Wells Fargo & Company Cuts T. Rowe Price Group (NASDAQ:TROW) Price Target to $118.00

T. Rowe Price Group (NASDAQ:TROW) had its target price reduced by Wells Fargo & Company from $124.00 to $118.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the asset manager’s stock.

TROW has been the subject of several other reports. Keefe, Bruyette & Woods lowered their target price on shares of T. Rowe Price Group from $116.00 to $111.00 and set a “market perform” rating for the company in a report on Monday. JPMorgan Chase & Co. lowered their price objective on 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. The Goldman Sachs Group cut their target price on T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating on the stock in a research note on Thursday, October 3rd. Morgan Stanley lifted their price target on T. Rowe Price Group from $129.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Friday, December 20th. Finally, Barclays increased their price objective on shares of T. Rowe Price Group from $110.00 to $115.00 and gave the company an “underweight” rating in a research report on Monday, December 9th. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $116.00.

T. Rowe Price Group Price Performance

Shares of TROW opened at $112.13 on Tuesday. T. Rowe Price Group has a one year low of $100.49 and a one year high of $125.81. The company has a 50-day simple moving average of $117.96 and a two-hundred day simple moving average of $112.86. The firm has a market capitalization of $24.91 billion, a PE ratio of 12.27, a price-to-earnings-growth ratio of 1.42 and a beta of 1.43.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.21. T. Rowe Price Group had a return on equity of 20.35% and a net margin of 30.35%. The company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same period in the prior year, the firm earned $2.17 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. Analysts expect that T. Rowe Price Group will post 9.46 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were issued a dividend of $1.24 per share. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.42%. The ex-dividend date was Friday, December 13th. T. Rowe Price Group’s payout ratio is presently 54.27%.

Insider Activity

In other news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $123.35, for a total value of $499,197.45. Following the transaction, the vice president now directly owns 119,577 shares in the company, valued at $14,749,822.95. This trade represents a 3.27 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Insight Folios Inc increased its position in shares of T. Rowe Price Group by 3.6% during the 3rd quarter. Insight Folios Inc now owns 2,612 shares of the asset manager’s stock valued at $285,000 after purchasing an additional 90 shares during the last quarter. Keystone Financial Services increased its holdings in T. Rowe Price Group by 5.1% during the third quarter. Keystone Financial Services now owns 1,885 shares of the asset manager’s stock valued at $205,000 after buying an additional 92 shares during the last quarter. Nvwm LLC raised its position in T. Rowe Price Group by 2.2% in the third quarter. Nvwm LLC now owns 4,496 shares of the asset manager’s stock worth $490,000 after acquiring an additional 95 shares during the period. Strategy Asset Managers LLC boosted its stake in shares of T. Rowe Price Group by 4.6% during the 3rd quarter. Strategy Asset Managers LLC now owns 2,169 shares of the asset manager’s stock worth $236,000 after acquiring an additional 95 shares during the last quarter. Finally, Brooklyn Investment Group grew its position in shares of T. Rowe Price Group by 24.6% during the 4th quarter. Brooklyn Investment Group now owns 497 shares of the asset manager’s stock valued at $56,000 after acquiring an additional 98 shares during the period. Institutional investors 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.