TD Cowen Issues Pessimistic Forecast for T. Rowe Price Group (NASDAQ:TROW) Stock Price

T. Rowe Price Group (NASDAQ:TROW) had its price target dropped by equities researchers at TD Cowen from $112.00 to $109.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the asset manager’s stock. TD Cowen’s price target would suggest a potential upside of 3.14% from the stock’s current price.

Several other research analysts have also weighed in on the company. The Goldman Sachs Group dropped their price target on T. Rowe Price Group from $98.00 to $93.00 and set a “sell” rating on the stock in a research report on Tuesday, November 25th. Weiss Ratings reiterated a “hold (c+)” rating on shares of T. Rowe Price Group in a report on Monday, December 29th. Keefe, Bruyette & Woods reduced their price target 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. Evercore ISI lowered their price objective on shares of T. Rowe Price Group from $118.00 to $115.00 and set an “in-line” rating on the stock in a research report on Friday, December 5th. Finally, JPMorgan Chase & Co. upped their price objective on shares of T. Rowe Price Group from $109.00 to $111.00 and gave the company an “underweight” rating in a research note on Monday, November 3rd. Twelve equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, T. Rowe Price Group presently has a consensus rating of “Reduce” and an average price target of $108.08.

T. Rowe Price Group Stock Up 2.1%

Shares of T. Rowe Price Group stock traded up $2.17 during trading on Wednesday, hitting $105.68. The stock had a trading volume of 867,141 shares, compared to its average volume of 1,798,680. The company has a market capitalization of $23.06 billion, a PE ratio of 11.51, a P/E/G ratio of 2.71 and a beta of 1.52. T. Rowe Price Group has a 1 year low of $77.85 and a 1 year high of $118.32. The stock has a 50 day simple moving average of $103.43 and a 200 day simple moving average of $104.20.

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

Insider Activity

In related news, VP Arif Husain sold 4,260 shares of T. Rowe Price Group stock in a transaction 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 sale, the vice president owned 47,102 shares of the company’s stock, valued at approximately $4,802,519.92. The trade was a 8.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.60% of the company’s stock.

Institutional Trading of T. Rowe Price Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. TD Waterhouse Canada Inc. increased its holdings in shares of T. Rowe Price Group by 66.7% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 250 shares of the asset manager’s stock valued at $25,000 after acquiring an additional 100 shares during the last quarter. Root Financial Partners LLC acquired a new position in T. Rowe Price Group during the third quarter valued at approximately $30,000. Salomon & Ludwin LLC raised its position in shares of T. Rowe Price Group by 84.3% in the third quarter. Salomon & Ludwin LLC now owns 317 shares of the asset manager’s stock valued at $33,000 after purchasing an additional 145 shares during the period. Vermillion & White Wealth Management Group LLC raised its position in shares of T. Rowe Price Group by 120.0% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 319 shares of the asset manager’s stock valued at $31,000 after purchasing an additional 174 shares during the period. Finally, Atlantic Union Bankshares Corp acquired a new stake in shares of T. Rowe Price Group in the second quarter worth $35,000. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Company Profile

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.