T. Rowe Price Group Downgraded to Neutral at Citigroup Inc. (TROW)
T. Rowe Price Group (NASDAQ:TROW) was downgraded by equities research analysts at Citigroup Inc. from a “buy” rating to a “neutral” rating in a research note issued to investors on Tuesday, TheFlyOnTheWall.com reports. They currently have a $85.00 price objective on the stock, down from their previous price objective of $93.00. Citigroup Inc.’s price objective would indicate a potential upside of 3.94% from the company’s current price.
The analysts wrote, “On 1/16, the PM for TROW Growth Stock unexpectedly resigned,” the report noted. “This manager oversaw ~$52B in growth equity AUM, including ~$42B in mutual funds and ~$10B in other mandates. The announcement follows partial closures on New Horizons and Small Cap Stock, as well as PM changes in 2013 for Health Sciences and New America, casting uncertainty on nearly 20% of AUM and recent flow drivers. We do not see the same optical pressures akin to that recently experienced by IVZ but the incremental flow picture/recovery argument is now watered down and likely to temper upside, in our view.”
Shares of T. Rowe Price Group (NASDAQ:TROW) traded down 0.61% during mid-day trading on Tuesday, hitting $81.78. 2,032,144 shares of the company’s stock traded hands. T. Rowe Price Group has a 52 week low of $68.01 and a 52 week high of $84.41. The stock’s 50-day moving average is $81.87 and its 200-day moving average is $76.87. The company has a market cap of $21.337 billion and a price-to-earnings ratio of 22.17.
T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Thursday, October 24th. The company reported $1.00 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.97 by $0.03. The company had revenue of $884.40 million for the quarter, compared to the consensus estimate of $870.26 million. During the same quarter last year, the company posted $0.94 earnings per share. T. Rowe Price Group’s revenue was up 14.9% compared to the same quarter last year. Analysts expect that T. Rowe Price Group will post $3.87 EPS for the current fiscal year.
TROW has been the subject of a number of other recent research reports. Analysts at BMO Capital Markets cut their price target on shares of T. Rowe Price Group to $87.00 in a research note to investors on Friday. They now have a “market perform” rating on the stock. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of T. Rowe Price Group from $81.50 to $85.00 in a research note to investors on Tuesday, January 14th. Finally, analysts at Keefe, Bruyette & Woods raised their price target on shares of T. Rowe Price Group from $80.00 to $90.00 in a research note to investors on Friday, January 10th. They now have a “market perform” rating on the stock. Thirteen equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $82.66.
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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