JPMorgan Chase & Co. Raises T. Rowe Price Group (NASDAQ:TROW) Price Target to $103.00

T. Rowe Price Group (NASDAQ:TROW) had its price target boosted by JPMorgan Chase & Co. from $94.00 to $103.00 in a report published on Tuesday, Benzinga reports. The firm currently has an underweight rating on the asset manager’s stock.

A number of other brokerages have also weighed in on TROW. StockNews.com lowered shares of T. Rowe Price Group from a buy rating to a hold rating in a research report on Friday, February 9th. UBS Group increased their target price on shares of T. Rowe Price Group from $100.00 to $109.00 and gave the stock a sell rating in a research report on Friday, April 12th. Wells Fargo & Company raised their price objective on shares of T. Rowe Price Group from $105.00 to $108.00 and gave the company an underweight rating in a research report on Friday, February 9th. Keefe, Bruyette & Woods upgraded shares of T. Rowe Price Group from an underperform rating to a market perform rating and raised their price objective for the company from $106.00 to $120.00 in a research report on Thursday, April 11th. Finally, Morgan Stanley raised their price objective on shares of T. Rowe Price Group from $101.00 to $106.00 and gave the company an equal weight rating in a research report on Friday, January 19th. Four equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat, T. Rowe Price Group presently has a consensus rating of Hold and an average target price of $112.67.

T. Rowe Price Group Stock Performance

TROW opened at $108.73 on Tuesday. The firm has a market cap of $24.32 billion, a P/E ratio of 14.01, a PEG ratio of 2.15 and a beta of 1.40. T. Rowe Price Group has a fifty-two week low of $87.43 and a fifty-two week high of $132.76. The firm has a 50-day moving average of $114.72 and a 200 day moving average of $106.74.

T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Thursday, February 8th. The asset manager reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.12. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.63 billion. T. Rowe Price Group had a net margin of 27.69% and a return on equity of 18.41%. The company’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the business earned $1.74 earnings per share. Equities research analysts predict that T. Rowe Price Group will post 8.13 earnings per share for the current fiscal year.

T. Rowe Price Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a $1.24 dividend. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.22. This represents a $4.96 dividend on an annualized basis and a yield of 4.56%. The ex-dividend date was Thursday, March 14th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 63.92%.

Insider Activity at T. Rowe Price Group

In related news, insider Jessica M. Hiebler sold 1,138 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $107.13, for a total value of $121,913.94. Following the sale, the insider now directly owns 14,113 shares of the company’s stock, valued at $1,511,925.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Freeman A. Hrabowski III sold 8,740 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $118.32, for a total value of $1,034,116.80. Following the completion of the sale, the director now directly owns 21,073 shares in the company, valued at approximately $2,493,357.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jessica M. Hiebler sold 1,138 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $107.13, for a total transaction of $121,913.94. Following the completion of the sale, the insider now owns 14,113 shares of the company’s stock, valued at $1,511,925.69. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On T. Rowe Price Group

A number of hedge funds have recently made changes to their positions in TROW. Norges Bank bought a new stake in shares of T. Rowe Price Group in the 4th quarter worth approximately $208,014,000. Confluence Investment Management LLC bought a new stake in shares of T. Rowe Price Group in the 1st quarter worth approximately $130,386,000. International Assets Investment Management LLC lifted its holdings in shares of T. Rowe Price Group by 8,968.6% in the 4th quarter. International Assets Investment Management LLC now owns 902,146 shares of the asset manager’s stock worth $97,152,000 after acquiring an additional 892,198 shares during the last quarter. UBS Group AG lifted its holdings in shares of T. Rowe Price Group by 473.3% in the 4th quarter. UBS Group AG now owns 975,226 shares of the asset manager’s stock worth $105,022,000 after acquiring an additional 805,106 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of T. Rowe Price Group by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 20,183,563 shares of the asset manager’s stock worth $3,051,553,000 after acquiring an additional 625,340 shares during the last quarter. 73.39% of the stock is currently owned by institutional investors.

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.