Keefe, Bruyette & Woods Cuts T. Rowe Price Group (NASDAQ:TROW) Price Target to $115.00

T. Rowe Price Group (NASDAQ:TROW) had its target price reduced by Keefe, Bruyette & Woods from $117.00 to $115.00 in a research note issued to investors on Tuesday morning, MarketBeat reports. They currently have a market perform rating on the asset manager’s stock.

TROW has been the subject of several other research reports. BMO Capital Markets began coverage on shares of T. Rowe Price Group in a research report on Friday, October 3rd. They set a “market perform” rating and a $108.00 price objective for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of T. Rowe Price Group in a research note on Wednesday, October 8th. JPMorgan Chase & Co. lifted their price target on T. Rowe Price Group from $109.00 to $111.00 and gave the company an “underweight” rating in a research note on Monday, November 3rd. 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 research report on Tuesday, October 7th. Finally, Bank of America increased their price objective on T. Rowe Price Group from $91.00 to $97.00 and gave the stock an “underperform” rating in a report on Thursday, October 2nd. Twelve research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $108.31.

T. Rowe Price Group Price Performance

Shares of T. Rowe Price Group stock opened at $103.32 on Tuesday. The company has a market capitalization of $22.55 billion, a P/E ratio of 11.25, a price-to-earnings-growth ratio of 3.42 and a beta of 1.53. The business has a 50-day moving average of $102.91 and a two-hundred 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 issued its quarterly earnings data on Friday, October 31st. The asset manager reported $2.81 earnings per share (EPS) 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 business 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 firm earned $2.57 EPS. T. Rowe Price Group’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, equities analysts anticipate that T. Rowe Price Group will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be given a dividend of $1.27 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $5.08 annualized dividend and a yield of 4.9%. T. Rowe Price Group’s dividend payout ratio is 55.34%.

Insider Activity at T. Rowe Price Group

In related news, Director Robert F. Maclellan sold 3,090 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $105.01, for a total transaction of $324,480.90. Following the transaction, the director directly owned 47,335 shares in the company, valued at approximately $4,970,648.35. The trade was a 6.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Arif Husain sold 4,260 shares of the company’s 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 sale, the vice president directly owned 47,102 shares in the company, valued at $4,802,519.92. This trade represents a 8.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On T. Rowe Price Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. TFG Advisers LLC boosted its holdings in T. Rowe Price Group by 3.6% in the second quarter. TFG Advisers LLC now owns 2,779 shares of the asset manager’s stock valued at $268,000 after purchasing an additional 97 shares during the period. TD Waterhouse Canada Inc. raised its position in T. Rowe Price Group by 66.7% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 250 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 100 shares in the last quarter. Essex Bank raised its position in T. Rowe Price Group by 3.6% in the 3rd quarter. Essex Bank now owns 2,914 shares of the asset manager’s stock valued at $299,000 after purchasing an additional 100 shares in the last quarter. PFG Investments LLC boosted its stake in shares of T. Rowe Price Group by 4.8% in the 3rd quarter. PFG Investments LLC now owns 2,249 shares of the asset manager’s stock valued at $231,000 after buying an additional 102 shares during the period. Finally, Bill Few Associates Inc. grew its position in shares of T. Rowe Price Group by 4.3% during the second quarter. Bill Few Associates Inc. now owns 2,577 shares of the asset manager’s stock worth $249,000 after buying an additional 107 shares in the last quarter. Institutional investors own 73.39% of the company’s stock.

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.