T. Rowe Price Group (NASDAQ:TROW) Given New $98.00 Price Target at BMO Capital Markets

Key Points

• BMO Capital Markets cut its price target on T. Rowe Price to $98 (from $104) and kept a "market perform" rating, implying roughly a 6.3% upside from the previous close.
• Several other brokers have trimmed targets recently; the consensus price target is $97.23 and the average analyst rating is Reduce (12 Holds, 4 Sells).
• T. Rowe Price reported Q4 EPS of $2.44 (missed estimates by $0.03) with revenue up 6% year-over-year; the stock opened at $92.16, has a market cap of ~$20.05B and a P/E of 9.96.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) had its target price reduced by equities researchers at BMO Capital Markets from $104.00 to $98.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "market perform" rating on the asset manager's stock. BMO Capital Markets' target price would indicate a potential upside of 6.34% from the company's previous close.

Several other equities analysts have also recently commented on the company. TD Cowen cut their price target on T. Rowe Price Group from $97.00 to $93.00 and set a "hold" rating for the company in a report on Thursday. Keefe, Bruyette & Woods lowered their price objective on T. Rowe Price Group from $110.00 to $95.00 and set a "market perform" rating on the stock in a research report on Wednesday. Deutsche Bank Aktiengesellschaft cut their target price on T. Rowe Price Group from $106.00 to $100.00 and set a "hold" rating for the company in a research note on Thursday, February 5th. JPMorgan Chase & Co. reduced their target price on T. Rowe Price Group from $108.00 to $106.00 and set an "underweight" rating for the company in a research report on Thursday, February 5th. Finally, Morgan Stanley decreased their price target on shares of T. Rowe Price Group from $115.00 to $107.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 1st. Twelve investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus price target of $97.23.

T. Rowe Price Group Price Performance

NASDAQ TROW opened at $92.16 on Friday. The company's fifty day moving average is $92.40 and its two-hundred day moving average is $99.87. T. Rowe Price Group has a 52-week low of $82.86 and a 52-week high of $118.22. The firm has a market capitalization of $20.05 billion, a price-to-earnings ratio of 9.96, a P/E/G ratio of 3.92 and a beta of 1.50.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings data on Wednesday, February 4th. The asset manager reported $2.44 EPS for the quarter, missing analysts' consensus estimates of $2.47 by ($0.03). T. Rowe Price Group had a net margin of 28.53% and a return on equity of 20.29%. The company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.92 billion. During the same period in the prior year, the company posted $2.12 EPS. The firm's quarterly revenue was up 6.0% on a year-over-year basis. As a group, sell-side analysts expect that T. Rowe Price Group will post 9.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On T. Rowe Price Group

Several hedge funds and other institutional investors have recently modified their holdings of TROW. Fidelis Capital Partners LLC bought a new stake in T. Rowe Price Group during the third quarter worth about $540,000. Greenspring Advisors LLC bought a new position in shares of T. Rowe Price Group in the third quarter valued at approximately $1,583,000. First Citizens Bank & Trust Co. raised its stake in shares of T. Rowe Price Group by 141.9% in the third quarter. First Citizens Bank & Trust Co. now owns 175,885 shares of the asset manager's stock valued at $18,053,000 after acquiring an additional 103,174 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of T. Rowe Price Group by 43.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 312,768 shares of the asset manager's stock worth $32,021,000 after acquiring an additional 95,351 shares in the last quarter. Finally, Allen Wealth Management LLC grew its position in T. Rowe Price Group by 459.3% during the 3rd quarter. Allen Wealth Management LLC now owns 13,855 shares of the asset manager's stock worth $1,422,000 after acquiring an additional 11,378 shares during the last quarter. Institutional investors 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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