Evercore ISI Lowers T. Rowe Price Group (NASDAQ:TROW) Price Target to $107.00

T. Rowe Price Group (NASDAQ:TROW) had its price objective dropped by investment analysts at Evercore ISI from $110.00 to $107.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an “in-line” rating on the asset manager’s stock. Evercore ISI’s target price would suggest a potential downside of 2.99% from the stock’s current price.

Several other analysts also recently commented on the company. Wells Fargo & Company upped their price objective on T. Rowe Price Group from $105.00 to $108.00 and gave the company an “underweight” rating in a research note on Friday, February 9th. JPMorgan Chase & Co. lifted their price objective on T. Rowe Price Group from $94.00 to $103.00 and gave the stock an “underweight” rating in a report on Tuesday, April 16th. Morgan Stanley upped their price target on shares of T. Rowe Price Group from $114.00 to $125.00 and gave the company an “equal weight” rating in a report on Wednesday, April 17th. StockNews.com downgraded T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Finally, TD Cowen upgraded shares of T. Rowe Price Group from a “sell” rating to a “hold” rating and raised their target price for the stock from $92.00 to $114.00 in a research report on Monday, April 8th. Four analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $112.10.

T. Rowe Price Group Stock Performance

TROW opened at $110.30 on Tuesday. The company has a market cap of $24.63 billion, a P/E ratio of 13.10, a PEG ratio of 2.08 and a beta of 1.40. T. Rowe Price Group has a one year low of $87.43 and a one year high of $132.76. The business’s 50-day simple moving average is $115.19 and its 200-day simple moving average is $107.25.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Friday, April 26th. The asset manager reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.34. The company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.71 billion. T. Rowe Price Group had a return on equity of 19.70% and a net margin of 29.09%. The business’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.69 earnings per share. As a group, analysts predict that T. Rowe Price Group will post 8.45 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jessica M. Hiebler sold 1,138 shares of the stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $107.13, for a total value of $121,913.94. Following the completion of the sale, the insider now owns 14,113 shares in the company, valued at $1,511,925.69. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Robert F. Maclellan sold 3,043 shares of the company’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $113.08, for a total value of $344,102.44. Following the sale, the director now directly owns 34,635 shares of the company’s stock, valued at $3,916,525.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jessica M. Hiebler sold 1,138 shares of the stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $107.13, for a total transaction of $121,913.94. Following the transaction, the insider now directly owns 14,113 shares in the company, valued at approximately $1,511,925.69. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,921 shares of company stock valued at $1,500,133. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Smith Shellnut Wilson LLC ADV bought a new position in T. Rowe Price Group in the first quarter worth about $210,000. Janney Montgomery Scott LLC boosted its stake in T. Rowe Price Group by 14.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 186,516 shares of the asset manager’s stock valued at $22,740,000 after purchasing an additional 22,987 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in T. Rowe Price Group by 51.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 158,801 shares of the asset manager’s stock worth $18,580,000 after acquiring an additional 53,703 shares during the period. Prosperity Consulting Group LLC acquired a new position in shares of T. Rowe Price Group in the 1st quarter worth approximately $3,556,000. Finally, Matisse Capital bought a new position in shares of T. Rowe Price Group in the first quarter valued at $206,000. Institutional investors and hedge funds own 73.39% of the company’s stock.

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.