T. Rowe Price Group (NASDAQ:TROW) Upgraded at BidaskClub

BidaskClub upgraded shares of T. Rowe Price Group (NASDAQ:TROW) from a hold rating to a buy rating in a research note released on Thursday morning, BidAskClub reports.

Several other research analysts have also commented on the stock. Citigroup raised their price objective on shares of T. Rowe Price Group from $135.00 to $148.00 and gave the company a neutral rating in a research note on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of T. Rowe Price Group from $139.00 to $149.00 and gave the company a hold rating in a research note on Thursday, July 30th. ValuEngine lowered shares of T. Rowe Price Group from a hold rating to a sell rating in a research note on Thursday, July 2nd. Morgan Stanley raised their price objective on shares of T. Rowe Price Group from $150.00 to $160.00 and gave the company an equal weight rating in a research note on Friday, July 31st. Finally, Wells Fargo & Company raised their price objective on shares of T. Rowe Price Group from $72.00 to $78.00 in a research note on Thursday, July 30th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $120.58.

Shares of TROW opened at $147.03 on Thursday. T. Rowe Price Group has a 1-year low of $82.51 and a 1-year high of $148.70. The stock has a market cap of $33.37 billion, a PE ratio of 17.44, a P/E/G ratio of 1.87 and a beta of 1.13. The firm has a 50-day simple moving average of $132.31 and a two-hundred day simple moving average of $123.80.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Wednesday, July 29th. The asset manager reported $2.29 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.25. T. Rowe Price Group had a net margin of 35.05% and a return on equity of 29.65%. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period last year, the business earned $2.03 earnings per share. The business’s revenue for the quarter was up 1.4% on a year-over-year basis. Equities analysts forecast that T. Rowe Price Group will post 8.58 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th were paid a $0.90 dividend. The ex-dividend date of this dividend was Monday, September 14th. This represents a $3.60 dividend on an annualized basis and a yield of 2.45%. T. Rowe Price Group’s dividend payout ratio is currently 44.61%.

In other news, Director Robert F. Maclellan sold 10,500 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $136.45, for a total transaction of $1,432,725.00. Following the completion of the sale, the director now owns 21,656 shares in the company, valued at approximately $2,954,961.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Christopher D. Alderson sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $134.33, for a total transaction of $13,433,000.00. Following the sale, the vice president now owns 366,424 shares of the company’s stock, valued at approximately $49,221,735.92. The disclosure for this sale can be found here. Insiders sold 119,000 shares of company stock valued at $16,048,400 in the last quarter. 1.00% of the stock is owned by insiders.

Several large investors have recently modified their holdings of TROW. Charles Schwab Investment Management Inc. lifted its position in shares of T. Rowe Price Group by 34.1% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,730,878 shares of the asset manager’s stock worth $337,264,000 after buying an additional 694,905 shares during the last quarter. Nordea Investment Management AB lifted its position in shares of T. Rowe Price Group by 107.0% during the 2nd quarter. Nordea Investment Management AB now owns 795,850 shares of the asset manager’s stock worth $97,038,000 after buying an additional 411,352 shares during the last quarter. APG Asset Management N.V. lifted its position in shares of T. Rowe Price Group by 139.8% during the 1st quarter. APG Asset Management N.V. now owns 352,478 shares of the asset manager’s stock worth $34,419,000 after buying an additional 205,503 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its position in shares of T. Rowe Price Group by 70.0% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 463,791 shares of the asset manager’s stock worth $57,278,000 after buying an additional 190,980 shares during the last quarter. Finally, Bartlett & Co. LLC increased its holdings in shares of T. Rowe Price Group by 317.8% in the 2nd quarter. Bartlett & Co. LLC now owns 231,424 shares of the asset manager’s stock valued at $28,581,000 after acquiring an additional 176,032 shares during the period. Institutional investors and hedge funds own 68.06% of the company’s stock.

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.

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

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