Bank of America Lowers T. Rowe Price Group (NASDAQ:TROW) Price Target to $85.00

T. Rowe Price Group (NASDAQ:TROW) had its price target reduced by equities research analysts at Bank of America from $90.00 to $85.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “underperform” rating on the asset manager’s stock. Bank of America‘s price target points to a potential upside of 2.91% from the company’s previous close.

Other research analysts have also issued reports about the company. Morgan Stanley dropped their target price on T. Rowe Price Group from $126.00 to $121.00 and set an “equal weight” rating on the stock in a research report on Monday, February 24th. StockNews.com downgraded T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Sunday, February 2nd. Wells Fargo & Company dropped their price objective on shares of T. Rowe Price Group from $118.00 to $116.00 and set an “equal weight” rating on the stock in a report on Thursday, February 6th. Barclays decreased their price target on shares of T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating on the stock in a research note on Thursday, February 6th. Finally, Citigroup dropped their target price on T. Rowe Price Group from $120.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, March 31st. Five analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to MarketBeat, T. Rowe Price Group has an average rating of “Hold” and an average target price of $108.50.

T. Rowe Price Group Stock Performance

NASDAQ:TROW opened at $82.60 on Thursday. The stock has a market cap of $18.36 billion, a price-to-earnings ratio of 9.02, a price-to-earnings-growth ratio of 2.86 and a beta of 1.50. T. Rowe Price Group has a one year low of $82.34 and a one year high of $125.81. The business’s 50-day simple moving average is $102.18 and its 200 day simple moving average is $110.29.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Wednesday, February 5th. The asset manager reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.20 by ($0.08). T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. During the same period in the prior year, the firm earned $1.72 earnings per share. On average, equities research analysts predict that T. Rowe Price Group will post 9.29 EPS for the current year.

Insider Transactions at T. Rowe Price Group

In related news, Director Robert F. Maclellan sold 3,955 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $91.56, for a total value of $362,119.80. Following the transaction, the director now owns 42,979 shares in the company, valued at approximately $3,935,157.24. This represents a 8.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Arif Husain sold 4,112 shares of the firm’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total value of $449,318.24. Following the completion of the sale, the vice president now directly owns 36,800 shares of the company’s stock, valued at $4,021,136. This represents a 10.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On T. Rowe Price Group

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of T. Rowe Price Group by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 26,063,837 shares of the asset manager’s stock worth $2,947,559,000 after buying an additional 135,203 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in T. Rowe Price Group by 5.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,187,176 shares of the asset manager’s stock worth $812,798,000 after buying an additional 346,369 shares in the last quarter. Fayez Sarofim & Co increased its holdings in shares of T. Rowe Price Group by 7.6% in the fourth quarter. Fayez Sarofim & Co now owns 6,052,469 shares of the asset manager’s stock worth $684,474,000 after buying an additional 425,142 shares during the period. Geode Capital Management LLC grew its holdings in shares of T. Rowe Price Group by 2.1% in the fourth quarter. Geode Capital Management LLC now owns 5,631,429 shares of the asset manager’s stock worth $635,260,000 after purchasing an additional 116,231 shares during the last quarter. Finally, Provident Trust Co. grew its position in shares of T. Rowe Price Group by 8.9% in the 4th quarter. Provident Trust Co. now owns 2,611,294 shares of the asset manager’s stock worth $295,311,000 after buying an additional 213,566 shares during the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.