Morgan Stanley Issues Positive Forecast for T. Rowe Price Group (NASDAQ:TROW) Stock Price

Key Points

• Morgan Stanley has raised the price target for T. Rowe Price Group from $112.00 to $116.00, indicating a potential upside of 9.94% from its previous close, while maintaining an "equal weight" rating on the stock.
• Recent ratings from various analysts show a mixture of opinions, with TD Cowen dropping their target to $89.00 (hold), while JPMorgan and Wells Fargo raised theirs to $98.00 and $108.00 respectively.
• In its latest earnings report, T. Rowe Price Group reported $2.24 earnings per share, exceeding estimates by $0.09, but saw a slight revenue decline of 0.6% compared to the same quarter last year.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) had its price target lifted by equities researchers at Morgan Stanley from $112.00 to $116.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an "equal weight" rating on the asset manager's stock. Morgan Stanley's target price points to a potential upside of 9.85% from the stock's previous close.

Other research analysts also recently issued reports about the stock. JPMorgan Chase & Co. lifted their price target on shares of T. Rowe Price Group from $90.00 to $98.00 and gave the stock an "underweight" rating in a research note on Wednesday, July 16th. TD Cowen decreased their target price on shares of 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. Wells Fargo & Company lifted their target price on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. Cowen reaffirmed a "hold" rating on shares of T. Rowe Price Group in a research note on Monday, May 5th. Finally, Barclays lifted their target price on shares of T. Rowe Price Group from $90.00 to $91.00 and gave the stock an "underweight" rating in a research note on Wednesday, July 16th. Four analysts have rated the stock with a sell rating and nine have given a hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $101.09.

T. Rowe Price Group Stock Performance

TROW traded down $0.06 on Monday, reaching $105.60. The company had a trading volume of 243,517 shares, compared to its average volume of 1,834,404. The company has a market cap of $23.20 billion, a price-to-earnings ratio of 11.80, a P/E/G ratio of 3.10 and a beta of 1.47. T. Rowe Price Group has a 52-week low of $77.85 and a 52-week high of $125.81. The business has a 50 day simple moving average of $98.84 and a 200 day simple moving average of $98.22.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, topping the consensus estimate of $2.15 by $0.09. The firm had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.72 billion. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The business's revenue was down .6% compared to the same quarter last year. During the same period last year, the firm posted $2.26 earnings per share. As a group, equities research analysts predict that T. Rowe Price Group will post 9.29 EPS for the current fiscal year.

Insider Transactions at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 968 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $96.98, for a total transaction of $93,876.64. Following the completion of the sale, the insider owned 13,611 shares of the company's stock, valued at $1,319,994.78. This represents a 6.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Dorothy C. Sawyer sold 2,000 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total transaction of $190,860.00. Following the sale, the vice president directly owned 44,789 shares of the company's stock, valued at $4,274,214.27. The trade was a 4.27% decrease in their position. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On T. Rowe Price Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Zions Bancorporation National Association UT bought a new position in shares of T. Rowe Price Group during the 1st quarter valued at approximately $27,000. Hexagon Capital Partners LLC raised its stake in T. Rowe Price Group by 44.8% during the first quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock valued at $34,000 after purchasing an additional 113 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new stake in T. Rowe Price Group during the second quarter valued at $35,000. Smallwood Wealth Investment Management LLC bought a new stake in T. Rowe Price Group in the first quarter worth $39,000. Finally, Curio Wealth LLC lifted its position in T. Rowe Price Group by 20,700.0% in the second quarter. Curio Wealth LLC now owns 416 shares of the asset manager's stock worth $40,000 after buying an additional 414 shares during the last quarter. 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.