T. Rowe Price Group (NASDAQ:TROW – Free Report) had its target price cut by Citigroup from $100.00 to $95.00 in a research report released on Monday,Benzinga reports. They currently have a neutral rating on the asset manager’s stock.
A number of other equities analysts have also recently commented on TROW. Keefe, Bruyette & Woods restated a “market perform” rating and set a $113.00 target price (up from $111.00) on shares of T. Rowe Price Group in a report on Thursday, February 6th. Barclays decreased their price target on shares of T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating for the company in a research report on Thursday, February 6th. Morgan Stanley cut their price objective on T. Rowe Price Group from $126.00 to $121.00 and set an “equal weight” rating on the stock in a research report on Monday, February 24th. Bank of America lowered their target price on T. Rowe Price Group from $90.00 to $85.00 and set an “underperform” rating for the company in a research note on Thursday, April 3rd. Finally, The Goldman Sachs Group reduced their price target on T. Rowe Price Group from $89.00 to $80.00 and set a “sell” rating on the stock in a research report on Monday. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $100.09.
Check Out Our Latest Stock Analysis on T. Rowe Price Group
T. Rowe Price Group Price Performance
T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last announced its earnings results on Wednesday, February 5th. The asset manager reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.20 by ($0.08). T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. During the same period in the previous year, the business posted $1.72 earnings per share. As a group, sell-side analysts expect that T. Rowe Price Group will post 9.29 earnings per share for the current fiscal year.
T. Rowe Price Group Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 5.69%. The ex-dividend date was Friday, March 14th. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.24. T. Rowe Price Group’s payout ratio is currently 55.46%.
Insider Activity
In other news, VP Arif Husain sold 4,112 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total value of $449,318.24. Following the completion of the sale, the vice president now directly owns 36,800 shares of the company’s stock, valued at approximately $4,021,136. This represents a 10.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert F. Maclellan sold 3,955 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $91.56, for a total transaction of $362,119.80. Following the transaction, the director now owns 42,979 shares in the company, valued at approximately $3,935,157.24. This trade represents a 8.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Farther Finance Advisors LLC lifted its position in T. Rowe Price Group by 75.8% during the 1st quarter. Farther Finance Advisors LLC now owns 7,949 shares of the asset manager’s stock worth $733,000 after acquiring an additional 3,427 shares during the period. Daymark Wealth Partners LLC lifted its holdings in shares of T. Rowe Price Group by 2.6% during the first quarter. Daymark Wealth Partners LLC now owns 6,823 shares of the asset manager’s stock worth $627,000 after purchasing an additional 171 shares during the period. Range Financial Group LLC grew its position in T. Rowe Price Group by 51.2% in the 1st quarter. Range Financial Group LLC now owns 3,141 shares of the asset manager’s stock valued at $289,000 after buying an additional 1,064 shares during the last quarter. First Citizens Bank & Trust Co. increased its stake in shares of T. Rowe Price Group by 4.2% during the first quarter. First Citizens Bank & Trust Co. now owns 66,271 shares of the asset manager’s stock worth $6,088,000 after acquiring an additional 2,672 shares during the period. Finally, Park Avenue Securities LLC increased its position in T. Rowe Price Group by 16.5% during the 1st quarter. Park Avenue Securities LLC now owns 4,879 shares of the asset manager’s stock worth $448,000 after purchasing an additional 691 shares during the period. 73.39% of the stock is owned by hedge funds and other institutional investors.
About T. Rowe Price Group
T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.
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