Barclays PLC Initiates Coverage on T. Rowe Price Group, Inc. (TROW)
Investment analysts at Barclays PLC initiated coverage on shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) in a research report issued on Friday. The firm set an “underweight” rating and a $79.00 price target on the asset manager’s stock. Barclays PLC’s target price suggests a potential downside of 3.95% from the company’s current price.
Several other research firms also recently commented on TROW. Citigroup Inc. raised their price objective on shares of T. Rowe Price Group from $73.50 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, July 26th. BidaskClub raised shares of T. Rowe Price Group from a “buy” rating to a “strong-buy” rating in a report on Monday, August 14th. Credit Suisse Group raised their price objective on shares of T. Rowe Price Group from $70.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, July 26th. Wells Fargo & Company reaffirmed a “market perform” rating on shares of T. Rowe Price Group in a report on Thursday, July 27th. Finally, ValuEngine raised shares of T. Rowe Price Group from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $80.30.
Shares of T. Rowe Price Group (NASDAQ TROW) traded down 0.10% during midday trading on Friday, hitting $82.17. The stock had a trading volume of 429,550 shares. T. Rowe Price Group has a 52 week low of $62.97 and a 52 week high of $85.42. The company has a market cap of $19.75 billion, a price-to-earnings ratio of 14.11 and a beta of 1.24. The stock’s 50-day moving average price is $83.04 and its 200 day moving average price is $74.68.
T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Tuesday, July 25th. The asset manager reported $1.28 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.01. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.16 billion. T. Rowe Price Group had a net margin of 32.64% and a return on equity of 24.38%. The company’s revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.76 EPS. On average, equities analysts forecast that T. Rowe Price Group will post $5.66 earnings per share for the current year.
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In other T. Rowe Price Group news, Director Anne M. Whittemore sold 8,326 shares of the stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $82.03, for a total value of $682,981.78. Following the sale, the director now directly owns 28,982 shares in the company, valued at approximately $2,377,393.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jessica M. Hiebler sold 1,000 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $84.29, for a total transaction of $84,290.00. Following the completion of the sale, the insider now owns 8,461 shares in the company, valued at $713,177.69. The disclosure for this sale can be found here. Insiders sold a total of 19,720 shares of company stock worth $1,630,701 over the last quarter. Corporate insiders own 3.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Farmers National Bank purchased a new stake in T. Rowe Price Group in the 2nd quarter worth approximately $331,000. WFG Advisors LP lifted its stake in T. Rowe Price Group by 25.9% in the 2nd quarter. WFG Advisors LP now owns 7,575 shares of the asset manager’s stock worth $562,000 after purchasing an additional 1,557 shares in the last quarter. Toronto Dominion Bank lifted its stake in T. Rowe Price Group by 24.2% in the 2nd quarter. Toronto Dominion Bank now owns 82,404 shares of the asset manager’s stock worth $6,115,000 after purchasing an additional 16,076 shares in the last quarter. Tandem Investment Advisors Inc. lifted its stake in T. Rowe Price Group by 3.4% in the 2nd quarter. Tandem Investment Advisors Inc. now owns 87,994 shares of the asset manager’s stock worth $6,530,000 after purchasing an additional 2,918 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its stake in T. Rowe Price Group by 1.9% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 103,912 shares of the asset manager’s stock worth $7,711,000 after purchasing an additional 1,981 shares in the last quarter. Institutional investors and hedge funds own 74.20% of the company’s stock.
T. Rowe Price Group Company Profile
T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.
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