Citigroup Increases T. Rowe Price Group (NASDAQ:TROW) Price Target to $115.00

T. Rowe Price Group (NASDAQ:TROW) had its price target lifted by Citigroup from $113.00 to $115.00 in a research report sent to investors on Tuesday, July 9th, BenzingaRatingsTable reports. Citigroup currently has a neutral rating on the asset manager’s stock.

Other equities analysts have also recently issued research reports about the stock. Zacks Investment Research upgraded shares of T. Rowe Price Group from a hold rating to a buy rating and set a $116.00 price objective on the stock in a research report on Wednesday, April 3rd. Bank of America set a $112.00 price objective on shares of T. Rowe Price Group and gave the company a buy rating in a research report on Tuesday, April 9th. Barclays boosted their price objective on shares of T. Rowe Price Group from $90.00 to $95.00 and gave the company an underweight rating in a research report on Thursday, April 25th. UBS Group boosted their price target on shares of T. Rowe Price Group from $109.00 to $111.00 and gave the company a neutral rating in a research report on Monday, July 8th. Finally, BidaskClub cut shares of T. Rowe Price Group from a hold rating to a sell rating in a research report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $108.25.

NASDAQ:TROW traded down $1.97 during trading hours on Tuesday, reaching $113.39. The company’s stock had a trading volume of 1,297,854 shares, compared to its average volume of 1,242,887. The firm’s 50-day moving average price is $109.55. T. Rowe Price Group has a 1 year low of $84.59 and a 1 year high of $120.75. The company has a market capitalization of $27.14 billion, a price-to-earnings ratio of 15.86, a price-to-earnings-growth ratio of 1.73 and a beta of 1.07. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.91 and a quick ratio of 3.91.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Wednesday, July 24th. The asset manager reported $2.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.88 by $0.15. T. Rowe Price Group had a net margin of 36.17% and a return on equity of 28.80%. The firm had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.39 billion. During the same quarter in the previous year, the company earned $1.87 earnings per share. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. Research analysts expect that T. Rowe Price Group will post 7.79 EPS for the current year.

In related news, Director Mary K. Bush sold 3,500 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $107.06, for a total transaction of $374,710.00. Following the sale, the director now owns 19,243 shares of the company’s stock, valued at $2,060,155.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert C.T. Higginbotham sold 19,393 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $115.17, for a total transaction of $2,233,491.81. Following the sale, the vice president now directly owns 68,864 shares in the company, valued at approximately $7,931,066.88. The disclosure for this sale can be found here. Insiders own 3.10% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of TROW. Norges Bank bought a new position in shares of T. Rowe Price Group in the fourth quarter worth approximately $216,223,000. APG Asset Management N.V. lifted its stake in shares of T. Rowe Price Group by 112.3% in the fourth quarter. APG Asset Management N.V. now owns 1,064,185 shares of the asset manager’s stock worth $85,943,000 after buying an additional 562,900 shares in the last quarter. Pennsylvania Trust Co lifted its stake in shares of T. Rowe Price Group by 740.5% in the first quarter. Pennsylvania Trust Co now owns 483,407 shares of the asset manager’s stock worth $49,629,000 after buying an additional 425,896 shares in the last quarter. Millennium Management LLC lifted its stake in shares of T. Rowe Price Group by 5,146.5% in the fourth quarter. Millennium Management LLC now owns 375,495 shares of the asset manager’s stock worth $34,666,000 after buying an additional 368,338 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in shares of T. Rowe Price Group by 243.4% in the fourth quarter. Nuveen Asset Management LLC now owns 300,607 shares of the asset manager’s stock worth $27,752,000 after buying an additional 213,071 shares in the last quarter. Hedge funds and other institutional investors own 69.23% 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.

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Analyst Recommendations for T. Rowe Price Group (NASDAQ:TROW)

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