Zacks Research Downgrades T. Rowe Price Group (NASDAQ:TROW) to Hold

T. Rowe Price Group (NASDAQ:TROW) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other brokerages have also recently issued reports on TROW. Morgan Stanley upped their price objective on T. Rowe Price Group from $125.00 to $126.00 and gave the stock an “equal weight” rating in a report on Monday, October 27th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of T. Rowe Price Group in a research note on Wednesday, October 8th. Bank of America increased their price objective on shares of T. Rowe Price Group from $91.00 to $97.00 and gave the company an “underperform” rating in a research report on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft boosted their target price on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the stock a “hold” rating in a report on Friday, November 14th. Finally, Evercore ISI lowered their price target on shares of T. Rowe Price Group from $118.00 to $115.00 and set an “in-line” rating for the company in a report on Friday, December 5th. Twelve equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $108.77.

T. Rowe Price Group Stock Performance

TROW opened at $105.09 on Tuesday. The stock has a market cap of $22.94 billion, a price-to-earnings ratio of 11.42, a price-to-earnings-growth ratio of 3.48 and a beta of 1.53. The firm’s fifty day moving average is $102.98 and its 200 day moving average is $102.30. T. Rowe Price Group has a fifty-two week low of $77.85 and a fifty-two week high of $121.94.

T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Friday, October 31st. The asset manager reported $2.81 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.88 billion. During the same quarter last year, the business posted $2.57 earnings per share. The firm’s revenue was up 6.0% on a year-over-year basis. On average, equities research analysts predict that T. Rowe Price Group will post 9.29 earnings per share for the current year.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,090 shares of the company’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $105.01, for a total value of $324,480.90. Following the completion of the transaction, the director directly owned 47,335 shares in the company, valued at approximately $4,970,648.35. This represents a 6.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

Several large investors have recently modified their holdings of the stock. TD Waterhouse Canada Inc. lifted its holdings in T. Rowe Price Group by 66.7% during the second 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. Zions Bancorporation National Association UT bought a new position in T. Rowe Price Group in the 1st quarter worth $27,000. Root Financial Partners LLC purchased a new stake in T. Rowe Price Group in the 3rd quarter worth $30,000. Vermillion & White Wealth Management Group LLC lifted its position in shares of T. Rowe Price Group by 120.0% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 319 shares of the asset manager’s stock valued at $31,000 after acquiring an additional 174 shares in the last quarter. Finally, Salomon & Ludwin LLC lifted its position in shares of T. Rowe Price Group by 84.3% in the third quarter. Salomon & Ludwin LLC now owns 317 shares of the asset manager’s stock valued at $33,000 after acquiring an additional 145 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

About T. Rowe Price Group

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.