T. Rowe Price Group (NASDAQ:TROW) Coverage Initiated at Wells Fargo & Company

Wells Fargo & Company started coverage on shares of T. Rowe Price Group (NASDAQ:TROW) in a research note issued to investors on Thursday morning, MarketBeat Ratings reports. The brokerage issued an equal weight rating and a $109.00 target price on the asset manager’s stock.

TROW has been the topic of a number of other reports. Keefe, Bruyette & Woods reaffirmed a market perform rating and issued a $120.00 target price (down from $121.00) on shares of T. Rowe Price Group in a research report on Monday, July 29th. JPMorgan Chase & Co. raised their target price on shares of T. Rowe Price Group from $102.00 to $107.00 and gave the company an underweight rating in a research note on Tuesday, July 23rd. TD Cowen lowered their target price on shares of T. Rowe Price Group from $123.00 to $118.00 and set a hold rating for the company in a report on Monday, July 29th. Barclays initiated coverage on T. Rowe Price Group in a research note on Tuesday, August 27th. They issued an underweight rating and a $99.00 price target on the stock. Finally, StockNews.com cut T. Rowe Price Group from a buy rating to a hold rating in a research note on Monday, July 29th. Three equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to MarketBeat, T. Rowe Price Group has a consensus rating of Hold and a consensus price target of $113.30.

T. Rowe Price Group Price Performance

Shares of NASDAQ TROW opened at $104.56 on Thursday. T. Rowe Price Group has a 1 year low of $87.43 and a 1 year high of $122.27. The company’s 50-day moving average is $109.60 and its 200 day moving average is $113.51. The stock has a market capitalization of $23.28 billion, a P/E ratio of 12.42, a P/E/G ratio of 1.67 and a beta of 1.41.

T. Rowe Price Group (NASDAQ:TROW) last announced its 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 return on equity of 19.90% and a net margin of 28.66%. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.79 billion. During the same period in the prior year, the company posted $2.02 EPS. The firm’s revenue was up 7.6% on a year-over-year basis. Research analysts anticipate that T. Rowe Price Group will post 9 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $1.24 dividend. This represents a $4.96 annualized dividend and a dividend yield of 4.74%. The ex-dividend date of this dividend is Friday, September 13th. T. Rowe Price Group’s dividend payout ratio is currently 58.91%.

Insider Activity at T. Rowe Price Group

In other news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the sale, the vice president now owns 123,624 shares of the company’s stock, valued at approximately $12,712,255.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the 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 of the company’s stock, valued at approximately $12,712,255.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Dorothy C. Sawyer sold 2,000 shares of the firm’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $117.00, for a total value of $234,000.00. Following the completion of the transaction, the vice president now owns 34,710 shares in the company, valued at $4,061,070. The disclosure for this sale can be found here. Insiders have sold 15,370 shares of company stock valued at $1,627,078 over the last ninety days. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On T. Rowe Price Group

Several hedge funds and other institutional investors have recently made changes to their positions in TROW. Lynx Investment Advisory bought a new stake in T. Rowe Price Group during the second quarter valued at approximately $29,000. Family Firm Inc. purchased a new position in shares of T. Rowe Price Group during the 2nd quarter worth $36,000. Versant Capital Management Inc grew its position in shares of T. Rowe Price Group by 660.5% during the 2nd quarter. Versant Capital Management Inc now owns 327 shares of the asset manager’s stock valued at $38,000 after acquiring an additional 284 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of T. Rowe Price Group by 93.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 331 shares of the asset manager’s stock worth $40,000 after purchasing an additional 160 shares in the last quarter. Finally, Riverview Trust Co increased its stake in shares of T. Rowe Price Group by 136.4% in the 2nd quarter. Riverview Trust Co now owns 357 shares of the asset manager’s stock worth $41,000 after purchasing an additional 206 shares in the last quarter. Hedge funds and other 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.