T. Rowe Price Group (NASDAQ:TROW) Upgraded at BMO Capital Markets

Key Points

• T. Rowe Price Group was upgraded to a "hold" rating by BMO Capital Markets, reflecting a shift in analysts' outlook on the stock.
• Despite the upgrade, the stock has mixed ratings: one Buy, ten Holds, and four Sells, with a current consensus target price of $104.08.
• Insider trading activity saw Director Robert F. Maclellan sell 3,090 shares, indicating a 6.13% decrease in his ownership of the company's stock.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) was upgraded by equities research analysts at BMO Capital Markets to a "hold" rating in a note issued to investors on Thursday,Zacks.com reports.

Other analysts also recently issued research reports about the stock. Barclays restated an "underweight" rating and set a $95.00 price target (up previously from $91.00) on shares of T. Rowe Price Group in a report on Monday, August 4th. Morgan Stanley upped their price target on T. Rowe Price Group from $112.00 to $116.00 and gave the stock an "equal weight" rating in a research note on Monday, August 4th. Weiss Ratings restated a "hold (c)" rating on shares of T. Rowe Price Group in a research note on Saturday, September 27th. Bank of America increased their price objective on T. Rowe Price Group from $91.00 to $97.00 and gave the company an "underperform" rating in a research note on Thursday. Finally, Evercore ISI reiterated a "positive" rating on shares of T. Rowe Price Group in a research note on Friday, September 5th. One analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus target price of $104.08.

T. Rowe Price Group Price Performance

TROW stock opened at $103.28 on Thursday. The business has a 50 day simple moving average of $105.71 and a 200-day simple moving average of $98.06. The firm has a market capitalization of $22.69 billion, a PE ratio of 11.54, a price-to-earnings-growth ratio of 2.62 and a beta of 1.50. T. Rowe Price Group has a 1 year low of $77.85 and a 1 year high of $125.81.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.09. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.72 billion. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The business's revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.26 earnings per share. On average, equities research analysts expect that T. Rowe Price Group will post 9.29 EPS for the current year.

Insider Activity

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,090 shares of the firm's stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $105.01, for a total transaction of $324,480.90. Following the transaction, the director owned 47,335 shares of the company's stock, valued at approximately $4,970,648.35. This trade represents a 6.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.00% of the company's stock.

Hedge Funds Weigh In On T. Rowe Price Group

Several hedge funds have recently made changes to their positions in the company. First Trust Advisors LP grew its holdings in shares of T. Rowe Price Group by 137.7% during the second quarter. First Trust Advisors LP now owns 3,441,458 shares of the asset manager's stock worth $332,101,000 after buying an additional 1,993,920 shares during the last quarter. Invesco Ltd. grew its holdings in shares of T. Rowe Price Group by 43.2% during the first 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 last quarter. Norges Bank purchased a new position in shares of T. Rowe Price Group during the second quarter worth about $82,756,000. Charles Schwab Investment Management Inc. grew its holdings in shares of T. Rowe Price Group by 7.2% during the first 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 last quarter. Finally, ARGA Investment Management LP grew its holdings in shares of T. Rowe Price Group by 3,807.3% during the second quarter. ARGA Investment Management LP now owns 477,161 shares of the asset manager's stock worth $46,046,000 after buying an additional 464,949 shares during the last quarter. Hedge funds and other institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Company Profile

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.

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