T. Rowe Price Group (NASDAQ:TROW) Given New $108.00 Price Target at Wells Fargo & Company

T. Rowe Price Group (NASDAQ:TROW - Free Report) had its price target boosted by Wells Fargo & Company from $98.00 to $108.00 in a report released on Friday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the asset manager's stock.

Several other research analysts have also recently issued reports on the company. Citigroup dropped their target price on T. Rowe Price Group from $100.00 to $95.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. The Goldman Sachs Group lowered their price objective on T. Rowe Price Group from $89.00 to $80.00 and set a "sell" rating on the stock in a research report on Monday, April 14th. Barclays lifted their price objective on T. Rowe Price Group from $85.00 to $90.00 and gave the company an "underweight" rating in a research report on Monday, May 5th. Bank of America lowered their price objective on T. Rowe Price Group from $90.00 to $85.00 and set an "underperform" rating on the stock in a research report on Thursday, April 3rd. Finally, TD Cowen decreased their target price on T. Rowe Price Group from $112.00 to $89.00 and set a "hold" rating on the stock in a research note on Wednesday, April 9th. Four analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $95.82.

T. Rowe Price Group Price Performance

Shares of T. Rowe Price Group stock traded down $1.49 during trading on Friday, hitting $101.47. 1,539,992 shares of the company's stock traded hands, compared to its average volume of 1,546,969. T. Rowe Price Group has a 1 year low of $77.85 and a 1 year high of $125.81. The stock has a market capitalization of $22.36 billion, a P/E ratio of 11.50, a PEG ratio of 3.26 and a beta of 1.49. The business has a 50-day simple moving average of $95.44 and a 200-day simple moving average of $99.33.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its earnings results on Friday, May 2nd. The asset manager reported $2.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.10. The business had revenue of $1.76 billion for the quarter, compared to analysts' expectations of $1.80 billion. T. Rowe Price Group had a return on equity of 20.17% and a net margin of 28.38%. The business's revenue for the quarter was up .8% on a year-over-year basis. During the same period last year, the firm posted $2.38 earnings per share. On average, equities analysts predict that T. Rowe Price Group will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 5.01%. The ex-dividend date was Friday, June 13th. T. Rowe Price Group's payout ratio is 57.60%.

Insider Buying and Selling

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 968 shares of T. Rowe Price Group stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $96.98, for a total value of $93,876.64. Following the sale, the insider owned 13,611 shares of the company's stock, valued at $1,319,994.78. The trade was a 6.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Dorothy C. Sawyer sold 2,000 shares of T. Rowe Price Group stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total value of $190,860.00. Following the completion of the sale, the vice president directly owned 44,789 shares in the company, valued at approximately $4,274,214.27. The trade was a 4.27% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.00% of the company's stock.

Hedge Funds Weigh In On T. Rowe Price Group

A number of large investors have recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of T. Rowe Price Group in the 4th quarter worth $117,704,000. Invesco Ltd. lifted its holdings in shares of T. Rowe Price Group by 43.2% in the 1st quarter. Invesco Ltd. now owns 3,433,684 shares of the asset manager's stock worth $315,453,000 after buying an additional 1,035,865 shares during the period. Marshall Wace LLP purchased a new stake in shares of T. Rowe Price Group in the 4th quarter worth $63,284,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of T. Rowe Price Group by 7.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 7,706,251 shares of the asset manager's stock worth $707,973,000 after buying an additional 519,075 shares during the period. Finally, Fayez Sarofim & Co lifted its holdings in shares of T. Rowe Price Group by 7.6% in the 4th quarter. Fayez Sarofim & Co now owns 6,052,469 shares of the asset manager's stock worth $684,474,000 after buying an additional 425,142 shares during the period. Hedge funds and other institutional investors own 73.39% of the company's stock.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.