T. Rowe Price Group (NASDAQ:TROW) Rating Reiterated by 22nd Century Group

Posted by Defense World Staff on May 5th, 2023

T. Rowe Price Group (NASDAQ:TROW – Get Rating)‘s stock had its “maintains” rating reaffirmed by 22nd Century Group in a report issued on Wednesday, Benzinga reports.

A number of other brokerages also recently commented on TROW. TheStreet downgraded T. Rowe Price Group from a “b-” rating to a “c” rating in a research report on Thursday, January 26th. Wells Fargo & Company increased their price objective on T. Rowe Price Group from $112.00 to $115.00 and gave the stock an “equal weight” rating in a research report on Friday, April 14th. Evercore ISI reduced their price objective on T. Rowe Price Group from $101.00 to $98.00 and set an “in-line” rating for the company in a report on Thursday, April 13th. StockNews.com began coverage on T. Rowe Price Group in a research note on Thursday, March 16th. They set a “hold” rating on the stock. Finally, Bank of America lowered their price objective on T. Rowe Price Group from $78.00 to $72.00 and set an “underperform” rating for the company in a report on Wednesday, April 5th. Five analysts have rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $93.30.

T. Rowe Price Group Price Performance

TROW opened at $105.67 on Wednesday. T. Rowe Price Group has a 1 year low of $93.53 and a 1 year high of $134.64. The stock has a 50-day moving average price of $110.26 and a 200-day moving average price of $113.84. The firm has a market cap of $23.72 billion, a PE ratio of 15.80, a P/E/G ratio of 2.78 and a beta of 1.30.

T. Rowe Price Group (NASDAQ:TROW – Get Rating) last issued its quarterly earnings data on Tuesday, May 2nd. The asset manager reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.07. The business had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.54 billion. T. Rowe Price Group had a return on equity of 20.36% and a net margin of 24.01%. The company’s revenue for the quarter was down 17.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.62 EPS. As a group, sell-side analysts anticipate that T. Rowe Price Group will post 6.65 EPS for the current year.

Insider Activity

In other T. Rowe Price Group news, VP Andrew C. Mccormick sold 14,154 shares of the firm’s stock in a transaction that occurred on Friday, February 10th. The shares were sold at an average price of $116.73, for a total transaction of $1,652,196.42. Following the sale, the vice president now owns 70,319 shares in the company, valued at approximately $8,208,336.87. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, VP Andrew C. Mccormick sold 14,154 shares of T. Rowe Price Group stock in a transaction dated Friday, February 10th. The stock was sold at an average price of $116.73, for a total value of $1,652,196.42. Following the completion of the sale, the vice president now directly owns 70,319 shares in the company, valued at $8,208,336.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jessica M. Hiebler sold 1,881 shares of the business’s stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $106.66, for a total transaction of $200,627.46. Following the completion of the transaction, the insider now owns 11,628 shares of the company’s stock, valued at $1,240,242.48. The disclosure for this sale can be found here. Insiders have sold a total of 28,004 shares of company stock valued at $3,223,514 in the last 90 days. 2.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TROW. Vanguard Group Inc. boosted its holdings in T. Rowe Price Group by 18.6% in the third quarter. Vanguard Group Inc. now owns 24,169,568 shares of the asset manager’s stock valued at $2,538,046,000 after purchasing an additional 3,786,970 shares in the last quarter. State Street Corp boosted its stake in shares of T. Rowe Price Group by 11.4% during the third quarter. State Street Corp now owns 14,270,631 shares of the asset manager’s stock valued at $1,498,559,000 after acquiring an additional 1,458,948 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of T. Rowe Price Group by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 5,438,480 shares of the asset manager’s stock valued at $592,208,000 after acquiring an additional 32,545 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in T. Rowe Price Group by 10.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,799,427 shares of the asset manager’s stock worth $523,425,000 after buying an additional 453,033 shares during the period. Finally, American Century Companies Inc. lifted its position in T. Rowe Price Group by 2.4% during the fourth quarter. American Century Companies Inc. now owns 3,477,745 shares of the asset manager’s stock worth $379,283,000 after buying an additional 82,290 shares during the period. 76.58% of the stock is owned by institutional investors and hedge funds.

About T. Rowe Price Group

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T. Rowe Price Group, Inc engages in the provision of investment management services. The company was founded by Thomas Rowe Price Jr. in 1937 and is headquartered in Baltimore, MD.