T. Rowe Price Group, Inc. (NASDAQ:TROW) Receives Average Rating of “Reduce” from Brokerages

T. Rowe Price Group, Inc. (NASDAQ:TROW) has received an average recommendation of “Reduce” from the twelve analysts that are presently covering the firm, Marketbeat reports. Four analysts have rated the stock with a sell recommendation and eight have given a hold recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $94.09.

Several research analysts have weighed in on the stock. Bank of America lowered their target price on shares of T. Rowe Price Group from $90.00 to $85.00 and set an “underperform” rating on the stock in a research report on Thursday, April 3rd. Citigroup lowered their target price on shares of T. Rowe Price Group from $100.00 to $95.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Evercore ISI lowered their target price on shares of T. Rowe Price Group from $104.00 to $80.00 and set an “in-line” rating on the stock in a research report on Friday, April 11th. Wells Fargo & Company lowered their target price on shares of T. Rowe Price Group from $116.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. lowered their price target on shares of T. Rowe Price Group from $110.00 to $90.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 16th.

T. Rowe Price Group Stock Down 1.0%

NASDAQ TROW opened at $93.33 on Friday. The firm has a 50-day moving average price of $90.66 and a 200 day moving average price of $104.36. T. Rowe Price Group has a 52-week low of $77.85 and a 52-week high of $125.81. The stock has a market capitalization of $20.56 billion, a P/E ratio of 10.19, a P/E/G ratio of 2.86 and a beta of 1.50.

T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Friday, May 2nd. The asset manager reported $2.23 earnings per share for the quarter, topping the consensus estimate of $2.13 by $0.10. T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. The company had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same period in the prior year, the business posted $2.38 earnings per share. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. On average, equities research analysts expect that T. Rowe Price Group will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 13th will be given a $1.27 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $5.08 annualized dividend and a dividend yield of 5.44%. T. Rowe Price Group’s dividend payout ratio is presently 57.60%.

Insider Activity

In related news, Director Robert F. Maclellan sold 3,955 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The shares were 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 of the company’s stock, valued at approximately $3,935,157.24. This represents a 8.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jessica M. Hiebler sold 968 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $96.98, for a total transaction of $93,876.64. Following the transaction, the insider now directly owns 13,611 shares in the company, valued at $1,319,994.78. The trade was a 6.64% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

Several institutional investors and hedge funds have recently modified their holdings of TROW. Glenview Trust co boosted its stake in T. Rowe Price Group by 2.2% during the 4th quarter. Glenview Trust co now owns 4,318 shares of the asset manager’s stock valued at $488,000 after purchasing an additional 92 shares during the period. Addison Advisors LLC boosted its stake in T. Rowe Price Group by 67.4% during the 4th quarter. Addison Advisors LLC now owns 231 shares of the asset manager’s stock valued at $26,000 after purchasing an additional 93 shares during the period. Advantage Trust Co boosted its stake in T. Rowe Price Group by 48.8% during the 4th quarter. Advantage Trust Co now owns 305 shares of the asset manager’s stock valued at $34,000 after purchasing an additional 100 shares during the period. Valeo Financial Advisors LLC boosted its stake in T. Rowe Price Group by 3.5% during the 4th quarter. Valeo Financial Advisors LLC now owns 2,996 shares of the asset manager’s stock valued at $339,000 after purchasing an additional 102 shares during the period. Finally, Strategy Asset Managers LLC boosted its stake in T. Rowe Price Group by 5.0% during the 4th quarter. Strategy Asset Managers LLC now owns 2,277 shares of the asset manager’s stock valued at $258,000 after purchasing an additional 108 shares during the period. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Company Profile

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.