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

Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) have been given an average rating of “Reduce” by the fifteen brokerages that are currently covering the company, Marketbeat reports. Four equities research analysts have rated the stock with a sell recommendation and eleven have issued a hold recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $100.0769.

A number of research analysts recently weighed in on the company. TD Cowen lifted their target price on T. Rowe Price Group from $93.00 to $94.00 and gave the company a “hold” rating in a report on Friday, May 1st. Keefe, Bruyette & Woods lifted their target price on T. Rowe Price Group from $95.00 to $107.00 and gave the stock a “market perform” rating in a research report on Friday, May 1st. Barclays lifted their target price on T. Rowe Price Group from $87.00 to $89.00 and gave the stock an “underweight” rating in a research report on Friday, May 1st. Evercore boosted their price objective on T. Rowe Price Group from $106.00 to $111.00 in a report on Monday. Finally, JPMorgan Chase & Co. decreased their target price on T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating for the company in a research note on Friday, April 24th.

T. Rowe Price Group Stock Performance

T. Rowe Price Group stock opened at $105.91 on Wednesday. T. Rowe Price Group has a fifty-two week low of $85.22 and a fifty-two week high of $118.22. The stock has a fifty day moving average of $99.71 and a two-hundred day moving average of $99.43. The company has a market capitalization of $22.69 billion, a price-to-earnings ratio of 11.35, a PEG ratio of 5.40 and a beta of 1.50.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Thursday, April 30th. The asset manager reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.37 by $0.15. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter last year, the firm earned $2.23 earnings per share. The business’s revenue was up 5.3% on a year-over-year basis. On average, analysts forecast that T. Rowe Price Group will post 9.63 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 15th will be paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date is Monday, June 15th. T. Rowe Price Group’s payout ratio is presently 55.73%.

Insider Activity

In other news, VP Stephon A. Jackson sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total transaction of $307,680.00. Following the completion of the transaction, the vice president directly owned 83,883 shares in the company, valued at approximately $8,603,040.48. The trade was a 3.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC boosted its position in shares of T. Rowe Price Group by 63.2% during the first quarter. Parallel Advisors LLC now owns 8,415 shares of the asset manager’s stock worth $759,000 after buying an additional 3,260 shares during the period. Concorde Asset Management LLC boosted its position in shares of T. Rowe Price Group by 3.9% during the first quarter. Concorde Asset Management LLC now owns 2,730 shares of the asset manager’s stock worth $246,000 after buying an additional 102 shares during the period. Axiom Investment Management LLC acquired a new position in shares of T. Rowe Price Group during the first quarter worth approximately $76,000. Segall Bryant & Hamill LLC acquired a new position in shares of T. Rowe Price Group during the first quarter worth approximately $632,000. Finally, Bank of America Corp DE boosted its position in shares of T. Rowe Price Group by 24.5% during the first quarter. Bank of America Corp DE now owns 1,298,516 shares of the asset manager’s stock worth $117,048,000 after buying an additional 255,905 shares during the period. 73.39% of the stock is currently owned by institutional investors and hedge funds.

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.