T. Rowe Price Group (NASDAQ:TROW) Downgraded to "Hold" Rating by Zacks Research

Key Points

• Zacks Research downgraded T. Rowe Price Group from “strong buy” to “hold.” The broader analyst consensus is “reduce,” with 10 hold ratings, four sell ratings and an average price target of $105.67.
• TROW shares opened at $110.56 and were down 0.7%, while analysts cited price targets ranging from $103 to $120. The company’s stock has traded between $85.22 and $122.00 over the past year.
• T. Rowe Price exceeded quarterly expectations, reporting $2.57 EPS versus the $2.52 consensus and $1.91 billion in revenue, up 10.7% year over year. Institutional investors and hedge funds own 73.39% of the company.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other analysts also recently issued reports on TROW. Evercore set a $118.00 target price on T. Rowe Price Group in a research report on Monday. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $115.00 price target (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $109.00 price target on shares of T. Rowe Price Group in a research report on Monday, August 3rd. BMO Capital Markets upped their price objective on T. Rowe Price Group from $110.00 to $120.00 and gave the stock a "market perform" rating in a research note on Monday, August 3rd. Finally, JPMorgan Chase & Co. dropped their price objective on T. Rowe Price Group from $106.00 to $103.00 and set an "underweight" rating on the stock in a research note on Friday, April 24th. Ten investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average price target of $105.67.

T. Rowe Price Group Trading Down 0.7%

Shares of TROW opened at $110.56 on Thursday. The stock has a market capitalization of $23.58 billion, a price-to-earnings ratio of 11.09, a PEG ratio of 4.33 and a beta of 1.47. T. Rowe Price Group has a 12 month low of $85.22 and a 12 month high of $122.00. The firm has a fifty day simple moving average of $113.52 and a 200 day simple moving average of $102.66.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings results 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 net margin of 29.26% and a return on equity of 20.91%. The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same period in the previous year, the business earned $2.24 EPS. The company's revenue was up 10.7% compared to the same quarter last year. As a group, research analysts predict that T. Rowe Price Group will post 10.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On T. Rowe Price Group

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of T. Rowe Price Group in the second quarter valued at approximately $2,728,119,000. State Street Corp increased its holdings in shares of T. Rowe Price Group by 0.3% during the 4th quarter. State Street Corp now owns 14,159,797 shares of the asset manager's stock worth $1,449,680,000 after acquiring an additional 45,530 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in T. Rowe Price Group by 332.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager's stock valued at $897,880,000 after acquiring an additional 6,740,172 shares during the period. Charles Schwab Investment Management Inc. raised its stake in T. Rowe Price Group by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,073,846 shares of the asset manager's stock valued at $826,600,000 after acquiring an additional 143,109 shares during the period. Finally, First Trust Advisors LP lifted its holdings in T. Rowe Price Group by 12.6% during the 1st 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. Institutional investors and hedge funds own 73.39% of the company's stock.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm's product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.

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