T. Rowe Price Group (NASDAQ:TROW) Price Target Raised to $111.00 at Evercore

Key Points

• Evercore raised its price target on T. Rowe Price Group to $111 from $106, implying about 4.63% upside from the stock’s current price.
• Other analysts remain mostly cautious: the stock has an average rating of “Reduce” and a consensus target price of $100.08, even after several recent target increases and rating updates.
• T. Rowe Price recently beat quarterly earnings and revenue estimates, reporting EPS of $2.52 versus $2.37 expected and revenue of $1.86 billion, while shares were trading around $106.09.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) had its price objective lifted by stock analysts at Evercore from $106.00 to $111.00 in a research note issued to investors on Monday,MarketScreener reports. Evercore's target price suggests a potential upside of 4.63% from the stock's current price.

A number of other research analysts have also commented on TROW. Morgan Stanley set a $105.00 price target on shares of T. Rowe Price Group in a research report on Monday, April 27th. BMO Capital Markets upped their target price on T. Rowe Price Group from $98.00 to $110.00 and gave the stock a "market perform" rating in a research note on Monday, May 4th. Keefe, Bruyette & Woods lifted their price target on T. Rowe Price Group from $95.00 to $107.00 and gave the company a "market perform" rating in a research report on Friday, May 1st. Zacks Research upgraded shares of T. Rowe Price Group from a "strong sell" rating to a "hold" rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of T. Rowe Price Group in a research note on Friday, May 8th. Eleven research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Reduce" and a consensus target price of $100.08.

T. Rowe Price Group Stock Up 0.1%

Shares of NASDAQ:TROW opened at $106.09 on Monday. T. Rowe Price Group has a twelve month low of $85.22 and a twelve month high of $118.22. The company has a 50-day moving average price of $99.06 and a two-hundred day moving average price of $99.32. The firm has a market capitalization of $22.73 billion, a PE ratio of 11.37, a P/E/G ratio of 5.42 and a beta of 1.50.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The asset manager reported $2.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.37 by $0.15. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.85 billion. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The firm's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.23 EPS. Analysts anticipate that T. Rowe Price Group will post 9.63 earnings per share for the current fiscal year.

Insider Activity at T. Rowe Price Group

In other T. Rowe Price Group news, VP Stephon A. Jackson sold 3,000 shares of the stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total transaction of $307,680.00. Following the completion of the sale, the vice president owned 83,883 shares of the company's stock, valued at $8,603,040.48. This represents a 3.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.60% of the stock is currently owned by insiders.

Institutional Trading of T. Rowe Price Group

Hedge funds have recently modified their holdings of the business. Oregon Public Employees Retirement Fund boosted its stake in T. Rowe Price Group by 0.4% during the first quarter. Oregon Public Employees Retirement Fund now owns 25,062 shares of the asset manager's stock worth $2,259,000 after acquiring an additional 100 shares in the last quarter. Concorde Asset Management LLC increased its stake in shares of T. Rowe Price Group by 3.9% during the first quarter. Concorde Asset Management LLC now owns 2,730 shares of the asset manager's stock valued at $246,000 after purchasing an additional 102 shares in the last quarter. MTM Investment Management LLC increased its stake in shares of T. Rowe Price Group by 3.5% during the fourth quarter. MTM Investment Management LLC now owns 3,167 shares of the asset manager's stock valued at $324,000 after purchasing an additional 107 shares in the last quarter. GenTrust LLC lifted its holdings in shares of T. Rowe Price Group by 5.5% during the fourth quarter. GenTrust LLC now owns 2,114 shares of the asset manager's stock valued at $216,000 after purchasing an additional 110 shares during the last quarter. Finally, Fiduciary Trust Co boosted its position in shares of T. Rowe Price Group by 4.5% in the 3rd quarter. Fiduciary Trust Co now owns 2,579 shares of the asset manager's stock worth $265,000 after purchasing an additional 111 shares in the last quarter. 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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