T. Rowe Price Group (NASDAQ:TROW) Price Target Cut to $103.00 by Analysts at Barclays

Key Points

• Barclays cut T. Rowe Price Group’s price target to $103 from $108 and maintained an “underweight” rating, implying roughly 7.8% downside from the reported $111.75 share price.
• Analyst sentiment remains cautious, with the stock carrying an average “Reduce” rating and a consensus price target of $104.67; ratings include one Strong Buy, nine Holds and four Sells.
• T. Rowe Price exceeded quarterly expectations, reporting $2.57 in EPS versus $2.52 expected and $1.91 billion in revenue versus $1.89 billion forecast. Revenue increased 10.7% year over year, while institutional investors own 73.39% of the shares.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) had its price objective reduced by equities researchers at Barclays from $108.00 to $103.00 in a research note issued on Monday,Benzinga reports. The firm presently has an "underweight" rating on the asset manager's stock. Barclays's price target would indicate a potential downside of 7.83% from the company's current price.

TROW has been the topic of several other research reports. The Goldman Sachs Group upped their price objective on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a "sell" rating in a report on Tuesday, June 30th. Evercore set a $121.00 target price on shares of T. Rowe Price Group in a report on Friday, July 10th. Zacks Research raised T. Rowe Price Group from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. Morgan Stanley set a $116.00 price target on T. Rowe Price Group in a research report on Wednesday. Finally, JPMorgan Chase & Co. cut their price target on shares of T. Rowe Price Group from $106.00 to $103.00 and set an "underweight" rating on the stock in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $104.67.

T. Rowe Price Group Price Performance

Shares of TROW stock opened at $111.75 on Monday. The firm has a market capitalization of $23.94 billion, a P/E ratio of 11.21, a P/E/G ratio of 4.01 and a beta of 1.47. The stock's fifty day simple moving average is $111.77 and its 200 day simple moving average is $102.11. T. Rowe Price Group has a twelve month low of $85.22 and a twelve month high of $122.00.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. T. Rowe Price Group had a return on equity of 20.45% and a net margin of 29.26%.T. Rowe Price Group's quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.24 earnings per share. As a group, equities research analysts expect that T. Rowe Price Group will post 10.11 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Stephon A. Jackson sold 3,000 shares of T. Rowe Price Group stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total value of $307,680.00. Following the completion of the transaction, the vice president directly owned 83,883 shares in the company, valued at approximately $8,603,040.48. The trade was a 3.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On T. Rowe Price Group

Large investors have recently made changes to their positions in the stock. Vest Financial LLC lifted its holdings in T. Rowe Price Group by 3.9% during the 2nd quarter. Vest Financial LLC now owns 548,644 shares of the asset manager's stock worth $62,375,000 after purchasing an additional 20,743 shares in the last quarter. Nilsine Partners LLC increased its position in shares of T. Rowe Price Group by 3.2% during the second quarter. Nilsine Partners LLC now owns 4,083 shares of the asset manager's stock valued at $464,000 after buying an additional 127 shares during the period. Leelyn Smith LLC increased its position in shares of T. Rowe Price Group by 3.4% during the second quarter. Leelyn Smith LLC now owns 28,687 shares of the asset manager's stock valued at $3,261,000 after buying an additional 946 shares during the period. Signaturefd LLC lifted its holdings in shares of T. Rowe Price Group by 187.4% in the second quarter. Signaturefd LLC now owns 10,584 shares of the asset manager's stock worth $1,203,000 after buying an additional 6,901 shares in the last quarter. Finally, Kesler Norman & Wride LLC boosted its position in shares of T. Rowe Price Group by 0.6% in the second quarter. Kesler Norman & Wride LLC now owns 15,914 shares of the asset manager's stock valued at $1,809,000 after acquiring an additional 96 shares during the period. 73.39% of the stock is owned by institutional investors.

T. Rowe Price Group Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.