Evercore ISI Forecasts Strong Price Appreciation for T. Rowe Price Group (NASDAQ:TROW) Stock

T. Rowe Price Group (NASDAQ:TROW) had its price objective upped by investment analysts at Evercore ISI from $112.00 to $113.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “in-line” rating on the asset manager’s stock. Evercore ISI’s price objective suggests a potential downside of 3.93% from the company’s previous close.

TROW has been the subject of several other research reports. JPMorgan Chase & Co. dropped their price target on shares of T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating for the company in a research note on Monday, November 4th. Morgan Stanley raised their price target on shares of T. Rowe Price Group from $127.00 to $129.00 and gave the company an “equal weight” rating in a research report on Monday, November 4th. The Goldman Sachs Group reduced their price objective on shares of T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating on the stock in a report on Thursday, October 3rd. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $120.00 price objective (down from $121.00) on shares of T. Rowe Price Group in a report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of T. Rowe Price Group from $113.00 to $115.00 and gave the stock a “hold” rating in a research note on Monday, November 4th. Four analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. Based on data from MarketBeat.com, T. Rowe Price Group presently has a consensus rating of “Hold” and an average target price of $115.09.

T. Rowe Price Group Stock Down 2.0 %

Shares of TROW stock traded down $2.44 during mid-day trading on Thursday, hitting $117.62. 1,383,414 shares of the stock were exchanged, compared to its average volume of 1,263,906. T. Rowe Price Group has a 52-week low of $90.02 and a 52-week high of $122.27. The firm has a fifty day moving average of $109.33 and a 200 day moving average of $111.92. The company has a market cap of $26.13 billion, a PE ratio of 12.87, a price-to-earnings-growth ratio of 1.76 and a beta of 1.41.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Friday, November 1st. The asset manager reported $2.57 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.21. The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.84 billion. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. T. Rowe Price Group’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.17 EPS. Equities analysts predict that T. Rowe Price Group will post 9.32 EPS for the current year.

Insiders Place Their Bets

In related news, insider Jessica M. Hiebler sold 484 shares of T. Rowe Price Group stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $104.73, for a total value of $50,689.32. Following the sale, the insider now directly owns 13,939 shares in the company, valued at $1,459,831.47. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Jessica M. Hiebler sold 484 shares of T. Rowe Price Group stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $104.73, for a total value of $50,689.32. Following the transaction, the insider now owns 13,939 shares of the company’s stock, valued at $1,459,831.47. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of T. Rowe Price Group stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the completion of the transaction, the vice president now directly owns 123,624 shares in the company, valued at $12,712,255.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Institutional Trading of T. Rowe Price Group

Institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC increased its position in T. Rowe Price Group by 7,992.0% during the third quarter. International Assets Investment Management LLC now owns 1,067,655 shares of the asset manager’s stock worth $116,300,000 after acquiring an additional 1,054,461 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of T. Rowe Price Group by 15.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,611,307 shares of the asset manager’s stock worth $185,810,000 after acquiring an additional 220,105 shares in the last quarter. AQR Capital Management LLC raised its position in T. Rowe Price Group by 77.2% in the 2nd quarter. AQR Capital Management LLC now owns 451,237 shares of the asset manager’s stock worth $52,032,000 after purchasing an additional 196,565 shares during the last quarter. Burney Co. bought a new position in T. Rowe Price Group in the 2nd quarter worth approximately $20,938,000. Finally, Canada Pension Plan Investment Board raised its position in T. Rowe Price Group by 1,328.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 162,010 shares of the asset manager’s stock worth $18,681,000 after purchasing an additional 150,665 shares during the last quarter. 73.39% 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.