T. Rowe Price Group, Inc. (TROW) Upgraded to Buy by Goldman Sachs Group, Inc. (The)
Goldman Sachs Group, Inc. (The) upgraded shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) from a neutral rating to a buy rating in a research report released on Thursday morning, MarketBeat.com reports. They currently have $100.00 price objective on the asset manager’s stock.
TROW has been the subject of a number of other research reports. UBS AG restated a sell rating and issued a $63.00 price target (up previously from $62.00) on shares of T. Rowe Price Group in a report on Friday, July 14th. BidaskClub lowered shares of T. Rowe Price Group from a strong-buy rating to a buy rating in a research note on Tuesday, August 1st. Zacks Investment Research upgraded shares of T. Rowe Price Group from a hold rating to a buy rating and set a $98.00 price objective on the stock in a research note on Tuesday, September 26th. Wells Fargo & Company reissued a market perform rating on shares of T. Rowe Price Group in a research report on Thursday, July 27th. Finally, ValuEngine raised shares of T. Rowe Price Group from a hold rating to a buy rating in a research report on Wednesday, August 2nd. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $83.45.
T. Rowe Price Group (TROW) opened at 90.65 on Thursday. T. Rowe Price Group has a 12 month low of $62.97 and a 12 month high of $91.19. The firm has a market capitalization of $21.79 billion, a P/E ratio of 15.56 and a beta of 1.24. The stock’s 50 day moving average price is $83.46 and its 200-day moving average price is $75.43.
T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Tuesday, July 25th. The asset manager reported $1.28 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.01. T. Rowe Price Group had a return on equity of 24.38% and a net margin of 32.64%. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the business earned $0.76 earnings per share. The company’s revenue was up 12.1% compared to the same quarter last year. On average, analysts forecast that T. Rowe Price Group will post $5.65 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which was paid on Thursday, September 28th. Stockholders of record on Thursday, September 14th were given a dividend of $0.57 per share. The ex-dividend date was Wednesday, September 13th. This represents a $2.28 annualized dividend and a dividend yield of 2.52%. T. Rowe Price Group’s payout ratio is 39.18%.
In other T. Rowe Price Group news, Director Anne M. Whittemore sold 8,326 shares of the stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $82.03, for a total transaction of $682,981.78. Following the transaction, the director now owns 28,982 shares of the company’s stock, valued at approximately $2,377,393.46. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jessica M. Hiebler sold 1,000 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $84.29, for a total value of $84,290.00. Following the transaction, the insider now directly owns 8,461 shares in the company, valued at approximately $713,177.69. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,720 shares of company stock valued at $1,630,701. 3.60% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. raised its position in shares of T. Rowe Price Group by 11.2% during the 1st quarter. Russell Investments Group Ltd. now owns 40,642 shares of the asset manager’s stock valued at $2,771,000 after acquiring an additional 4,086 shares in the last quarter. UBS Asset Management Americas Inc. lifted its stake in T. Rowe Price Group by 10.7% during the first quarter. UBS Asset Management Americas Inc. now owns 1,374,372 shares of the asset manager’s stock worth $93,663,000 after purchasing an additional 132,516 shares during the last quarter. Stevens Capital Management LP bought a new position in T. Rowe Price Group during the first quarter worth $7,029,000. Keystone Financial Planning Inc. lifted its stake in T. Rowe Price Group by 2.0% during the first quarter. Keystone Financial Planning Inc. now owns 52,226 shares of the asset manager’s stock worth $3,559,000 after purchasing an additional 1,040 shares during the last quarter. Finally, Heritage Trust Co bought a new position in T. Rowe Price Group during the first quarter worth $372,000. Institutional investors own 73.62% of the company’s stock.
About T. Rowe Price Group
T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.
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