T. Rowe Price Group (NASDAQ:TROW) Cut to Hold at StockNews.com

StockNews.com downgraded shares of T. Rowe Price Group (NASDAQ:TROW) from a buy rating to a hold rating in a report issued on Friday.

Other equities research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods cut their price objective on shares of T. Rowe Price Group from $116.00 to $111.00 and set a “market perform” rating on the stock in a research report on Monday, January 13th. JPMorgan Chase & Co. cut their price objective on shares of T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating on the stock in a research report on Monday, November 4th. TD Cowen cut their price objective on shares of T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Evercore ISI boosted their price objective on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group cut their price objective on shares of T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating on the stock in a research report on Thursday, October 3rd. Four investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $115.82.

T. Rowe Price Group Stock Up 1.0 %

Shares of TROW stock opened at $113.21 on Friday. T. Rowe Price Group has a 12-month low of $100.49 and a 12-month high of $125.81. The firm has a market capitalization of $25.15 billion, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 1.42 and a beta of 1.43. The firm has a fifty day moving average of $117.71 and a 200-day moving average of $112.84.

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

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were issued a $1.24 dividend. The ex-dividend date was Friday, December 13th. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.38%. T. Rowe Price Group’s payout ratio is 54.27%.

Insider Activity

In other news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $123.35, for a total value of $499,197.45. Following the sale, the vice president now directly owns 119,577 shares of the company’s stock, valued at approximately $14,749,822.95. This represents a 3.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Iron Horse Wealth Management LLC grew its stake in T. Rowe Price Group by 90.9% in the 3rd quarter. Iron Horse Wealth Management LLC now owns 231 shares of the asset manager’s stock valued at $25,000 after buying an additional 110 shares during the last quarter. Hexagon Capital Partners LLC grew its stake in T. Rowe Price Group by 54.7% in the 3rd quarter. Hexagon Capital Partners LLC now owns 294 shares of the asset manager’s stock valued at $32,000 after buying an additional 104 shares during the last quarter. True Wealth Design LLC acquired a new position in T. Rowe Price Group in the 3rd quarter valued at about $37,000. Larson Financial Group LLC grew its stake in T. Rowe Price Group by 866.7% in the 3rd quarter. Larson Financial Group LLC now owns 348 shares of the asset manager’s stock valued at $38,000 after buying an additional 312 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new position in T. Rowe Price Group in the 3rd quarter valued at about $43,000. Institutional investors and hedge funds 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.