T. Rowe Price Group (NASDAQ:TROW) Given New $97.00 Price Target at Bank of America

T. Rowe Price Group (NASDAQ:TROW) had its price target lifted by Bank of America from $91.00 to $97.00 in a research report released on Thursday,Benzinga reports. The firm currently has an underperform rating on the asset manager’s stock.

Several other research analysts also recently weighed in on TROW. Zacks Research downgraded shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. Keefe, Bruyette & Woods raised their price objective on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the company a “market perform” rating in a research report on Monday, August 4th. JPMorgan Chase & Co. raised their price objective on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the company an “underweight” rating in a research report on Monday, August 4th. Morgan Stanley raised their price objective on shares of T. Rowe Price Group from $112.00 to $116.00 and gave the company an “equal weight” rating in a research report on Monday, August 4th. Finally, Barclays restated an “underweight” rating and set a $95.00 price objective (up from $91.00) on shares of T. Rowe Price Group in a research report on Monday, August 4th. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $102.64.

T. Rowe Price Group Trading Up 0.6%

TROW opened at $101.71 on Thursday. T. Rowe Price Group has a 1-year low of $77.85 and a 1-year high of $125.81. The company has a market capitalization of $22.35 billion, a PE ratio of 11.36, a PEG ratio of 2.62 and a beta of 1.50. The firm’s 50 day simple moving average is $105.78 and its two-hundred day simple moving average is $98.00.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.09. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same period last year, the firm earned $2.26 earnings per share. The company’s quarterly revenue was down .6% on a year-over-year basis. Equities analysts forecast that T. Rowe Price Group will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend was Monday, September 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 56.76%.

Insider Activity at T. Rowe Price Group

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,090 shares of T. Rowe Price Group stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $105.01, for a total value of $324,480.90. Following the completion of the transaction, the director directly owned 47,335 shares of the company’s stock, valued at $4,970,648.35. This trade represents a 6.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On T. Rowe Price Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. TFG Advisers LLC boosted its stake in shares of T. Rowe Price Group by 3.6% during the 2nd quarter. TFG Advisers LLC now owns 2,779 shares of the asset manager’s stock worth $268,000 after purchasing an additional 97 shares during the period. TD Waterhouse Canada Inc. boosted its stake in shares of T. Rowe Price Group by 66.7% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 250 shares of the asset manager’s stock worth $25,000 after purchasing an additional 100 shares during the period. Bill Few Associates Inc. boosted its stake in shares of T. Rowe Price Group by 4.3% during the 2nd quarter. Bill Few Associates Inc. now owns 2,577 shares of the asset manager’s stock worth $249,000 after purchasing an additional 107 shares during the period. Cooper Financial Group boosted its stake in shares of T. Rowe Price Group by 5.2% during the 1st quarter. Cooper Financial Group now owns 2,234 shares of the asset manager’s stock worth $205,000 after purchasing an additional 110 shares during the period. Finally, Hexagon Capital Partners LLC boosted its stake in shares of T. Rowe Price Group by 44.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager’s stock worth $34,000 after purchasing an additional 113 shares during the period. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Company Profile

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.