T. Rowe Price Group (NASDAQ:TROW) Given New $102.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has raised T. Rowe Price Group's price target from $98.00 to $102.00, while maintaining an "underweight" rating on the stock.
• The stock is currently trading at $105.61, reflecting a potential downside of 3.41% from the new price target.
• T. Rowe Price Group reported $2.24 earnings per share for the last quarter, exceeding estimates by $0.09, despite a revenue decline of 0.6% year-over-year.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) had its price target raised by investment analysts at JPMorgan Chase & Co. from $98.00 to $102.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an "underweight" rating on the asset manager's stock. JPMorgan Chase & Co.'s price target points to a potential downside of 3.41% from the stock's current price.

TROW has been the topic of several other reports. Cowen restated a "hold" rating on shares of T. Rowe Price Group in a research report on Monday, May 5th. Citigroup lowered their price target on shares of T. Rowe Price Group from $100.00 to $95.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Barclays increased their price target on shares of T. Rowe Price Group from $90.00 to $91.00 and gave the company an "underweight" rating in a research report on Wednesday, July 16th. The Goldman Sachs Group lowered their price target on shares of T. Rowe Price Group from $89.00 to $80.00 and set a "sell" rating on the stock in a research report on Monday, April 14th. Finally, Morgan Stanley increased their price target on shares of T. Rowe Price Group from $112.00 to $116.00 and gave the company an "equal weight" rating in a research report on Monday. Four analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $100.82.

T. Rowe Price Group Stock Performance

TROW traded up $2.55 on Monday, hitting $105.61. 609,567 shares of the company were exchanged, compared to its average volume of 1,838,968. The business's fifty day moving average is $98.38 and its 200 day moving average is $98.22. T. Rowe Price Group has a fifty-two week low of $77.85 and a fifty-two week high of $125.81. The firm has a market capitalization of $23.27 billion, a P/E ratio of 11.80, a price-to-earnings-growth ratio of 3.03 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.09. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.84%. The company had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period in the prior year, the business posted $2.26 earnings per share. The firm's revenue for the quarter was down .6% compared to the same quarter last year. Analysts forecast that T. Rowe Price Group will post 9.29 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jessica M. Hiebler sold 968 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $96.98, for a total transaction of $93,876.64. Following the sale, the insider owned 13,611 shares in the company, valued at approximately $1,319,994.78. This trade represents a 6.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Dorothy C. Sawyer sold 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total transaction of $190,860.00. Following the sale, the vice president owned 44,789 shares in the company, valued at approximately $4,274,214.27. This trade represents a 4.27% decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On T. Rowe Price Group

Large investors have recently bought and sold shares of the stock. Zions Bancorporation National Association UT purchased a new position in T. Rowe Price Group during the first quarter worth approximately $27,000. Ameriflex Group Inc. purchased a new position in T. Rowe Price Group during the fourth quarter worth approximately $42,000. Hexagon Capital Partners LLC raised its stake in T. Rowe Price Group by 44.8% during the first quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock worth $34,000 after purchasing an additional 113 shares during the period. Curio Wealth LLC raised its stake in T. Rowe Price Group by 20,700.0% during the second quarter. Curio Wealth LLC now owns 416 shares of the asset manager's stock worth $40,000 after purchasing an additional 414 shares during the period. Finally, Smallwood Wealth Investment Management LLC purchased a new position in T. Rowe Price Group during the first quarter worth approximately $39,000. Hedge funds and other institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Company Profile

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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