T. Rowe Price Group (NASDAQ:TROW) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of T. Rowe Price Group (NASDAQ:TROW) from a strong sell rating to a hold rating in a report published on Wednesday morning,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on the stock. Barclays increased their target price on shares of 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. Weiss Ratings reaffirmed a “hold (c)” rating on shares of T. Rowe Price Group in a research note on Friday, May 8th. Evercore dropped their price objective on shares of T. Rowe Price Group from $106.00 to $104.00 in a report on Monday. JPMorgan Chase & Co. cut their target price on shares of 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. Finally, Bank of America boosted their target price on T. Rowe Price Group from $85.00 to $86.00 in a report on Wednesday, January 14th. Eleven investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $99.54.

T. Rowe Price Group Trading Down 0.6%

Shares of TROW opened at $102.41 on Wednesday. The stock has a 50 day simple moving average of $94.35 and a 200-day simple moving average of $99.21. The stock has a market cap of $21.94 billion, a PE ratio of 10.98, a PEG ratio of 4.50 and a beta of 1.51. T. Rowe Price Group has a 1 year low of $85.22 and a 1 year high of $118.22.

T. Rowe Price Group (NASDAQ:TROW) last released 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. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.85 billion. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.23 earnings per share. On average, sell-side analysts forecast that T. Rowe Price Group will post 9.61 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 15th will be given a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 5.1%. The ex-dividend date is Monday, June 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 55.73%.

Insider Buying and Selling at T. Rowe Price Group

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. TD Private Client Wealth LLC boosted its position in T. Rowe Price Group by 91.8% in the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock valued at $26,000 after buying an additional 123 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its stake in shares of T. Rowe Price Group by 540.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 282 shares of the asset manager’s stock valued at $29,000 after acquiring an additional 238 shares during the period. Root Financial Partners LLC acquired a new position in shares of T. Rowe Price Group during the third quarter valued at $30,000. Canton Hathaway LLC bought a new position in T. Rowe Price Group in the fourth quarter valued at about $31,000. Finally, Sound Income Strategies LLC increased its position in T. Rowe Price Group by 170.3% in the fourth quarter. Sound Income Strategies LLC now owns 300 shares of the asset manager’s stock worth $32,000 after purchasing an additional 189 shares during the period. 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.