T. Rowe Price Group, Inc. (TROW) Given Buy Rating at Jefferies Group LLC
T. Rowe Price Group, Inc. (NASDAQ:TROW)‘s stock had its “buy” rating restated by equities research analysts at Jefferies Group LLC in a research report issued on Tuesday. They presently have a $104.00 target price on the asset manager’s stock, up from their previous target price of $96.00. Jefferies Group LLC’s price objective indicates a potential upside of 12.82% from the company’s current price.
A number of other equities research analysts have also recently issued reports on TROW. UBS AG reissued a “sell” rating and set a $63.00 target price (up previously from $62.00) on shares of T. Rowe Price Group in a report on Friday, July 14th. BidaskClub cut shares of T. Rowe Price Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 1st. Morgan Stanley raised shares of T. Rowe Price Group from an “underweight” rating to an “equal” rating and boosted their target price for the company from $77.00 to $93.00 in a report on Thursday, October 5th. Wells Fargo & Company reissued a “market perform” rating on shares of T. Rowe Price Group in a report on Thursday, July 27th. Finally, Zacks Investment Research raised shares of T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $98.00 target price on the stock in a report on Tuesday, September 26th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $86.18.
Shares of T. Rowe Price Group (TROW) traded up 0.22% during midday trading on Tuesday, hitting $92.18. The company’s stock had a trading volume of 1,049,153 shares. The firm has a market cap of $22.16 billion, a P/E ratio of 15.83 and a beta of 1.25. The stock’s 50 day moving average is $85.92 and its 200-day moving average is $77.34. T. Rowe Price Group has a 52-week low of $62.97 and a 52-week high of $92.58.
T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Tuesday, July 25th. The asset manager reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.01. T. Rowe Price Group had a net margin of 32.64% and a return on equity of 24.38%. The business had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the previous year, the firm posted $0.76 EPS. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. Equities analysts predict that T. Rowe Price Group will post $5.72 EPS for the current fiscal year.
In related news, insider David Oestreicher sold 10,394 shares of the company’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $83.07, for a total value of $863,429.58. Following the completion of the transaction, the insider now directly owns 82,299 shares in the company, valued at $6,836,577.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Anne M. Whittemore sold 8,326 shares of the company’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $82.03, for a total transaction of $682,981.78. Following the completion of the transaction, the director now owns 28,982 shares of the company’s stock, valued at $2,377,393.46. The disclosure for this sale can be found here. Insiders sold 36,924 shares of company stock valued at $3,187,333 over the last quarter. 3.60% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the stock. Bronfman E.L. Rothschild L.P. grew its position in T. Rowe Price Group by 6.9% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,593 shares of the asset manager’s stock worth $118,000 after acquiring an additional 103 shares in the last quarter. Quadrant Capital Group LLC grew its position in T. Rowe Price Group by 5.4% in the second quarter. Quadrant Capital Group LLC now owns 1,749 shares of the asset manager’s stock worth $121,000 after acquiring an additional 89 shares in the last quarter. Sun Life Financial INC grew its position in T. Rowe Price Group by 19,500.0% in the second quarter. Sun Life Financial INC now owns 1,764 shares of the asset manager’s stock worth $131,000 after acquiring an additional 1,755 shares in the last quarter. FNY Partners Fund LP purchased a new position in T. Rowe Price Group in the first quarter worth $147,000. Finally, Mckinley Capital Management LLC Delaware purchased a new position in T. Rowe Price Group in the second quarter worth $152,000. Institutional investors own 73.62% 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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