Wells Fargo & Company Cuts T. Rowe Price Group (NASDAQ:TROW) Price Target to $98.00

T. Rowe Price Group (NASDAQ:TROW) had its target price dropped by research analysts at Wells Fargo & Company from $116.00 to $98.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the asset manager’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 8.70% from the stock’s current price.

A number of other research analysts also recently commented on the company. Bank of America reduced their price target on T. Rowe Price Group from $90.00 to $85.00 and set an “underperform” rating for the company in a report on Thursday, April 3rd. The Goldman Sachs Group decreased their price target on shares of T. Rowe Price Group from $103.00 to $89.00 and set a “sell” rating for the company in a research report on Thursday, April 3rd. Morgan Stanley cut their price target on shares of T. Rowe Price Group from $126.00 to $121.00 and set an “equal weight” rating on the stock in a report on Monday, February 24th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $113.00 price objective (up from $111.00) on shares of T. Rowe Price Group in a research note on Thursday, February 6th. Finally, Citigroup dropped their target price on shares of T. Rowe Price Group from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, March 31st. Five equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.75.

T. Rowe Price Group Trading Up 12.3 %

NASDAQ TROW opened at $90.16 on Tuesday. The company’s fifty day simple moving average is $99.10 and its 200-day simple moving average is $109.45. The stock has a market cap of $20.04 billion, a P/E ratio of 9.84, a PEG ratio of 2.86 and a beta of 1.50. T. Rowe Price Group has a 52 week low of $77.85 and a 52 week high of $125.81.

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

Insider Activity

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,955 shares of the firm’s stock in a transaction 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 sale, the director now directly owns 42,979 shares in the company, valued at approximately $3,935,157.24. This trade represents a 8.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Arif Husain sold 4,112 shares of the business’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $109.27, for a total transaction of $449,318.24. Following the transaction, the vice president now directly owns 36,800 shares of the company’s stock, valued at approximately $4,021,136. This trade represents a 10.05 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of T. Rowe Price Group

Several hedge funds have recently bought and sold shares of TROW. Addison Advisors LLC raised its holdings in shares of T. Rowe Price Group by 67.4% during the fourth quarter. Addison Advisors LLC now owns 231 shares of the asset manager’s stock valued at $26,000 after buying an additional 93 shares during the last quarter. Curio Wealth LLC acquired a new stake in T. Rowe Price Group in the 4th quarter valued at approximately $27,000. Y.D. More Investments Ltd raised its stake in T. Rowe Price Group by 124.0% during the 4th quarter. Y.D. More Investments Ltd now owns 280 shares of the asset manager’s stock valued at $32,000 after acquiring an additional 155 shares in the last quarter. Stonebridge Financial Group LLC acquired a new position in T. Rowe Price Group during the 4th quarter worth $32,000. Finally, Advantage Trust Co grew its stake in shares of T. Rowe Price Group by 48.8% in the fourth quarter. Advantage Trust Co now owns 305 shares of the asset manager’s stock worth $34,000 after purchasing an additional 100 shares in the last quarter. 73.39% of the stock is currently 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.