Wells Fargo & Company Boosts T. Rowe Price Group (NASDAQ:TROW) Price Target to $124.00

T. Rowe Price Group (NASDAQ:TROW) had its price objective boosted by Wells Fargo & Company from $112.00 to $124.00 in a report published on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the asset manager’s stock.

A number of other equities research analysts also recently issued reports on TROW. The Goldman Sachs Group decreased their price objective on T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating on the stock in a research report on Thursday, October 3rd. Deutsche Bank Aktiengesellschaft raised 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 note on Monday, November 11th. Evercore ISI lifted their target price on T. Rowe Price Group from $112.00 to $113.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. reduced 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 report on Monday, November 4th. Finally, TD Cowen decreased their price objective on T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Four research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat.com, T. Rowe Price Group has an average rating of “Hold” and a consensus price target of $117.09.

T. Rowe Price Group Trading Down 0.6 %

Shares of TROW opened at $120.96 on Thursday. T. Rowe Price Group has a 12-month low of $98.36 and a 12-month high of $125.81. The business’s 50 day moving average is $116.16 and its 200 day moving average is $113.20. The company has a market capitalization of $26.87 billion, a PE ratio of 13.23, a price-to-earnings-growth ratio of 1.72 and a beta of 1.42.

T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.21. The firm had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.84 billion. T. Rowe Price Group had a return on equity of 20.35% and a net margin of 30.35%. The business’s revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.17 earnings per share. Equities research analysts predict that T. Rowe Price Group will post 9.39 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be paid a $1.24 dividend. The ex-dividend date is Friday, December 13th. This represents a $4.96 dividend on an annualized basis and a yield of 4.10%. T. Rowe Price Group’s dividend payout ratio (DPR) is 54.27%.

Insider Buying and Selling

In other news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $123.35, for a total value of $499,197.45. Following the sale, the vice president now owns 119,577 shares in the company, valued at $14,749,822.95. This represents a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On T. Rowe Price Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Forsta AP Fonden boosted its position in T. Rowe Price Group by 32.3% during the second quarter. Forsta AP Fonden now owns 70,100 shares of the asset manager’s stock worth $8,083,000 after purchasing an additional 17,100 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of T. Rowe Price Group by 3.8% during 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 during the last quarter. Savant Capital LLC grew its stake in shares of T. Rowe Price Group by 36.6% in the 2nd quarter. Savant Capital LLC now owns 32,887 shares of the asset manager’s stock valued at $3,792,000 after buying an additional 8,816 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in T. Rowe Price Group in the second quarter worth approximately $15,907,000. Finally, Aigen Investment Management LP acquired a new stake in shares of T. Rowe Price Group during the 3rd quarter worth about $516,000. 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.