T. Rowe Price Group, Inc. (NASDAQ:TROW) Receives Average Recommendation of “Reduce” from Brokerages

Posted by on Jun 6th, 2023

T. Rowe Price Group, Inc. (NASDAQ:TROW – Get Rating) has earned a consensus rating of “Hold” from the fifteen analysts that are covering the company, MarketBeat.com reports. Six analysts have rated the stock with a sell rating and six have issued a hold rating on the company. The average 12-month price target among brokers that have covered the stock in the last year is $93.73.

TROW has been the topic of a number of recent analyst reports. 22nd Century Group restated a “maintains” rating on shares of T. Rowe Price Group in a research note on Wednesday, May 3rd. Bank of America lowered their price target on T. Rowe Price Group from $78.00 to $72.00 and set an “underperform” rating for the company in a research note on Wednesday, April 5th. Evercore ISI cut their price target 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 initiated coverage on T. Rowe Price Group in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Finally, Morgan Stanley lifted their price objective on T. Rowe Price Group from $102.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, April 14th.

Insider Buying and Selling

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 1,881 shares of the company’s stock in a transaction on 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 sale, the insider now owns 11,628 shares in the company, valued at $1,240,242.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On T. Rowe Price Group

Hedge funds have recently added to or reduced their stakes in the business. Glass Jacobson Investment Advisors llc acquired a new stake in T. Rowe Price Group in the 4th quarter valued at approximately $37,000. Elevated Capital Advisors LLC acquired a new stake in T. Rowe Price Group during the 4th quarter worth $471,000. Credit Suisse AG increased its stake in T. Rowe Price Group by 1.3% in the third quarter. Credit Suisse AG now owns 590,528 shares of the asset manager’s stock valued at $62,010,000 after purchasing an additional 7,670 shares during the period. Bank of Montreal Can increased its stake in T. Rowe Price Group by 12.1% in the third quarter. Bank of Montreal Can now owns 498,482 shares of the asset manager’s stock valued at $55,771,000 after purchasing an additional 53,834 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in T. Rowe Price Group by 4.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 64,178 shares of the asset manager’s stock valued at $6,739,000 after purchasing an additional 2,930 shares during the period. 76.58% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Stock Performance

Shares of T. Rowe Price Group stock opened at $110.29 on Tuesday. The company has a market cap of $24.77 billion, a P/E ratio of 18.05, a PEG ratio of 2.78 and a beta of 1.30. T. Rowe Price Group has a one year low of $93.53 and a one year high of $134.64. The firm has a fifty day moving average of $108.90 and a two-hundred day moving average of $113.33.

T. Rowe Price Group (NASDAQ:TROW – Get Rating) last released its quarterly earnings results 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. T. Rowe Price Group had a net margin of 22.90% and a return on equity of 17.92%. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same period last year, the company earned $2.62 EPS. The firm’s revenue for the quarter was down 17.5% compared to the same quarter last year. As a group, equities analysts predict that T. Rowe Price Group will post 6.66 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 29th. Investors of record on Thursday, June 15th will be issued a $1.22 dividend. The ex-dividend date is Wednesday, June 14th. This represents a $4.88 dividend on an annualized basis and a yield of 4.42%. T. Rowe Price Group’s dividend payout ratio is currently 79.87%.

T. Rowe Price Group Company Profile

(Get Rating)

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.

Featured Stories

Analyst Recommendations for T. Rowe Price Group (NASDAQ:TROW)

Receive News & Ratings for T. Rowe Price Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for T. Rowe Price Group and related companies with MarketBeat.com's FREE daily email newsletter.