T. Rowe Price Group (NASDAQ:TROW) Price Target Cut to $123.00 by Analysts at Morgan Stanley

T. Rowe Price Group (NASDAQ:TROW) had its price objective reduced by Morgan Stanley from $128.00 to $123.00 in a note issued to investors on Monday, Marketbeat.com reports. The firm currently has an “equal weight” rating on the asset manager’s stock. Morgan Stanley’s price objective indicates a potential upside of 16.23% from the stock’s current price.

A number of other analysts also recently issued reports on TROW. The Goldman Sachs Group reduced their price objective on T. Rowe Price Group from $97.00 to $95.00 and set a “sell” rating on the stock in a research note on Wednesday, January 14th. JPMorgan Chase & Co. cut their target price on shares of T. Rowe Price Group from $111.00 to $108.00 and set an “underweight” rating for the company in a report on Tuesday, January 20th. Weiss Ratings restated a “hold (c+)” rating on shares of T. Rowe Price Group in a research report on Monday, December 29th. Keefe, Bruyette & Woods lowered their price objective on shares of T. Rowe Price Group from $117.00 to $115.00 and set a “market perform” rating for the company in a research report on Tuesday, December 16th. Finally, Citigroup lifted their price objective on shares of T. Rowe Price Group from $105.00 to $107.00 in a research note on Monday, November 3rd. Eleven equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $106.92.

T. Rowe Price Group Trading Down 0.8%

Shares of NASDAQ:TROW traded down $0.83 during midday trading on Monday, reaching $105.82. 234,673 shares of the company were exchanged, compared to its average volume of 1,676,923. The stock has a market cap of $23.09 billion, a PE ratio of 11.53, a price-to-earnings-growth ratio of 2.56 and a beta of 1.52. The business’s fifty day moving average is $104.80 and its two-hundred day moving average is $104.69. T. Rowe Price Group has a one year low of $77.85 and a one year high of $118.22.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, October 31st. The asset manager reported $2.81 EPS for the quarter, topping the consensus estimate of $2.55 by $0.26. T. Rowe Price Group had a net margin of 28.89% and a return on equity of 19.95%. The business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.88 billion. During the same quarter in the previous year, the company earned $2.57 EPS. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. As a group, sell-side analysts expect that T. Rowe Price Group will post 9.29 EPS for the current year.

Insider Activity

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 stock was sold at an average price of $101.96, for a total transaction of $434,349.60. Following the completion of the sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.00% of the company’s stock.

Institutional Trading of T. Rowe Price Group

Several institutional investors and hedge funds have recently made changes to their positions in TROW. Woodline Partners LP grew its stake in T. Rowe Price Group by 41.0% in the first quarter. Woodline Partners LP now owns 18,809 shares of the asset manager’s stock worth $1,728,000 after purchasing an additional 5,467 shares in the last quarter. Focus Partners Wealth lifted its holdings in shares of T. Rowe Price Group by 10.6% in the 1st quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager’s stock worth $1,199,000 after buying an additional 1,250 shares during the period. PFG Investments LLC bought a new position in shares of T. Rowe Price Group during the 2nd quarter worth $207,000. QRG Capital Management Inc. grew its position in shares of T. Rowe Price Group by 136.3% during the 2nd quarter. QRG Capital Management Inc. now owns 33,517 shares of the asset manager’s stock worth $3,234,000 after buying an additional 19,331 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC increased its stake in shares of T. Rowe Price Group by 126.2% during the second quarter. Wealthcare Advisory Partners LLC now owns 9,663 shares of the asset manager’s stock valued at $932,000 after buying an additional 5,391 shares during the period. 73.39% of the stock is currently 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.