T. Rowe Price (TROW) Raised to Hold at Jefferies Group

Jefferies Group upgraded shares of T. Rowe Price (NASDAQ:TROW) from a neutral rating to a hold rating in a research note released on Thursday.

A number of other brokerages have also recently issued reports on TROW. Credit Suisse Group boosted their price objective on T. Rowe Price from $123.00 to $128.00 and gave the company a neutral rating in a research note on Thursday, April 5th. Barclays boosted their price objective on T. Rowe Price from $101.00 to $105.00 and gave the company an underweight rating in a research note on Monday, April 23rd. BidaskClub upgraded T. Rowe Price from a buy rating to a strong-buy rating in a research note on Tuesday, February 27th. Morgan Stanley set a $113.00 price objective on T. Rowe Price and gave the company a hold rating in a research note on Thursday, February 22nd. Finally, TheStreet upgraded T. Rowe Price from a c+ rating to a b+ rating in a research note on Monday, March 5th. One analyst has rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $113.10.

Shares of T. Rowe Price opened at $120.59 on Thursday, Marketbeat.com reports. The stock has a market capitalization of $29.20 billion, a P/E ratio of 22.21, a P/E/G ratio of 1.59 and a beta of 1.21. T. Rowe Price has a fifty-two week low of $67.62 and a fifty-two week high of $121.80.

T. Rowe Price (NASDAQ:TROW) last issued its quarterly earnings results on Wednesday, April 25th. The asset manager reported $1.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.65 by $0.09. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.28 billion. T. Rowe Price had a net margin of 31.10% and a return on equity of 26.93%. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.18 EPS. analysts predict that T. Rowe Price will post 7.01 earnings per share for the current fiscal year.

T. Rowe Price announced that its Board of Directors has authorized a stock buyback plan on Thursday, April 26th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the asset manager to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Thursday, June 14th. T. Rowe Price’s dividend payout ratio is currently 51.57%.

Several institutional investors and hedge funds have recently made changes to their positions in TROW. Bank of Montreal Can increased its position in shares of T. Rowe Price by 20.3% during the fourth quarter. Bank of Montreal Can now owns 947,145 shares of the asset manager’s stock valued at $99,383,000 after buying an additional 160,107 shares during the period. Marathon Asset Management LLP increased its position in shares of T. Rowe Price by 3.6% during the fourth quarter. Marathon Asset Management LLP now owns 269,662 shares of the asset manager’s stock valued at $28,296,000 after buying an additional 9,319 shares during the period. First National Trust Co increased its position in shares of T. Rowe Price by 24.3% during the fourth quarter. First National Trust Co now owns 22,538 shares of the asset manager’s stock valued at $2,365,000 after buying an additional 4,404 shares during the period. Schwab Charles Investment Management Inc. increased its position in shares of T. Rowe Price by 5.2% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,312,349 shares of the asset manager’s stock valued at $137,705,000 after buying an additional 65,387 shares during the period. Finally, Carroll Financial Associates Inc. increased its position in shares of T. Rowe Price by 188.9% during the fourth quarter. Carroll Financial Associates Inc. now owns 2,022 shares of the asset manager’s stock valued at $212,000 after buying an additional 1,322 shares during the period. Hedge funds and other institutional investors own 72.79% of the company’s stock.

About T. Rowe Price

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.

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

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