T. Rowe Price Group (NASDAQ:TROW) Downgraded to Hold Rating by StockNews.com

StockNews.com cut shares of T. Rowe Price Group (NASDAQ:TROW) from a buy rating to a hold rating in a research report released on Saturday.

Other research analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods increased their price objective on T. Rowe Price Group from $114.00 to $116.00 and gave the stock a “market perform” rating in a research report on Friday, December 20th. TD Cowen reduced their price objective on shares of T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating for the company in a research note on Monday, November 4th. The Goldman Sachs Group dropped their target price on shares of T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating for the company in a report on Thursday, October 3rd. Wells Fargo & Company lifted their price target on shares of T. Rowe Price Group from $112.00 to $124.00 and gave the company an “equal weight” rating in a research report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on T. Rowe Price Group from $115.00 to $120.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Four investment analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $117.00.

T. Rowe Price Group Stock Performance

Shares of T. Rowe Price Group stock opened at $113.86 on Friday. T. Rowe Price Group has a one year low of $100.49 and a one year high of $125.81. The company has a market cap of $25.30 billion, a P/E ratio of 12.46, a PEG ratio of 1.73 and a beta of 1.42. The firm has a fifty day moving average of $117.97 and a two-hundred day moving average of $113.20.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.21. The firm had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.84 billion. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.17 earnings per share. As a group, equities analysts predict that T. Rowe Price Group will post 9.39 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were paid a dividend of $1.24 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $4.96 annualized dividend and a dividend yield of 4.36%. T. Rowe Price Group’s dividend payout ratio is currently 54.27%.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $123.35, for a total value of $499,197.45. Following the sale, the vice president now directly owns 119,577 shares of the company’s stock, valued at approximately $14,749,822.95. This trade represents a 3.27 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On T. Rowe Price Group

A number of institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC increased its position in T. Rowe Price Group by 10.2% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 15,056 shares of the asset manager’s stock worth $1,736,000 after purchasing an additional 1,398 shares in the last quarter. HB Wealth Management LLC increased its holdings in T. Rowe Price Group by 21.4% in the 2nd quarter. HB Wealth Management LLC now owns 2,277 shares of the asset manager’s stock valued at $263,000 after purchasing an additional 402 shares in the last quarter. Signaturefd LLC boosted its position in shares of T. Rowe Price Group by 11.9% in the second quarter. Signaturefd LLC now owns 3,826 shares of the asset manager’s stock worth $441,000 after buying an additional 408 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of T. Rowe Price Group by 1.3% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,296 shares of the asset manager’s stock valued at $2,456,000 after buying an additional 283 shares in the last quarter. Finally, Rothschild Investment LLC purchased a new stake in shares of T. Rowe Price Group during the 2nd quarter valued at about $1,126,000. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

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.