Wells Fargo & Company Cuts T. Rowe Price Group (NASDAQ:TROW) Price Target to $116.00

T. Rowe Price Group (NASDAQ:TROW) had its target price cut by research analysts at Wells Fargo & Company from $118.00 to $116.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the asset manager’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 3.12% from the stock’s previous close.

Several other research firms have also issued reports on TROW. Deutsche Bank Aktiengesellschaft lifted their price target on shares of T. Rowe Price Group from $115.00 to $120.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Barclays cut their target price on T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. dropped their price target on T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating on the stock in a research note on Monday, November 4th. Keefe, Bruyette & Woods reduced their price objective on shares of T. Rowe Price Group from $116.00 to $111.00 and set a “market perform” rating for the company in a research note on Monday, January 13th. Finally, TD Cowen dropped their target price on shares of T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Four research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $114.91.

T. Rowe Price Group Stock Performance

Shares of TROW stock traded up $1.79 during mid-day trading on Thursday, hitting $112.49. 299,633 shares of the stock traded hands, compared to its average volume of 1,552,932. The firm has a market cap of $24.99 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 1.78 and a beta of 1.44. The company’s 50-day simple moving average is $116.31 and its 200-day simple moving average is $112.63. T. Rowe Price Group has a twelve month low of $100.49 and a twelve month high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Wednesday, February 5th. The asset manager reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.20 by ($0.08). T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. During the same quarter last year, the company earned $1.72 earnings per share. Analysts forecast that T. Rowe Price Group will post 9.42 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $123.35, for a total transaction of $499,197.45. Following the completion of the transaction, the vice president now owns 119,577 shares of the company’s stock, valued at approximately $14,749,822.95. The trade was a 3.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.00% of the stock is owned by insiders.

Institutional Investors Weigh In On T. Rowe Price Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Nilsine Partners LLC raised its position in shares of T. Rowe Price Group by 75.5% during the fourth quarter. Nilsine Partners LLC now owns 5,509 shares of the asset manager’s stock valued at $623,000 after buying an additional 2,370 shares during the last quarter. Principal Financial Group Inc. increased its stake in T. Rowe Price Group by 2.8% during the third quarter. Principal Financial Group Inc. now owns 275,978 shares of the asset manager’s stock valued at $30,062,000 after acquiring an additional 7,503 shares during the period. Janus Henderson Group PLC raised its holdings in T. Rowe Price Group by 3.8% in the 3rd quarter. Janus Henderson Group PLC now owns 29,989 shares of the asset manager’s stock valued at $3,267,000 after acquiring an additional 1,100 shares in the last quarter. Aigen Investment Management LP bought a new stake in shares of T. Rowe Price Group in the 3rd quarter worth approximately $516,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of T. Rowe Price Group by 3.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,840,807 shares of the asset manager’s stock worth $745,169,000 after purchasing an additional 231,286 shares in the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Company Profile

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.