Susquehanna Reiterates Neutral Rating for T. Rowe Price Group (TROW)
T. Rowe Price Group (NASDAQ:TROW)‘s stock had its “neutral” rating reiterated by investment analysts at Susquehanna in a note issued to investors on Wednesday, ARN reports. They currently have a $74.00 price target on the stock, up from their previous price target of $70.00. Susquehanna’s price objective would suggest a potential upside of 4.25% from the company’s current price.
The analysts wrote, “We are raising our 3Q13 and full-year estimates. Our 3Q estimate is now $0.93 compared to $0.91, previously. Our full-year 2013 and 2014 estimates are $3.77 and $4.11 compared to $3.72 and $3.95, previously. The revision is reflective of solid equity performance for the quarter in the range of 8%-9%. We are modeling total outflows of $2 billion. Shares are screening cheaper than they have in some time. However, questions remain regarding the pace of other portfolio outflows, lack of buyback activity, and choppy mutual fund flows. We do raise our target to $74 to reflect the earnings revision but we believe shares are now a “show me” story, which is unusual for T. Rowe Price. Investors want stabilization in other portfolios and buybacks. We would view either as a potential catalyst. Reiterate Neutral.”
T. Rowe Price Group (NASDAQ:TROW) traded up 1.40% on Wednesday, hitting $71.975. 198,050 shares of the company’s stock traded hands. T. Rowe Price Group has a 52-week low of $62.67 and a 52-week high of $80.26. The stock’s 50-day moving average is $71.94 and its 200-day moving average is $74.24. The company has a market cap of $18.723 billion and a price-to-earnings ratio of 19.45.
T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by $0.03. The company had revenue of $854.30 million for the quarter, compared to the consensus estimate of $855.76 million. During the same quarter in the previous year, the company posted $0.79 earnings per share. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, analysts predict that T. Rowe Price Group will post $3.78 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Rowe raised their price target on shares of T. Rowe Price Group from $75.00 to $84.50 in a research note to investors on Tuesday. They now have an “overweight” rating on the stock. Separately, analysts at ISI Group initiated coverage on shares of T. Rowe Price Group in a research note to investors on Tuesday. They set a “neutral” rating on the stock. Finally, analysts at Morgan Stanley raised their price target on shares of T. Rowe Price Group from $74.00 to $79.00 in a research note to investors on Thursday, October 3rd. They now have an “equal weight” rating on the stock. Twelve investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $79.47.
T. Rowe Price Group, Inc is a financial services holding company, which provides global investment management services through its subsidiaries to individual and institutional investors in the sponsored T.
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