T. Rowe Price Group (NASDAQ:TROW) Stock Price Expected to Rise, Morgan Stanley Analyst Says

T. Rowe Price Group (NASDAQ:TROW) had its price objective upped by stock analysts at Morgan Stanley from $126.00 to $128.00 in a research note issued to investors on Wednesday, Marketbeat.com reports. The firm presently has an “equal weight” rating on the asset manager’s stock. Morgan Stanley’s target price points to a potential upside of 23.89% from the company’s current price.

A number of other brokerages also recently weighed in on TROW. Weiss Ratings reissued a “hold (c)” rating on shares of T. Rowe Price Group in a research report on Wednesday, October 8th. Bank of America lifted their price objective on shares of T. Rowe Price Group from $91.00 to $97.00 and gave the stock an “underperform” rating in a report on Thursday, October 2nd. The Goldman Sachs Group dropped their target price on shares of T. Rowe Price Group from $98.00 to $93.00 and set a “sell” rating on the stock in a report on Tuesday, November 25th. Deutsche Bank Aktiengesellschaft raised their price target on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the stock a “hold” rating in a research report on Friday, November 14th. Finally, Citigroup boosted their price objective on shares of T. Rowe Price Group from $105.00 to $107.00 in a research report on Monday, November 3rd. Twelve investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $108.31.

T. Rowe Price Group Stock Performance

TROW opened at $103.32 on Wednesday. The company has a market capitalization of $22.55 billion, a P/E ratio of 11.25, a PEG ratio of 3.42 and a beta of 1.53. The company has a 50-day moving average of $102.91 and a 200-day moving average of $102.67. T. Rowe Price Group has a 1-year low of $77.85 and a 1-year high of $118.32.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Friday, October 31st. The asset manager reported $2.81 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same period in the previous year, the company earned $2.57 earnings per share. T. Rowe Price Group’s quarterly revenue was up 6.0% on a year-over-year basis. As a group, sell-side analysts expect that T. Rowe Price Group will post 9.29 earnings per share for the current fiscal year.

Insider Activity

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,090 shares of the company’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $105.01, for a total value of $324,480.90. Following the completion of the transaction, the director owned 47,335 shares in the company, valued at approximately $4,970,648.35. This represents a 6.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Arif Husain sold 4,260 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $101.96, for a total transaction of $434,349.60. Following the completion of the sale, the vice president owned 47,102 shares in the company, valued at $4,802,519.92. The trade was a 8.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Trust Advisors LP raised its stake in T. Rowe Price Group by 137.7% during the 2nd quarter. First Trust Advisors LP now owns 3,441,458 shares of the asset manager’s stock valued at $332,101,000 after acquiring an additional 1,993,920 shares in the last quarter. Norges Bank bought a new position in shares of T. Rowe Price Group in the second quarter worth $82,756,000. Caisse de depot et placement du Quebec increased its holdings in shares of T. Rowe Price Group by 81.0% during the third quarter. Caisse de depot et placement du Quebec now owns 1,306,922 shares of the asset manager’s stock valued at $134,142,000 after purchasing an additional 584,949 shares during the period. ARGA Investment Management LP raised its stake in shares of T. Rowe Price Group by 3,807.3% during the second quarter. ARGA Investment Management LP now owns 477,161 shares of the asset manager’s stock valued at $46,046,000 after purchasing an additional 464,949 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in T. Rowe Price Group in the second quarter worth about $37,722,000. 73.39% of the stock is owned by institutional investors.

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.