T. Rowe Price Group (NASDAQ:TROW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “Shares of T. Rowe Price have outperformed the industry over the past six months. This price performance was backed by the company's impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three out of the trailing four quarters. The company’s planned strategic initiatives, including investment in technology and advisory services, strengthening distribution platform, introduction of products, will likely stoke long-term growth. Further, it remains debt free with sufficient liquidity and is focused on raising shareholders’ confidence through steady capital deployment activities. Escalating expenses and the regulatory pressure across the investment management industry remains another key concern. Nevertheless, robust organic growth and diverse business model keep the company well poised for growth.”
Other equities research analysts have also issued research reports about the stock. TheStreet raised shares of T. Rowe Price Group from a “c+” rating to a “b+” rating in a research note on Monday, March 5th. ValuEngine raised shares of T. Rowe Price Group from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. BidaskClub lowered shares of T. Rowe Price Group from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 31st. Bank of America raised shares of T. Rowe Price Group from a “neutral” rating to a “buy” rating and lifted their target price for the company from $113.00 to $125.00 in a research note on Monday, January 8th. Finally, Deutsche Bank lifted their target price on shares of T. Rowe Price Group from $115.00 to $116.00 and gave the company a “hold” rating in a research note on Tuesday, March 6th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $110.50.
T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Tuesday, January 30th. The asset manager reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.48 by $0.04. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.27 billion. T. Rowe Price Group had a net margin of 31.07% and a return on equity of 25.30%. The company’s revenue was up 17.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.21 EPS. analysts anticipate that T. Rowe Price Group will post 7.13 earnings per share for the current year.
In related news, CFO Kenneth V. Moreland sold 8,066 shares of T. Rowe Price Group stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $104.12, for a total transaction of $839,831.92. Following the completion of the transaction, the chief financial officer now directly owns 100,796 shares of the company’s stock, valued at approximately $10,494,879.52. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Edward A. Wiese sold 30,000 shares of T. Rowe Price Group stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $102.14, for a total transaction of $3,064,200.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 133,671 shares of company stock valued at $13,771,356. 3.60% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Signature Estate & Investment Advisors LLC purchased a new position in T. Rowe Price Group during the 3rd quarter valued at about $118,000. Grove Bank & Trust raised its holdings in T. Rowe Price Group by 178.7% in the third quarter. Grove Bank & Trust now owns 1,310 shares of the asset manager’s stock worth $119,000 after buying an additional 840 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in T. Rowe Price Group by 50.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,472 shares of the asset manager’s stock worth $155,000 after buying an additional 491 shares during the last quarter. Segall Bryant & Hamill LLC purchased a new position in T. Rowe Price Group in the third quarter worth about $202,000. Finally, Stock Yards Bank & Trust Co. purchased a new position in T. Rowe Price Group in the fourth quarter worth about $205,000. 72.88% of the stock is owned by institutional investors.
COPYRIGHT VIOLATION WARNING: “Zacks Investment Research Lowers T. Rowe Price Group (TROW) to Hold” was posted by American Banking News and is owned by of American Banking News. If you are viewing this report on another site, it was illegally copied and republished in violation of United States and international copyright & trademark legislation. The correct version of this report can be read at https://www.americanbankingnews.com/2018/03/12/zacks-investment-research-lowers-t-rowe-price-group-trow-to-hold.html.
About T. Rowe Price Group
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for T. Rowe Price Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for T. Rowe Price Group and related companies with MarketBeat.com's FREE daily email newsletter.