Bank of America Analysts Give T. Rowe Price Group (TROW) a $112.00 Price Target

Bank of America set a $112.00 price objective on T. Rowe Price Group (NASDAQ:TROW) in a report published on Tuesday, April 9th, TipRanks reports. The firm currently has a buy rating on the asset manager’s stock.

TROW has been the topic of several other research reports. BidaskClub upgraded shares of T. Rowe Price Group from a strong sell rating to a sell rating in a report on Wednesday, January 16th. Evercore ISI upgraded shares of T. Rowe Price Group from an in-line rating to an outperform rating and set a $99.00 price target on the stock in a report on Thursday, January 31st. Wells Fargo & Co lifted their price target on shares of T. Rowe Price Group from $92.00 to $102.00 and gave the company a market perform rating in a report on Wednesday, February 27th. Morgan Stanley cut their price target on shares of T. Rowe Price Group from $105.00 to $98.00 and set an equal weight rating on the stock in a report on Friday, January 4th. Finally, Citigroup lifted their price target on shares of T. Rowe Price Group from $91.00 to $98.00 and gave the company a neutral rating in a report on Wednesday, February 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company’s stock. T. Rowe Price Group currently has an average rating of Hold and a consensus target price of $106.75.

NASDAQ TROW traded up $1.60 on Tuesday, reaching $106.86. 537,096 shares of the company’s stock traded hands, compared to its average volume of 1,349,315. T. Rowe Price Group has a 12 month low of $84.59 and a 12 month high of $127.43. The stock has a market capitalization of $25.27 billion, a P/E ratio of 14.95, a PEG ratio of 1.60 and a beta of 1.06.

T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Wednesday, April 24th. The asset manager reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.26. T. Rowe Price Group had a net margin of 35.05% and a return on equity of 28.93%. The firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter last year, the business earned $1.74 earnings per share. The business’s revenue was down 2.1% on a year-over-year basis. Sell-side analysts forecast that T. Rowe Price Group will post 7.46 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 2.84%. The ex-dividend date of this dividend is Thursday, June 13th. T. Rowe Price Group’s dividend payout ratio is presently 42.52%.

In other T. Rowe Price Group news, VP Scott B. David sold 45,118 shares of the business’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $107.88, for a total transaction of $4,867,329.84. Following the completion of the sale, the vice president now directly owns 48,454 shares in the company, valued at approximately $5,227,217.52. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Christopher D. Alderson sold 104,465 shares of the company’s stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $96.94, for a total value of $10,126,837.10. Following the sale, the vice president now directly owns 401,164 shares in the company, valued at $38,888,838.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 182,200 shares of company stock valued at $18,387,677. 3.10% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in T. Rowe Price Group by 0.8% in the third quarter. Bank of New York Mellon Corp now owns 2,132,814 shares of the asset manager’s stock valued at $232,862,000 after buying an additional 16,414 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of T. Rowe Price Group by 92.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,918 shares of the asset manager’s stock worth $1,301,000 after purchasing an additional 5,710 shares during the last quarter. GAM Holding AG purchased a new position in shares of T. Rowe Price Group in the third quarter worth about $387,000. The Manufacturers Life Insurance Company raised its stake in shares of T. Rowe Price Group by 3.1% in the third quarter. The Manufacturers Life Insurance Company now owns 1,265,760 shares of the asset manager’s stock worth $138,195,000 after purchasing an additional 37,904 shares during the last quarter. Finally, Pacer Advisors Inc. raised its stake in shares of T. Rowe Price Group by 14.0% in the third quarter. Pacer Advisors Inc. now owns 12,504 shares of the asset manager’s stock worth $1,365,000 after purchasing an additional 1,540 shares during the last quarter. 72.84% of the stock is currently owned by institutional investors and hedge funds.

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.

Further Reading: What is the price-to-earnings growth (PEG) ratio?

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

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