T. Rowe Price Group (NASDAQ:TROW) Coverage Initiated at Barclays

Barclays began coverage on shares of T. Rowe Price Group (NASDAQ:TROW) in a report issued on Tuesday morning, Marketbeat reports. The brokerage issued an underweight rating and a $99.00 target price on the asset manager’s stock.

A number of other equities research analysts have also weighed in on the company. TD Cowen lowered their target price on T. Rowe Price Group from $123.00 to $118.00 and set a hold rating for the company in a research note on Monday, July 29th. StockNews.com lowered T. Rowe Price Group from a buy rating to a hold rating in a research report on Monday, July 29th. JPMorgan Chase & Co. upped their price target on T. Rowe Price Group from $102.00 to $107.00 and gave the company an underweight rating in a research report on Tuesday, July 23rd. Evercore ISI lowered their price target on T. Rowe Price Group from $110.00 to $107.00 and set an in-line rating for the company in a research report on Tuesday, April 30th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on T. Rowe Price Group from $112.00 to $113.00 and gave the company a hold rating in a research report on Thursday, August 15th. Four analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, T. Rowe Price Group currently has an average rating of Hold and a consensus price target of $113.10.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock opened at $104.96 on Tuesday. The firm has a market capitalization of $23.36 billion, a P/E ratio of 12.47, a PEG ratio of 1.74 and a beta of 1.42. T. Rowe Price Group has a one year low of $87.43 and a one year high of $122.27. The business has a fifty day moving average price of $112.44 and a 200-day moving average price of $113.89.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, July 26th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.27 by ($0.01). T. Rowe Price Group had a net margin of 28.66% and a return on equity of 19.90%. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same period in the prior year, the business posted $2.02 EPS. T. Rowe Price Group’s quarterly revenue was up 7.6% on a year-over-year basis. Sell-side analysts expect that T. Rowe Price Group will post 9 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a dividend of $1.24 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.73%. T. Rowe Price Group’s dividend payout ratio (DPR) is 58.91%.

Insider Buying and Selling

In related news, insider Jessica M. Hiebler sold 1,401 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $115.85, for a total value of $162,305.85. Following the sale, the insider now owns 14,198 shares in the company, valued at approximately $1,644,838.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 1,401 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $115.85, for a total transaction of $162,305.85. Following the sale, the insider now directly owns 14,198 shares in the company, valued at approximately $1,644,838.30. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Dorothy C. Sawyer sold 2,000 shares of the stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total value of $234,000.00. Following the sale, the vice president now owns 34,710 shares in the company, valued at $4,061,070. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On T. Rowe Price Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. Confluence Investment Management LLC bought a new position in T. Rowe Price Group in the 1st quarter worth $130,386,000. UBS Group AG grew its position in T. Rowe Price Group by 473.3% in the fourth quarter. UBS Group AG now owns 975,226 shares of the asset manager’s stock worth $105,022,000 after acquiring an additional 805,106 shares in the last quarter. Norges Bank bought a new stake in T. Rowe Price Group in the fourth quarter worth about $80,831,000. Hsbc Holdings PLC lifted its stake in T. Rowe Price Group by 66.8% in the fourth quarter. Hsbc Holdings PLC now owns 765,080 shares of the asset manager’s stock worth $82,434,000 after purchasing an additional 306,524 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its stake in shares of T. Rowe Price Group by 492.3% during the first quarter. Los Angeles Capital Management LLC now owns 319,887 shares of the asset manager’s stock valued at $39,001,000 after acquiring an additional 265,881 shares in the last quarter. 73.39% of the stock is owned by institutional investors.

About T. Rowe Price Group

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.