T. Rowe Price Group Rating Increased to Outperform at Zacks (TROW)
T. Rowe Price Group (NASDAQ:TROW) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a note issued to investors on Wednesday, American Banking & Market News reports. The firm currently has a $79.00 price objective on the stock. Zacks‘ target price would suggest a potential upside of 11.30% from the company’s current price.
Zacks‘ analyst wrote, “We have upgraded our long-term recommendation on T. Rowe Price to Outperform based on positive global markets, currencies and fund flows improvement driven by retail inflows. Moreover, the company’s second-quarter 2013 earnings were significantly higher than the prior-year quarter earnings. Top-line growth and improved assets under management (AUM) were the tailwinds for the quarter. However, earnings lagged the Zacks Consensus Estimate. Further, higher operating expenses and stringent regulatory norms remain concerns. We believe that the company’s financial stability has the potential to benefit from the growth opportunities in the domestic and global AUM. With a debt-free position, higher return on earnings, and improving investor sentiment witnessed as a whole, we believe fundamentals will continue to remain strong.”
A number of other firms have also recently commented on TROW. Analysts at Susquehanna reiterated a “neutral” rating on shares of T. Rowe Price Group in a research note to investors on Wednesday. They now have a $74.00 price target on the stock, up previously from $70.00. Separately, 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. Finally, 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. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $79.75.
Shares of T. Rowe Price Group (NASDAQ:TROW) traded up 1.06% on Wednesday, hitting $71.7301. The stock had a trading volume of 530,460 shares. T. Rowe Price Group has a 1-year low of $62.67 and a 1-year high of $80.26. The stock has a 50-day moving average of $71.94 and a 200-day moving average of $74.24. The company has a market cap of $18.660 billion and a price-to-earnings ratio of 19.45.
T. Rowe Price Group (NASDAQ:TROW) last released its earnings data on Wednesday, July 24th. The company reported $0.92 earnings per share for the quarter, missing the analysts’ 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. Analysts expect that T. Rowe Price Group will post $3.78 EPS for the current fiscal year.
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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