at BMO Capital Markets

Key Points

• BMO Capital Markets has initiated coverage on T. Rowe Price Group with a "market perform" rating and a price target of $108.00, suggesting a potential upside of 6.18% from its current price.
• The company reported $2.24 earnings per share in its latest quarter, exceeding analysts' expectations, while experiencing a 0.6% decline in year-over-year revenue.
• Investment analysts have varied recommendations for T. Rowe Price, with one "Buy," nine "Hold," and four "Sell" ratings, resulting in a consensus rating of "Reduce" and a consensus price target of $103.08.

Equities researchers at BMO Capital Markets started coverage on shares of T. Rowe Price Group (NASDAQ:TROW - Get Free Report) in a report released on Friday,Benzinga reports. The brokerage set a "market perform" rating and a $108.00 price target on the asset manager's stock. BMO Capital Markets' price target points to a potential upside of 6.18% from the stock's current price.

TROW has been the subject of several other research reports. Keefe, Bruyette & Woods increased their target price on T. Rowe Price Group from $110.00 to $112.00 and gave the stock a "market perform" rating in a research report on Monday, August 4th. Barclays reiterated an "underweight" rating and set a $95.00 target price (up previously from $91.00) on shares of T. Rowe Price Group in a research report on Monday, August 4th. Wells Fargo & Company raised their price target on T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. Bank of America raised their price target on T. Rowe Price Group from $91.00 to $97.00 and gave the company an "underperform" rating in a report on Thursday. Finally, JPMorgan Chase & Co. raised their price target on T. Rowe Price Group from $98.00 to $102.00 and gave the company an "underweight" rating in a report on Monday, August 4th. One investment analyst has rated the stock with a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat, T. Rowe Price Group currently has a consensus rating of "Reduce" and a consensus price target of $103.08.

T. Rowe Price Group Price Performance

Shares of NASDAQ:TROW opened at $101.71 on Friday. The company has a market cap of $22.35 billion, a P/E ratio of 11.36, a PEG ratio of 2.62 and a beta of 1.50. T. Rowe Price Group has a 1 year low of $77.85 and a 1 year high of $125.81. The stock's fifty day moving average price is $105.78 and its 200-day moving average price is $98.00.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share 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 the consensus estimate of $1.72 billion. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.T. Rowe Price Group's revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.26 earnings per share. On average, sell-side analysts anticipate that T. Rowe Price Group will post 9.29 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Robert F. Maclellan sold 3,090 shares of the company's stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $105.01, for a total value of $324,480.90. Following the transaction, the director directly owned 47,335 shares in the company, valued at approximately $4,970,648.35. This represents a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.00% of the company's stock.

Institutional Trading of T. Rowe Price Group

Several hedge funds have recently modified their holdings of TROW. TD Waterhouse Canada Inc. increased its holdings in T. Rowe Price Group by 66.7% in the second quarter. TD Waterhouse Canada Inc. now owns 250 shares of the asset manager's stock valued at $25,000 after buying an additional 100 shares during the last quarter. Zions Bancorporation National Association UT purchased a new position in shares of T. Rowe Price Group during the first quarter worth about $27,000. Vermillion & White Wealth Management Group LLC lifted its position in T. Rowe Price Group by 120.0% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 319 shares of the asset manager's stock valued at $31,000 after purchasing an additional 174 shares during the period. Hexagon Capital Partners LLC lifted its position in T. Rowe Price Group by 44.8% in the first quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock valued at $34,000 after purchasing an additional 113 shares during the period. Finally, Atlantic Union Bankshares Corp acquired a new stake in T. Rowe Price Group in the second quarter valued at about $35,000. 73.39% of the stock is currently 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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