T. Rowe Price Group (NASDAQ:TROW) Price Target Cut to $103.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan cut its price target on T. Rowe Price to $103 (from $106) and left an "underweight" rating, with that target implying only about a 3.35% upside from current levels.
• Multiple brokers have trimmed targets recently and, per MarketBeat, the consensus analyst view is a "Reduce" rating with a consensus target of $96.62, signaling broad downward pressure from analysts.
• T. Rowe Price is trading around $99.67 with a market cap of about $21.7B and a P/E of 10.8; the firm slightly missed quarterly EPS (reported $2.44 vs. $2.47 consensus) while revenue rose ~6% year‑over‑year.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) had its target price decreased by equities researchers at JPMorgan Chase & Co. from $106.00 to $103.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an "underweight" rating on the asset manager's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 3.35% from the stock's current price.

A number of other analysts have also weighed in on the company. BMO Capital Markets lowered their target price on T. Rowe Price Group from $104.00 to $98.00 and set a "market perform" rating for the company in a report on Friday, April 10th. Barclays lowered their target price on T. Rowe Price Group from $94.00 to $87.00 and set an "underweight" rating for the company in a report on Friday, April 17th. Argus upgraded T. Rowe Price Group to a "hold" rating in a report on Thursday, February 5th. Bank of America upped their target price on T. Rowe Price Group from $85.00 to $86.00 in a report on Wednesday, January 14th. Finally, TD Cowen decreased their price objective on T. Rowe Price Group from $97.00 to $93.00 and set a "hold" rating for the company in a report on Thursday, April 9th. Ten equities research analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, T. Rowe Price Group currently has an average rating of "Reduce" and a consensus target price of $96.62.

T. Rowe Price Group Stock Up 0.2%

NASDAQ TROW traded up $0.18 during trading hours on Friday, hitting $99.67. 579,869 shares of the company were exchanged, compared to its average volume of 2,275,111. T. Rowe Price Group has a 52 week low of $85.22 and a 52 week high of $118.22. The stock has a 50-day moving average price of $92.19 and a 200 day moving average price of $99.42. The stock has a market cap of $21.69 billion, a PE ratio of 10.77, a price-to-earnings-growth ratio of 4.34 and a beta of 1.50.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its earnings results on Wednesday, February 4th. The asset manager reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.47 by ($0.03). The business had revenue of $1.93 billion for the quarter, compared to analysts' expectations of $1.92 billion. T. Rowe Price Group had a net margin of 28.53% and a return on equity of 20.29%. The firm's quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.12 EPS. As a group, sell-side analysts anticipate that T. Rowe Price Group will post 9.69 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TROW. Woodline Partners LP increased its stake in T. Rowe Price Group by 41.0% during the 1st quarter. Woodline Partners LP now owns 18,809 shares of the asset manager's stock worth $1,728,000 after buying an additional 5,467 shares during the period. Focus Partners Wealth increased its position in shares of T. Rowe Price Group by 10.6% in the 1st quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager's stock worth $1,199,000 after purchasing an additional 1,250 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of T. Rowe Price Group by 44.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,546 shares of the asset manager's stock valued at $149,000 after buying an additional 478 shares during the period. Jump Financial LLC acquired a new position in T. Rowe Price Group during the 2nd quarter valued at about $931,000. Finally, Daiwa Securities Group Inc. boosted its stake in T. Rowe Price Group by 5.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 33,245 shares of the asset manager's stock valued at $3,208,000 after purchasing an additional 1,703 shares during the period. 73.39% of the stock is owned by hedge funds and other institutional investors.

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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