T. Rowe Price Group (NASDAQ:TROW) Given New $108.00 Price Target at JPMorgan Chase & Co.

T. Rowe Price Group (NASDAQ:TROW) had its price target reduced by investment analysts at JPMorgan Chase & Co. from $111.00 to $108.00 in a research note issued on Tuesday,MarketScreener reports. The brokerage presently has an “underweight” rating on the asset manager’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 3.13% from the stock’s previous close.

TROW has been the subject of a number of other research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of T. Rowe Price Group in a report on Monday, December 29th. BMO Capital Markets increased their price objective on T. Rowe Price Group from $108.00 to $110.00 and gave the company a “market perform” rating in a research report on Tuesday, January 13th. Bank of America upped their target price on shares of T. Rowe Price Group from $85.00 to $86.00 in a research note on Wednesday, January 14th. Citigroup lifted their price target on shares of T. Rowe Price Group from $105.00 to $107.00 in a research note on Monday, November 3rd. Finally, The Goldman Sachs Group lowered their price objective on shares of T. Rowe Price Group from $97.00 to $95.00 and set a “sell” rating on the stock in a research report on Wednesday, January 14th. Twelve analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $107.31.

T. Rowe Price Group Stock Performance

NASDAQ:TROW opened at $104.72 on Tuesday. The firm has a market cap of $22.85 billion, a P/E ratio of 11.41, a P/E/G ratio of 2.57 and a beta of 1.52. T. Rowe Price Group has a fifty-two week low of $77.85 and a fifty-two week high of $118.32. The firm has a 50-day simple moving average of $103.76 and a two-hundred day simple moving average of $104.41.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Friday, October 31st. The asset manager reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.55 by $0.26. The firm had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.88 billion. T. Rowe Price Group had a net margin of 28.89% and a return on equity of 19.95%. The business’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.57 earnings per share. On average, equities research analysts predict that T. Rowe Price Group will post 9.29 EPS for the current year.

Insiders Place Their Bets

In related news, VP Arif Husain sold 4,260 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $101.96, for a total value of $434,349.60. Following the completion of the transaction, the vice president directly owned 47,102 shares of the company’s stock, valued at approximately $4,802,519.92. This trade represents a 8.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Woodline Partners LP grew its position in T. Rowe Price Group by 41.0% during the first quarter. Woodline Partners LP now owns 18,809 shares of the asset manager’s stock worth $1,728,000 after buying an additional 5,467 shares in the last quarter. Focus Partners Wealth grew its holdings in shares of T. Rowe Price Group by 10.6% during the first quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager’s stock worth $1,199,000 after purchasing an additional 1,250 shares in the last quarter. CX Institutional increased its position in shares of T. Rowe Price Group by 102.6% in the second quarter. CX Institutional now owns 1,256 shares of the asset manager’s stock worth $121,000 after purchasing an additional 636 shares during the last quarter. Park Avenue Securities LLC raised its stake in T. Rowe Price Group by 6.7% in the second quarter. Park Avenue Securities LLC now owns 5,208 shares of the asset manager’s stock valued at $503,000 after purchasing an additional 329 shares in the last quarter. Finally, U.S. Capital Wealth Advisors LLC bought a new stake in T. Rowe Price Group during the second quarter valued at approximately $909,000. 73.39% of the stock is owned by institutional investors.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.