Morgan Stanley Raises T. Rowe Price Group (NASDAQ:TROW) Price Target to $127.00

T. Rowe Price Group (NASDAQ:TROW) had its price objective hoisted by Morgan Stanley from $125.00 to $127.00 in a research report released on Friday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the asset manager’s stock.

A number of other research firms have also recently commented on TROW. Wells Fargo & Company raised their target price on T. Rowe Price Group from $109.00 to $112.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 9th. StockNews.com cut shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Evercore ISI increased their price target on shares of T. Rowe Price Group from $108.00 to $109.00 and gave the stock an “in-line” rating in a research note on Friday, October 4th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $120.00 price target (down from $121.00) on shares of T. Rowe Price Group in a research report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the stock a “hold” rating in a report on Thursday, August 15th. Four investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $113.00.

T. Rowe Price Group Stock Down 1.4 %

Shares of T. Rowe Price Group stock opened at $114.01 on Friday. T. Rowe Price Group has a 52 week low of $87.43 and a 52 week high of $122.27. The company has a market cap of $25.46 billion, a PE ratio of 13.54, a P/E/G ratio of 1.93 and a beta of 1.41. The business has a 50 day moving average of $107.73 and a 200 day moving average of $111.95.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, July 26th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.27 by ($0.01). T. Rowe Price Group had a net margin of 28.66% and a return on equity of 19.90%. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.79 billion. During the same quarter in the prior year, the firm earned $2.02 EPS. T. Rowe Price Group’s quarterly revenue was up 7.6% compared to the same quarter last year. On average, research analysts anticipate that T. Rowe Price Group will post 9.08 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a $1.24 dividend. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.35%. The ex-dividend date was Friday, September 13th. T. Rowe Price Group’s payout ratio is 58.91%.

Insiders Place Their Bets

In related news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the company’s stock in a transaction 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 sale, the vice president now owns 123,624 shares in the company, valued at approximately $12,712,255.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of T. Rowe Price Group stock in a transaction 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 transaction, the vice president now directly owns 123,624 shares in the company, valued at approximately $12,712,255.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jessica M. Hiebler sold 484 shares of T. Rowe Price Group stock in a transaction 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 in the company, valued at $1,459,831.47. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TROW. Ashton Thomas Private Wealth LLC bought a new stake in T. Rowe Price Group during the first quarter valued at about $1,008,000. Envestnet Portfolio Solutions Inc. lifted its holdings in T. Rowe Price Group by 52.4% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 65,534 shares of the asset manager’s stock worth $7,990,000 after purchasing an additional 22,533 shares in the last quarter. Norden Group LLC bought a new position in T. Rowe Price Group in the 1st quarter worth approximately $8,437,000. Forsta AP Fonden boosted its stake in T. Rowe Price Group by 32.3% in the 2nd 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 during the period. Finally, Mizuho Markets Americas LLC grew its holdings in T. Rowe Price Group by 90.0% during the 1st quarter. Mizuho Markets Americas LLC now owns 90,688 shares of the asset manager’s stock valued at $11,057,000 after buying an additional 42,949 shares in the last quarter. Hedge funds and other institutional investors own 73.39% 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.