T. Rowe Price Group (NASDAQ:TROW) Price Target Raised to $120.00

Key Points

• Keefe, Bruyette & Woods raised T. Rowe Price Group’s price target from $107 to $120 while keeping a market perform rating, implying modest upside from the current share price.
• Other analysts remain mixed on TROW, with recent target changes and rating updates leaving the stock with an overall Reduce average rating and an average price target of $101.54.
• The company reported better-than-expected quarterly results, posting $2.52 EPS versus $2.37 expected and revenue of $1.86 billion, while shares opened near $117 and sit close to their 52-week high.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) had its price target hoisted by analysts at Keefe, Bruyette & Woods from $107.00 to $120.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a "market perform" rating on the asset manager's stock. Keefe, Bruyette & Woods' price objective would indicate a potential upside of 2.52% from the stock's current price.

Several other brokerages also recently weighed in on TROW. Jefferies Financial Group cut their price target on T. Rowe Price Group from $107.00 to $91.00 and set a "hold" rating for the company in a report on Wednesday, April 8th. Evercore raised their price target on shares of T. Rowe Price Group from $106.00 to $111.00 in a report on Monday, June 8th. Weiss Ratings upgraded T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, July 2nd. The Goldman Sachs Group upped their target price on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a "sell" rating in a research note on Tuesday, June 30th. Finally, Zacks Research raised T. Rowe Price Group from a "strong sell" rating to a "hold" rating in a report on Wednesday, May 13th. Eleven investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $101.54.

T. Rowe Price Group Stock Down 0.8%

T. Rowe Price Group stock opened at $117.05 on Friday. The firm has a market capitalization of $25.08 billion, a PE ratio of 12.55, a P/E/G ratio of 5.99 and a beta of 1.47. The firm's 50-day simple moving average is $107.24 and its 200 day simple moving average is $100.76. T. Rowe Price Group has a 52 week low of $85.22 and a 52 week high of $121.17.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 EPS for the quarter, beating the consensus estimate of $2.37 by $0.15. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period in the prior year, the business earned $2.23 earnings per share. The company's quarterly revenue was up 5.3% on a year-over-year basis. On average, research analysts expect that T. Rowe Price Group will post 9.69 EPS for the current fiscal year.

Insider Activity at T. Rowe Price Group

In related news, VP Stephon A. Jackson sold 3,000 shares of the stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total value of $307,680.00. Following the sale, the vice president owned 83,883 shares of the company's stock, valued at $8,603,040.48. This trade represents a 3.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On T. Rowe Price Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TROW. Robeco Institutional Asset Management B.V. boosted its holdings in shares of T. Rowe Price Group by 17.4% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 79,003 shares of the asset manager's stock valued at $8,088,000 after acquiring an additional 11,691 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of T. Rowe Price Group by 43.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 312,768 shares of the asset manager's stock worth $32,021,000 after acquiring an additional 95,351 shares during the last quarter. LBP AM SA increased its stake in T. Rowe Price Group by 23.9% in the 4th quarter. LBP AM SA now owns 156,879 shares of the asset manager's stock worth $16,061,000 after purchasing an additional 30,226 shares in the last quarter. SVB Wealth LLC raised its holdings in shares of T. Rowe Price Group by 77.5% during the fourth quarter. SVB Wealth LLC now owns 37,000 shares of the asset manager's stock valued at $3,788,000 after acquiring an additional 16,155 shares during the period. Finally, Nordea Investment Management AB raised its stake in T. Rowe Price Group by 1,307.4% during the 4th quarter. Nordea Investment Management AB now owns 325,029 shares of the asset manager's stock valued at $33,377,000 after purchasing an additional 301,934 shares during the period. 73.39% of the stock is owned by institutional investors.

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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