T. Rowe Price Group (TROW) Downgraded by Zacks Investment Research to “Hold”
T. Rowe Price Group (NASDAQ:TROW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, January 5th. They currently have a $115.00 price objective on the asset manager’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 2.21% from the stock’s current price.
According to Zacks, “Shares of T. Rowe Price have outperformed the industry over the last six months. The company's earnings surprise history is decent. It has surpassed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. The company’s planned strategic initiatives like investment in technology and advisory services, strengthening distribution platform, along with introduction of products, will likely stoke long-term growth. Further, it remains debt-free with sufficient liquidity and is focused on boosting shareholders’ confidence through steady capital deployment activities. However, given the strategic initiatives, management estimates operating expenses to flare up 11% for 2017. Also, the regulatory pressure across the investment management industry remains another key concern.”
A number of other analysts have also commented on the company. UBS Group boosted their target price on T. Rowe Price Group from $69.00 to $72.00 and gave the company a “sell” rating in a research report on Friday, October 27th. Barclays boosted their price objective on T. Rowe Price Group from $79.00 to $84.00 and gave the stock an “underweight” rating in a report on Friday, October 27th. Citigroup boosted their price objective on T. Rowe Price Group from $94.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, October 27th. Jefferies Group reissued a “buy” rating and set a $104.00 price objective (up from $96.00) on shares of T. Rowe Price Group in a report on Tuesday, October 10th. Finally, Morgan Stanley raised T. Rowe Price Group from an “underweight” rating to an “equal” rating and boosted their price objective for the stock from $77.00 to $93.00 in a report on Thursday, October 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. T. Rowe Price Group has a consensus rating of “Hold” and a consensus price target of $98.70.
T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Tuesday, January 30th. The asset manager reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.48 by $0.04. T. Rowe Price Group had a return on equity of 24.76% and a net margin of 33.10%. The business had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the company posted $1.21 EPS. The firm’s revenue was up 17.9% compared to the same quarter last year. equities research analysts anticipate that T. Rowe Price Group will post 5.34 EPS for the current year.
In related news, VP Christopher D. Alderson sold 6,808 shares of the company’s stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $102.83, for a total value of $700,066.64. Following the transaction, the vice president now owns 119,846 shares in the company, valued at $12,323,764.18. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Kenneth V. Moreland sold 8,066 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $104.12, for a total value of $839,831.92. Following the completion of the transaction, the chief financial officer now owns 100,796 shares in the company, valued at approximately $10,494,879.52. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 204,980 shares of company stock valued at $20,776,729. 3.60% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the stock. Bronfman E.L. Rothschild L.P. lifted its stake in T. Rowe Price Group by 6.9% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,593 shares of the asset manager’s stock valued at $118,000 after purchasing an additional 103 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in T. Rowe Price Group in the third quarter valued at approximately $118,000. Grove Bank & Trust lifted its stake in T. Rowe Price Group by 178.7% in the third quarter. Grove Bank & Trust now owns 1,310 shares of the asset manager’s stock valued at $119,000 after purchasing an additional 840 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in T. Rowe Price Group by 5.4% in the second quarter. Quadrant Capital Group LLC now owns 1,749 shares of the asset manager’s stock valued at $121,000 after purchasing an additional 89 shares during the last quarter. Finally, Sun Life Financial INC lifted its stake in T. Rowe Price Group by 19,500.0% in the second quarter. Sun Life Financial INC now owns 1,764 shares of the asset manager’s stock valued at $131,000 after purchasing an additional 1,755 shares during the last quarter. Institutional investors and hedge funds own 72.48% of the company’s stock.
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T. Rowe Price Group Company Profile
T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.
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