Morgan Stanley reissued their underweight rating on shares of T. Rowe Price Group Inc (NASDAQ:TROW) in a research report sent to investors on Friday morning. The firm currently has a $67.00 target price on the stock, up from their prior target price of $64.00.
Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. reaffirmed an underweight rating on shares of T. Rowe Price Group in a report on Thursday, January 12th. Credit Suisse Group AG set a $62.00 target price on T. Rowe Price Group and gave the stock a hold rating in a report on Saturday, February 4th. Finally, Argus lifted their target price on T. Rowe Price Group from $83.00 to $88.00 and gave the stock a buy rating in a report on Wednesday, December 7th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. T. Rowe Price Group has a consensus rating of Hold and an average price target of $73.77.
T. Rowe Price Group (NASDAQ:TROW) traded up 0.29% during trading on Friday, reaching $69.56. 512,841 shares of the company traded hands. T. Rowe Price Group has a 12 month low of $62.97 and a 12 month high of $79.00. The company’s 50-day moving average is $70.19 and its 200 day moving average is $70.50. The company has a market cap of $16.93 billion, a PE ratio of 14.64 and a beta of 1.29.
T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Thursday, January 26th. The company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.07. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 24.49%. The business earned $1.10 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same period last year, the business earned $1.17 earnings per share. The firm’s revenue was up 3.7% on a year-over-year basis. On average, analysts anticipate that T. Rowe Price Group will post $4.85 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Thursday, March 30th. Stockholders of record on Thursday, March 16th will be issued a dividend of $0.57 per share. This is a boost from T. Rowe Price Group’s previous quarterly dividend of $0.54. This represents a $2.28 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend is Tuesday, March 14th. T. Rowe Price Group’s payout ratio is 46.06%.
In related news, Director Anne M. Whittemore sold 8,326 shares of T. Rowe Price Group stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $71.02, for a total value of $591,312.52. Following the transaction, the director now directly owns 25,947 shares of the company’s stock, valued at $1,842,755.94. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Christopher D. Alderson sold 133,244 shares of T. Rowe Price Group stock in a transaction that occurred on Tuesday, December 20th. The stock was sold at an average price of $77.67, for a total value of $10,349,061.48. Following the completion of the transaction, the vice president now directly owns 190,473 shares in the company, valued at $14,794,037.91. The disclosure for this sale can be found here. Insiders own 3.60% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Prospera Financial Services Inc bought a new position in T. Rowe Price Group during the third quarter worth approximately $200,000. Keystone Financial Planning Inc. raised its position in T. Rowe Price Group by 231.7% in the third quarter. Keystone Financial Planning Inc. now owns 50,044 shares of the company’s stock worth $3,328,000 after buying an additional 34,955 shares in the last quarter. Nisa Investment Advisors LLC raised its position in T. Rowe Price Group by 12.4% in the third quarter. Nisa Investment Advisors LLC now owns 94,160 shares of the company’s stock worth $6,262,000 after buying an additional 10,403 shares in the last quarter. Capstone Asset Management Co. raised its position in T. Rowe Price Group by 2.3% in the third quarter. Capstone Asset Management Co. now owns 28,014 shares of the company’s stock worth $1,863,000 after buying an additional 620 shares in the last quarter. Finally, Atria Investments LLC raised its position in T. Rowe Price Group by 0.7% in the third quarter. Atria Investments LLC now owns 7,083 shares of the company’s stock worth $471,000 after buying an additional 46 shares in the last quarter. 71.35% of the stock is currently owned by institutional investors.
T. Rowe Price Group Company Profile
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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