T. Rowe Price Group (NASDAQ:TROW) Stock Price Expected to Rise, TD Cowen Analyst Says

T. Rowe Price Group (NASDAQ:TROW) had its price target increased by research analysts at TD Cowen from $108.00 to $110.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the asset manager’s stock. TD Cowen’s price target suggests a potential downside of 0.72% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Barclays dropped their target price on shares of T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating for the company in a research report on Monday, August 3rd. BMO Capital Markets increased their price target on shares of T. Rowe Price Group from $110.00 to $120.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. The Goldman Sachs Group raised their price objective on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a report on Tuesday, June 30th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $109.00 target price on shares of T. Rowe Price Group in a report on Monday, August 3rd. Finally, Morgan Stanley set a $116.00 price target on T. Rowe Price Group in a research report on Wednesday, July 29th. Ten equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $105.83.

T. Rowe Price Group Stock Performance

Shares of T. Rowe Price Group stock traded down $0.44 during midday trading on Monday, reaching $110.80. 141,741 shares of the company’s stock traded hands, compared to its average volume of 2,131,232. The stock has a 50 day moving average of $114.35 and a 200-day moving average of $103.40. T. Rowe Price Group has a 12 month low of $85.22 and a 12 month high of $122.00. The company has a market cap of $23.64 billion, a PE ratio of 11.11, a price-to-earnings-growth ratio of 3.68 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.52 by $0.05. The business had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.24 earnings per share. On average, equities analysts anticipate that T. Rowe Price Group will post 10.15 earnings per share for the current fiscal year.

Insider Buying and Selling at T. Rowe Price Group

In other news, VP Joshua B. Nelson sold 10,000 shares of T. Rowe Price Group stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the completion of the transaction, the vice president directly owned 71,328 shares in the company, valued at approximately $7,975,896.96. This trade represents a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TROW. Corient Private Wealth LP raised its stake in T. Rowe Price Group by 9.1% during the second quarter. Corient Private Wealth LP now owns 128,271 shares of the asset manager’s stock valued at $14,583,000 after buying an additional 10,746 shares during the last quarter. HighTower Advisors LLC grew its stake in shares of T. Rowe Price Group by 1.2% in the second quarter. HighTower Advisors LLC now owns 189,043 shares of the asset manager’s stock worth $21,492,000 after acquiring an additional 2,160 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of T. Rowe Price Group in the second quarter worth $46,511,000. California State Teachers Retirement System increased its holdings in shares of T. Rowe Price Group by 10,632.8% during the second quarter. California State Teachers Retirement System now owns 45,287,275 shares of the asset manager’s stock valued at $5,148,710,000 after acquiring an additional 44,865,323 shares in the last quarter. Finally, Wedmont Private Capital bought a new position in shares of T. Rowe Price Group during the second quarter valued at $265,000. 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.