T. Rowe Price Group (NASDAQ:TROW) Given New $98.00 Price Target at Wells Fargo & Company

T. Rowe Price Group (NASDAQ:TROW) had its target price decreased by Wells Fargo & Company from $116.00 to $98.00 in a research report sent to investors on Tuesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the asset manager’s stock.

TROW has been the subject of several other research reports. Keefe, Bruyette & Woods restated a “market perform” rating and set a $113.00 target price (up previously from $111.00) on shares of T. Rowe Price Group in a research report on Thursday, February 6th. The Goldman Sachs Group cut their price objective on T. Rowe Price Group from $103.00 to $89.00 and set a “sell” rating for the company in a report on Thursday, April 3rd. Barclays lowered their target price on shares of T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating on the stock in a report on Thursday, February 6th. Citigroup cut their price target on shares of T. Rowe Price Group from $120.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, March 31st. Finally, Bank of America decreased their price objective on shares of T. Rowe Price Group from $90.00 to $85.00 and set an “underperform” rating on the stock in a research note on Thursday, April 3rd. Five investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $104.75.

T. Rowe Price Group Price Performance

Shares of T. Rowe Price Group stock opened at $85.94 on Tuesday. The company’s fifty day moving average price is $98.52 and its two-hundred day moving average price is $109.29. The firm has a market capitalization of $19.10 billion, a PE ratio of 9.38, a price-to-earnings-growth ratio of 2.86 and a beta of 1.50. T. Rowe Price Group has a 52-week low of $77.85 and a 52-week high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Wednesday, February 5th. The asset manager reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.20 by ($0.08). T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. During the same quarter in the prior year, the firm posted $1.72 earnings per share. Analysts predict that T. Rowe Price Group will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were issued a dividend of $1.27 per share. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.24. The ex-dividend date of this dividend was Friday, March 14th. This represents a $5.08 annualized dividend and a yield of 5.91%. T. Rowe Price Group’s dividend payout ratio is currently 55.46%.

Insider Activity

In other T. Rowe Price Group news, VP Arif Husain sold 4,112 shares of the company’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $109.27, for a total transaction of $449,318.24. Following the completion of the sale, the vice president now owns 36,800 shares in the company, valued at approximately $4,021,136. The trade was a 10.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert F. Maclellan sold 3,955 shares of the company’s stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $91.56, for a total value of $362,119.80. Following the completion of the sale, the director now owns 42,979 shares of the company’s stock, valued at $3,935,157.24. This represents a 8.43 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

Institutional Trading of T. Rowe Price Group

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Glenview Trust co increased its stake in T. Rowe Price Group by 2.2% in the fourth quarter. Glenview Trust co now owns 4,318 shares of the asset manager’s stock valued at $488,000 after purchasing an additional 92 shares in the last quarter. MCF Advisors LLC grew its holdings in shares of T. Rowe Price Group by 1.5% in the 4th quarter. MCF Advisors LLC now owns 6,226 shares of the asset manager’s stock valued at $704,000 after buying an additional 93 shares during the period. Addison Advisors LLC increased its position in shares of T. Rowe Price Group by 67.4% in the 4th quarter. Addison Advisors LLC now owns 231 shares of the asset manager’s stock valued at $26,000 after buying an additional 93 shares in the last quarter. Brooklyn Investment Group raised its stake in T. Rowe Price Group by 24.6% during the 4th quarter. Brooklyn Investment Group now owns 497 shares of the asset manager’s stock worth $56,000 after buying an additional 98 shares during the period. Finally, Advantage Trust Co lifted its holdings in T. Rowe Price Group by 48.8% during the fourth quarter. Advantage Trust Co now owns 305 shares of the asset manager’s stock worth $34,000 after acquiring an additional 100 shares in the last quarter. 73.39% of the stock is 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.