Evercore Cuts T. Rowe Price Group (NASDAQ:TROW) Price Target to $99.00

T. Rowe Price Group (NASDAQ:TROW) had its price target decreased by Evercore from $106.00 to $99.00 in a note issued to investors on Friday,MarketScreener reports. Evercore’s price objective would suggest a potential upside of 9.37% from the stock’s previous close.

Several other research analysts also recently weighed in on TROW. Zacks Research downgraded shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 9th. The Goldman Sachs Group reduced their target price on T. Rowe Price Group from $95.00 to $90.00 and set a “sell” rating for the company in a report on Thursday, February 5th. Deutsche Bank Aktiengesellschaft decreased their target price on T. Rowe Price Group from $106.00 to $100.00 and set a “hold” rating on the stock in a research report on Thursday, February 5th. Morgan Stanley dropped their price target on T. Rowe Price Group from $123.00 to $115.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 10th. Finally, Argus upgraded T. Rowe Price Group to a “hold” rating in a report on Thursday, February 5th. Twelve analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $101.69.

T. Rowe Price Group Trading Down 1.7%

Shares of TROW stock opened at $90.52 on Friday. T. Rowe Price Group has a twelve month low of $77.85 and a twelve month high of $118.22. The stock has a market cap of $19.74 billion, a P/E ratio of 9.79, a P/E/G ratio of 4.75 and a beta of 1.54. The stock has a 50 day moving average of $100.62 and a 200 day moving average of $102.92.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Wednesday, February 4th. The asset manager reported $2.44 earnings per share for the quarter, missing analysts’ consensus estimates of $2.47 by ($0.03). T. Rowe Price Group had a return on equity of 20.29% and a net margin of 28.53%.The firm had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.92 billion. During the same quarter last year, the company posted $2.12 EPS. The company’s revenue was up 6.0% on a year-over-year basis. On average, research analysts predict that T. Rowe Price Group will post 9.29 earnings per share for the current fiscal year.

Insider Activity

In other T. Rowe Price Group news, VP Arif Husain sold 4,260 shares of the business’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $101.96, for a total transaction of $434,349.60. Following the sale, the vice president directly owned 47,102 shares in the company, valued at $4,802,519.92. This represents a 8.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

Several hedge funds and other institutional investors have recently made changes to their positions in TROW. Goldman Sachs Group Inc. grew its holdings in T. Rowe Price Group by 332.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock worth $897,880,000 after acquiring an additional 6,740,172 shares in the last quarter. First Trust Advisors LP lifted its position in shares of T. Rowe Price Group by 137.7% during the 2nd quarter. First Trust Advisors LP now owns 3,441,458 shares of the asset manager’s stock worth $332,101,000 after purchasing an additional 1,993,920 shares during the last quarter. Norges Bank acquired a new position in shares of T. Rowe Price Group during the fourth quarter worth $128,283,000. PFA Pension Forsikringsaktieselskab purchased a new position in T. Rowe Price Group in the fourth quarter valued at $61,073,000. Finally, Caisse de depot et placement du Quebec increased its holdings in T. Rowe Price Group by 81.0% in the third quarter. Caisse de depot et placement du Quebec now owns 1,306,922 shares of the asset manager’s stock valued at $134,142,000 after buying an additional 584,949 shares during the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

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.