JPMorgan Chase & Co. Lowers T. Rowe Price Group (NASDAQ:TROW) Price Target to $108.00

T. Rowe Price Group (NASDAQ:TROW) had its price objective decreased by investment analysts at JPMorgan Chase & Co. from $111.00 to $108.00 in a report issued on Tuesday, MarketBeat reports. The brokerage presently has an “underweight” rating on the asset manager’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 1.76% from the stock’s previous close.

TROW has been the topic of several other reports. Barclays reduced their target price on T. Rowe Price Group from $102.00 to $101.00 and set an “underweight” rating on the stock in a report on Thursday, January 15th. The Goldman Sachs Group decreased their target price on T. Rowe Price Group from $97.00 to $95.00 and set a “sell” rating on the stock in a report on Wednesday, January 14th. Weiss Ratings restated a “hold (c+)” rating on shares of T. Rowe Price Group in a research report on Monday, December 29th. Citigroup increased their price target on shares of T. Rowe Price Group from $105.00 to $107.00 in a research note on Monday, November 3rd. Finally, Jefferies Financial Group upped their price objective on T. Rowe Price Group from $104.00 to $106.00 and gave the stock a “hold” rating in a report on Tuesday, October 7th. Eleven equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $107.31.

T. Rowe Price Group Stock Performance

Shares of NASDAQ TROW opened at $106.13 on Tuesday. T. Rowe Price Group has a 52-week low of $77.85 and a 52-week high of $118.32. The business has a fifty day moving average of $103.78 and a two-hundred day moving average of $104.45. The stock has a market cap of $23.16 billion, a PE ratio of 11.56, a PEG ratio of 2.51 and a beta of 1.52.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, October 31st. The asset manager reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.55 by $0.26. The business had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.88 billion. T. Rowe Price Group had a net margin of 28.89% and a return on equity of 19.95%. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter last year, the company posted $2.57 EPS. Analysts predict that T. Rowe Price Group will post 9.29 earnings per share for the current year.

Insider Activity at T. Rowe Price Group

In related news, VP Arif Husain sold 4,260 shares of T. Rowe Price Group stock in a transaction on Wednesday, December 10th. The stock was 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 directly owned 47,102 shares of the company’s stock, valued at $4,802,519.92. The trade was a 8.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On T. Rowe Price Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Candriam S.C.A. lifted its holdings in shares of T. Rowe Price Group by 20.4% during the second quarter. Candriam S.C.A. now owns 30,931 shares of the asset manager’s stock worth $2,985,000 after buying an additional 5,236 shares in the last quarter. Greenspring Advisors LLC bought a new position in T. Rowe Price Group during the third quarter worth about $1,583,000. Allen Wealth Management LLC raised its stake in T. Rowe Price Group by 459.3% in the 3rd quarter. Allen Wealth Management LLC now owns 13,855 shares of the asset manager’s stock worth $1,422,000 after purchasing an additional 11,378 shares in the last quarter. Confluence Investment Management LLC boosted its holdings in T. Rowe Price Group by 2.7% in the 3rd quarter. Confluence Investment Management LLC now owns 973,769 shares of the asset manager’s stock valued at $99,948,000 after purchasing an additional 25,316 shares during the period. Finally, Amundi grew its position in shares of T. Rowe Price Group by 16.9% during the 2nd quarter. Amundi now owns 1,607,616 shares of the asset manager’s stock worth $153,714,000 after purchasing an additional 232,361 shares in the last quarter. Institutional investors own 73.39% of the company’s stock.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.