Evercore ISI Cuts T. Rowe Price Group (NASDAQ:TROW) Price Target to $115.00

T. Rowe Price Group (NASDAQ:TROW) had its price target trimmed by Evercore ISI from $118.00 to $115.00 in a research report sent to investors on Friday, MarketBeat reports. The firm currently has an in-line rating on the asset manager’s stock.

Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lifted their price objective on shares of T. Rowe Price Group from $109.00 to $111.00 and gave the stock an “underweight” rating in a research report on Monday, November 3rd. BMO Capital Markets assumed coverage on shares of T. Rowe Price Group in a report on Friday, October 3rd. They issued a “market perform” rating and a $108.00 price target on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of T. Rowe Price Group in a research report on Wednesday, October 8th. Citigroup raised their price objective on T. Rowe Price Group from $105.00 to $107.00 in a research report on Monday, November 3rd. Finally, Jefferies Financial Group boosted their target price on T. Rowe Price Group from $104.00 to $106.00 and gave the stock a “hold” rating in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $108.77.

T. Rowe Price Group Trading Up 0.7%

Shares of NASDAQ:TROW opened at $106.58 on Friday. The company has a market capitalization of $23.26 billion, a PE ratio of 11.61, a P/E/G ratio of 3.52 and a beta of 1.53. T. Rowe Price Group has a 12-month low of $77.85 and a 12-month high of $125.81. The business’s fifty day simple moving average is $102.86 and its 200-day simple moving average is $102.14.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Friday, October 31st. The asset manager reported $2.81 earnings per share for the quarter, beating analysts’ consensus estimates of $2.55 by $0.26. T. Rowe Price Group had a return on equity of 19.95% and a net margin of 28.89%.The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter last year, the company earned $2.57 earnings per share. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. Research analysts predict that T. Rowe Price Group will post 9.29 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be issued a $1.27 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.8%. T. Rowe Price Group’s dividend payout ratio is currently 55.34%.

Insider Activity

In related news, Director Robert F. Maclellan sold 3,090 shares of T. Rowe Price Group stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $105.01, for a total transaction of $324,480.90. Following the completion of the sale, the director owned 47,335 shares of the company’s stock, valued at $4,970,648.35. The trade was a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.60% of the stock is currently owned by insiders.

Institutional Trading of T. Rowe Price Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Groupama Asset Managment boosted its holdings in shares of T. Rowe Price Group by 188.2% in the 3rd quarter. Groupama Asset Managment now owns 9,293 shares of the asset manager’s stock valued at $954,000 after acquiring an additional 6,069 shares during the last quarter. Prana Capital Management LP acquired a new position in T. Rowe Price Group during the third quarter valued at $4,939,000. CIBC Bancorp USA Inc. purchased a new stake in T. Rowe Price Group in the third quarter valued at $3,114,000. Achmea Investment Management B.V. acquired a new stake in T. Rowe Price Group during the 3rd quarter worth about $25,280,000. Finally, WBI Investments LLC acquired a new position in shares of T. Rowe Price Group in the 3rd quarter valued at about $698,000. 73.39% of the stock is currently owned by institutional investors and hedge funds.

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.