T. Rowe Price Group (NASDAQ:TROW) Stock Price Expected to Rise, Evercore ISI Analyst Says

T. Rowe Price Group (NASDAQ:TROW) had its price target raised by equities researchers at Evercore ISI from $112.00 to $113.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “in-line” rating on the asset manager’s stock. Evercore ISI’s price objective indicates a potential downside of 5.79% from the stock’s previous close.

TROW has been the subject of several other reports. Barclays lifted their price target on T. Rowe Price Group from $101.00 to $110.00 and gave the stock an “underweight” rating in a report on Monday. The Goldman Sachs Group lowered their price objective on T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating on the stock in a research note on Thursday, October 3rd. JPMorgan Chase & Co. lowered their price objective on T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating on the stock in a research note on Monday. Keefe, Bruyette & Woods restated a “market perform” rating and set a $120.00 price objective (down previously from $121.00) on shares of T. Rowe Price Group in a research note on Monday, July 29th. Finally, StockNews.com lowered T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Four investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $115.09.

T. Rowe Price Group Stock Performance

NASDAQ:TROW traded down $1.37 during mid-day trading on Thursday, hitting $119.94. 54,406 shares of the stock were exchanged, compared to its average volume of 1,257,234. The stock has a market capitalization of $26.65 billion, a price-to-earnings ratio of 13.24, a price-to-earnings-growth ratio of 1.73 and a beta of 1.41. The firm’s 50-day simple moving average is $108.79 and its 200 day simple moving average is $111.82. T. Rowe Price Group has a fifty-two week low of $90.02 and a fifty-two week high of $122.27.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.21. The business had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.84 billion. T. Rowe Price Group had a return on equity of 20.35% and a net margin of 30.35%. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $2.17 EPS. On average, analysts predict that T. Rowe Price Group will post 9.27 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jessica M. Hiebler sold 484 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $104.73, for a total transaction of $50,689.32. Following the sale, the insider now owns 13,939 shares in the company, valued at $1,459,831.47. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of T. Rowe Price Group stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the transaction, the vice president now directly owns 123,624 shares of the company’s stock, valued at approximately $12,712,255.92. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jessica M. Hiebler sold 484 shares of T. Rowe Price Group stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $104.73, for a total value of $50,689.32. Following the transaction, the insider now directly owns 13,939 shares in the company, valued at $1,459,831.47. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Claro Advisors LLC lifted its holdings in T. Rowe Price Group by 13.4% during the 3rd quarter. Claro Advisors LLC now owns 7,964 shares of the asset manager’s stock worth $867,000 after buying an additional 942 shares during the period. Seizert Capital Partners LLC lifted its stake in shares of T. Rowe Price Group by 6.2% in the 3rd quarter. Seizert Capital Partners LLC now owns 168,421 shares of the asset manager’s stock valued at $18,346,000 after purchasing an additional 9,827 shares during the period. Empirical Finance LLC lifted its stake in shares of T. Rowe Price Group by 2.1% in the 3rd quarter. Empirical Finance LLC now owns 7,780 shares of the asset manager’s stock valued at $847,000 after purchasing an additional 159 shares during the period. Empowered Funds LLC lifted its stake in shares of T. Rowe Price Group by 380.1% in the 3rd quarter. Empowered Funds LLC now owns 122,178 shares of the asset manager’s stock valued at $13,309,000 after purchasing an additional 96,727 shares during the period. Finally, Cornercap Investment Counsel Inc. acquired a new position in shares of T. Rowe Price Group in the 3rd quarter valued at about $1,584,000. 73.39% of the stock is owned by institutional investors and hedge funds.

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.