T. Rowe Price Group (NASDAQ:TROW) Price Target Cut to $104.00 by Analysts at Evercore

Key Points

• Evercore cut T. Rowe Price Group’s price target from $106 to $104, implying a slight downside from the previous close.
• Analyst sentiment remains cautious overall: MarketBeat says TROW has a consensus rating of “Reduce” with an average price target of $99.54.
• The company recently beat quarterly earnings expectations, reporting $2.52 EPS versus $2.37 expected, while revenue rose 5.3% year over year to $1.86 billion.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) had its price target cut by equities researchers at Evercore from $106.00 to $104.00 in a research note issued on Monday,MarketScreener reports. Evercore's price target points to a potential downside of 1.26% from the company's previous close.

TROW has been the subject of a number of other research reports. Argus raised T. Rowe Price Group to a "hold" rating in a research report on Thursday, February 5th. Morgan Stanley set a $105.00 price target on shares of T. Rowe Price Group in a report on Monday, April 27th. JPMorgan Chase & Co. reduced their price target on shares of T. Rowe Price Group from $106.00 to $103.00 and set an "underweight" rating for the company in a research note on Friday, April 24th. Jefferies Financial Group lowered their price objective on shares of T. Rowe Price Group from $107.00 to $91.00 and set a "hold" rating on the stock in a research report on Wednesday, April 8th. Finally, The Goldman Sachs Group raised their target price on shares of T. Rowe Price Group from $85.00 to $90.00 in a report on Friday, May 1st. Ten analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average price target of $99.54.

T. Rowe Price Group Stock Performance

Shares of TROW opened at $105.33 on Monday. The company has a market cap of $22.57 billion, a price-to-earnings ratio of 11.29, a P/E/G ratio of 4.61 and a beta of 1.51. The business's fifty day simple moving average is $93.48 and its two-hundred day simple moving average is $99.20. T. Rowe Price Group has a 12 month low of $85.22 and a 12 month high of $118.22.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.37 by $0.15. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The firm had revenue of $1.86 billion during the quarter, compared to analysts' expectations of $1.85 billion. During the same quarter in the previous year, the business earned $2.23 earnings per share. The company's revenue was up 5.3% on a year-over-year basis. As a group, research analysts forecast that T. Rowe Price Group will post 9.61 EPS for the current year.

Institutional Investors Weigh In On T. Rowe Price Group

A number of hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. lifted its position in T. Rowe Price Group by 332.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager's stock valued at $897,880,000 after purchasing an additional 6,740,172 shares in the last quarter. First Trust Advisors LP raised its stake in shares of T. Rowe Price Group by 126.5% in the fourth quarter. First Trust Advisors LP now owns 3,280,854 shares of the asset manager's stock worth $335,894,000 after buying an additional 1,832,231 shares during the period. Norges Bank purchased a new position in shares of T. Rowe Price Group during the 4th quarter valued at about $128,283,000. PFA Pension Forsikringsaktieselskab purchased a new position in shares of T. Rowe Price Group during the 4th quarter valued at about $61,073,000. Finally, Caisse de depot et placement du Quebec grew its stake in shares of T. Rowe Price Group by 81.0% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,306,922 shares of the asset manager's stock valued at $134,142,000 after acquiring an additional 584,949 shares during the period. 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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