T. Rowe Price Group (NASDAQ:TROW) Price Target Cut to $96.00 by Analysts at Evercore

Key Points

• Evercore cut its price target for T. Rowe Price Group to $96 from $99, implying about a 4.28% upside, while the consensus average target is roughly $97 and analysts' coverage aggregates to a "Reduce" rating (12 Holds, 4 Sells).
• In the latest quarter T. Rowe Price reported EPS of $2.44 (missing by $0.03) and revenue of $1.93B (slightly above expectations), with a 20.29% return on equity and a 28.53% net margin.
• Institutional ownership is high at 73.39%, and major firms like Goldman Sachs and State Street materially increased their stakes during the fourth quarter (Goldman up ~332% to 8.77M shares).

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) had its price objective lowered by analysts at Evercore from $99.00 to $96.00 in a report issued on Friday,MarketScreener reports. Evercore's price target indicates a potential upside of 4.28% from the company's current price.

Other equities analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft cut their price objective on shares of T. Rowe Price Group from $106.00 to $100.00 and set a "hold" rating for the company in a research report on Thursday, February 5th. Argus raised T. Rowe Price Group to a "hold" rating in a research note on Thursday, February 5th. BMO Capital Markets decreased their price objective on T. Rowe Price Group from $104.00 to $98.00 and set a "market perform" rating on the stock in a report on Friday. Weiss Ratings reiterated a "hold (c+)" rating on shares of T. Rowe Price Group in a research note on Monday, December 29th. Finally, Jefferies Financial Group decreased their price target on T. Rowe Price Group from $107.00 to $91.00 and set a "hold" rating on the stock in a research note on Wednesday. Twelve investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and an average target price of $97.00.

T. Rowe Price Group Price Performance

TROW stock opened at $92.06 on Friday. The company's 50 day simple moving average is $92.40 and its 200-day simple moving average is $99.87. T. Rowe Price Group has a 12 month low of $82.86 and a 12 month high of $118.22. The firm has a market capitalization of $20.03 billion, a PE 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 released its quarterly earnings results on Wednesday, February 4th. The asset manager reported $2.44 earnings per share for the quarter, missing the consensus estimate of $2.47 by ($0.03). The company had revenue of $1.93 billion for the quarter, compared to analysts' expectations of $1.92 billion. T. Rowe Price Group had a return on equity of 20.29% and a net margin of 28.53%.The business's quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the business posted $2.12 EPS. As a group, sell-side analysts anticipate that T. Rowe Price Group will post 9.29 earnings per share for the current year.

Institutional Investors Weigh In On T. Rowe Price Group

A number of large investors have recently modified their holdings of the stock. State Street Corp increased its position in shares of T. Rowe Price Group by 0.3% during the fourth quarter. State Street Corp now owns 14,159,797 shares of the asset manager's stock worth $1,449,680,000 after acquiring an additional 45,530 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of T. Rowe Price Group by 332.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager's stock valued at $897,880,000 after buying an additional 6,740,172 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of T. Rowe Price Group by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,073,846 shares of the asset manager's stock valued at $826,600,000 after purchasing an additional 143,109 shares during the last quarter. Invesco Ltd. grew its stake in T. Rowe Price Group by 3.9% during the 4th quarter. Invesco Ltd. now owns 3,520,858 shares of the asset manager's stock worth $360,465,000 after buying an additional 131,438 shares during the last quarter. Finally, Morgan Stanley increased its holdings in shares of T. Rowe Price Group by 16.0% in the 4th quarter. Morgan Stanley now owns 3,443,322 shares of the asset manager's stock worth $352,528,000 after acquiring an additional 476,219 shares during the period. Institutional investors and hedge funds 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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