T. Rowe Price Group, Inc. (NASDAQ:TROW) Receives Consensus “Hold” Recommendation From Analysts
Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW – Get Rating) received a consensus recommendation of “Hold” from the eleven analysts who currently cover the stock, Marketbeat.com reports. Three equity research analysts gave the stock a sell rating, five gave the company a hold rating and one gave the company a buy rating. The 1-year average target price among brokers who have issued ratings on the stock in the past year is $136.78.
Several research companies have recently published reports on TROW. Citigroup lowered its price target on T. Rowe Price Group from $110.00 to $90.00 in a Friday, April 29 research note. BMO Capital Markets downgraded T. Rowe Price Group from an “outperforming” rating to a “market performance” rating and lowered its price target for the company from $160.00 to $135.00 in a note research on Monday, June 13. TheStreet downgraded T. Rowe Price Group from a “b-” rating to a “c” rating in a research note on Wednesday. UBS Group downgraded T. Rowe Price Group from a “neutral” rating to a “sell” rating and lowered its price target for the company from $138.00 to $88.00 in a Monday research note 11 July. Finally, StockNews.com launched coverage on T. Rowe Price Group in a Thursday, March 31 report. They issued a “hold” rating on the stock.
Insiders place their bets
In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 730 shares in a trade that took place on Monday, May 2. The stock was sold at an average price of $125.00, for a total transaction of $91,250.00. Following the transaction, the insider now directly owns 13,089 shares of the company, valued at approximately $1,636,125. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available via this link. Insiders of the company hold 1.00% of the shares of the company.
Hedge funds weigh on T. Rowe Price Group
A number of institutional investors and hedge funds have recently changed their holdings of TROW. Nordea Investment Management AB increased its stake in T. Rowe Price Group shares by 9.6% in the fourth quarter. Nordea Investment Management AB now owns 461,316 shares of the asset manager worth $91,391,000 after buying an additional 40,243 shares last quarter. Baillie Gifford & Co. increased its stake in T. Rowe Price Group shares by 9.7% in the 4th quarter. Baillie Gifford & Co. now owns 220,176 shares of the asset manager worth $43,296,000 after buying an additional 19,520 shares last quarter. Concord Wealth Partners increased its holdings of T. Rowe Price Group shares by 3,180.0% in the fourth quarter. Concord Wealth Partners now owns 328 shares of the asset manager worth $64,000 after buying 318 more shares in the last quarter. Baystate Wealth Management LLC increased its holdings of T. Rowe Price Group stock by 686.4% in the fourth quarter. Baystate Wealth Management LLC now owns 173 shares of the asset manager worth $34,000 after buying 151 additional shares in the last quarter. Finally, Carnegie Capital Asset Management LLC increased its stake in T. Rowe Price Group shares by 21.5% in the 4th quarter. Carnegie Capital Asset Management LLC now owns 44,711 shares of the asset manager worth $8,792,000 after buying an additional 7,913 shares last quarter. 71.80% of the shares are currently held by institutional investors.
The T. Rowe Price group grew by 3.4%
NASDAQ TROW shares opened at $115.38 on Friday. The company has a market capitalization of $26.23 billion, a price-earnings ratio of 9.33, a PEG ratio of 1.91 and a beta of 1.33. T. Rowe Price Group has a 12-month low of $104.72 and a 12-month high of $224.55. The stock has a 50-day moving average price of $118.25 and a two-hundred-day moving average price of $139.94.
T. Rowe Price Group (NASDAQ:TROW – Get Rating) last released its results on Thursday, April 28. The asset manager reported EPS of $2.62 for the quarter, missing the consensus estimate of $2.76 ($0.14). T. Rowe Price Group achieved a return on equity of 33.38% and a net margin of 37.64%. The company posted revenue of $1.86 billion for the quarter, compared to analysts’ estimates of $1.86 billion. During the same period a year earlier, the company posted EPS of $3.01. The company’s revenues increased by 2.0% compared to the same quarter last year. On average, sell-side analysts expect T. Rowe Price Group to post earnings per share of 10.06 for the current year.
T. Rowe Price Group Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 29. Shareholders of record on Wednesday, June 15 received a dividend of $1.20 per share. This represents a dividend of $4.80 on an annualized basis and a dividend yield of 4.16%. The ex-dividend date was Tuesday, June 14. The payout ratio of T. Rowe Price Group is 38.83%.
About T. Rowe Price Group
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T. Rowe Price Group, Inc. is a publicly owned investment manager. The firm offers its services to individuals, institutional investors, pension plans, financial intermediaries and institutions. It initiates and manages equity and fixed income mutual funds. The company invests in public equity and fixed income markets around the world.
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