T. Rowe Price Group (NASDAQ:TROW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “Shares of T. Rowe Price have outperformed the industry over the past six months. This price performance was backed by the company's impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three out of the trailing four quarters. The company’s planned strategic initiatives, including investment in technology and advisory services, strengthening distribution platform, introduction of products, will likely stoke long-term growth. Further, it remains debt free with sufficient liquidity and is focused on raising shareholders’ confidence through steady capital deployment activities. Escalating expenses and the regulatory pressure across the investment management industry remains another key concern. Nevertheless, robust organic growth and diverse business model keep the company well poised for growth.”
Other equities research analysts have also recently issued reports about the stock. TheStreet upgraded shares of T. Rowe Price Group from a “c+” rating to a “b+” rating in a report on Monday, March 5th. Deutsche Bank upped their price objective on shares of T. Rowe Price Group from $115.00 to $116.00 and gave the stock a “hold” rating in a report on Tuesday, March 6th. BidaskClub upgraded shares of T. Rowe Price Group from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 27th. Morgan Stanley set a $113.00 price objective on shares of T. Rowe Price Group and gave the stock a “hold” rating in a report on Thursday, February 22nd. Finally, Citigroup decreased their price objective on shares of T. Rowe Price Group from $120.00 to $115.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. T. Rowe Price Group currently has a consensus rating of “Hold” and an average price target of $110.50.
T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Tuesday, January 30th. The asset manager reported $1.52 EPS for the quarter, beating the consensus estimate of $1.48 by $0.04. T. Rowe Price Group had a net margin of 31.07% and a return on equity of 25.30%. The business had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the previous year, the company posted $1.21 EPS. T. Rowe Price Group’s revenue was up 17.9% on a year-over-year basis. research analysts expect that T. Rowe Price Group will post 7.13 EPS for the current year.
In other T. Rowe Price Group news, VP Edward A. Wiese sold 30,000 shares of the business’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $102.14, for a total transaction of $3,064,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kenneth V. Moreland sold 8,066 shares of the business’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $104.12, for a total transaction of $839,831.92. Following the transaction, the chief financial officer now directly owns 100,796 shares of the company’s stock, valued at approximately $10,494,879.52. The disclosure for this sale can be found here. In the last three months, insiders have sold 133,671 shares of company stock valued at $13,771,356. Company insiders own 3.60% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in TROW. Signature Estate & Investment Advisors LLC acquired a new position in T. Rowe Price Group during the 3rd quarter worth $118,000. Grove Bank & Trust lifted its position in T. Rowe Price Group by 178.7% during the 3rd quarter. Grove Bank & Trust now owns 1,310 shares of the asset manager’s stock worth $119,000 after acquiring an additional 840 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in T. Rowe Price Group by 50.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,472 shares of the asset manager’s stock worth $155,000 after acquiring an additional 491 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new position in T. Rowe Price Group during the 3rd quarter worth $202,000. Finally, Stock Yards Bank & Trust Co. acquired a new position in T. Rowe Price Group during the 4th quarter worth $205,000. 72.88% of the stock is owned by hedge funds and other 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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