T. Rowe Price Group (NASDAQ:TROW) Downgraded to “Hold” Rating by Zacks Research

T. Rowe Price Group (NASDAQ:TROW) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other analysts also recently issued reports on TROW. Evercore set a $118.00 target price on T. Rowe Price Group in a research report on Monday. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $115.00 price target (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $109.00 price target on shares of T. Rowe Price Group in a research report on Monday, August 3rd. BMO Capital Markets upped their price objective on T. Rowe Price Group from $110.00 to $120.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. Finally, JPMorgan Chase & Co. dropped their price objective on T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating on the stock in a research note on Friday, April 24th. Ten investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $105.67.

T. Rowe Price Group Trading Down 0.7%

Shares of TROW opened at $110.56 on Thursday. The stock has a market capitalization of $23.58 billion, a price-to-earnings ratio of 11.09, a PEG ratio of 4.33 and a beta of 1.47. T. Rowe Price Group has a 12 month low of $85.22 and a 12 month high of $122.00. The firm has a fifty day simple moving average of $113.52 and a 200 day simple moving average of $102.66.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.52 by $0.05. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same period in the previous year, the business earned $2.24 EPS. The company’s revenue was up 10.7% compared to the same quarter last year. As a group, research analysts predict that T. Rowe Price Group will post 10.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On T. Rowe Price Group

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of T. Rowe Price Group in the second quarter valued at approximately $2,728,119,000. State Street Corp increased its holdings in shares of T. Rowe Price Group by 0.3% during the 4th quarter. State Street Corp now owns 14,159,797 shares of the asset manager’s stock worth $1,449,680,000 after acquiring an additional 45,530 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in T. Rowe Price Group by 332.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock valued at $897,880,000 after acquiring an additional 6,740,172 shares during the period. Charles Schwab Investment Management Inc. raised its stake in T. Rowe Price Group by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,073,846 shares of the asset manager’s stock valued at $826,600,000 after acquiring an additional 143,109 shares during the period. Finally, First Trust Advisors LP lifted its holdings in T. Rowe Price Group by 12.6% during the 1st quarter. First Trust Advisors LP now owns 3,694,171 shares of the asset manager’s stock valued at $332,993,000 after purchasing an additional 413,317 shares during the last quarter. Institutional investors and hedge funds 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.