T. Rowe Price Group (NASDAQ:TROW) Given New $85.00 Price Target at Bank of America

T. Rowe Price Group (NASDAQ:TROW) had its price target dropped by Bank of America from $90.00 to $85.00 in a report released on Thursday,Benzinga reports. The firm presently has an “underperform” rating on the asset manager’s stock. Bank of America‘s price objective points to a potential downside of 9.48% from the stock’s current price.

TROW has been the topic of a number of other reports. Citigroup reduced their target price on shares of T. Rowe Price Group from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday. StockNews.com downgraded shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Sunday, February 2nd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $113.00 target price (up from $111.00) on shares of T. Rowe Price Group in a research note on Thursday, February 6th. Morgan Stanley reduced their price target on T. Rowe Price Group from $126.00 to $121.00 and set an “equal weight” rating on the stock in a research note on Monday, February 24th. Finally, Wells Fargo & Company decreased their price objective on T. Rowe Price Group from $118.00 to $116.00 and set an “equal weight” rating on the stock in a report on Thursday, February 6th. Five research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $109.58.

T. Rowe Price Group Price Performance

Shares of T. Rowe Price Group stock opened at $93.90 on Thursday. T. Rowe Price Group has a 1 year low of $89.70 and a 1 year high of $125.81. The business has a 50 day moving average price of $103.36 and a 200 day moving average price of $110.62. The company has a market capitalization of $20.87 billion, a P/E ratio of 10.25, a P/E/G ratio of 2.86 and a beta of 1.46.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Wednesday, February 5th. The asset manager reported $2.12 earnings per share 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 period last year, the firm earned $1.72 earnings per share. As a group, research analysts expect that T. Rowe Price Group will post 9.29 EPS for the current fiscal year.

Insider Activity

In other news, Director Robert F. Maclellan sold 3,955 shares of the stock in a transaction on Monday, March 31st. The shares were sold at an average price of $91.56, for a total value of $362,119.80. Following the completion of the sale, the director now owns 42,979 shares of the company’s stock, valued at $3,935,157.24. This represents a 8.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Arif Husain sold 4,112 shares of T. Rowe Price Group 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 owns 36,800 shares in the company, valued at $4,021,136. The trade was a 10.05 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Addison Advisors LLC boosted its position in shares of T. Rowe Price Group by 67.4% in the fourth quarter. Addison Advisors LLC now owns 231 shares of the asset manager’s stock worth $26,000 after buying an additional 93 shares during the period. Curio Wealth LLC acquired a new position in T. Rowe Price Group during the 4th quarter worth approximately $27,000. Y.D. More Investments Ltd lifted its position 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 worth $32,000 after acquiring an additional 155 shares in the last quarter. Stonebridge Financial Group LLC purchased a new position in T. Rowe Price Group in the 4th quarter worth approximately $32,000. Finally, Advantage Trust Co grew its position in T. Rowe Price Group by 48.8% in the fourth quarter. Advantage Trust Co now owns 305 shares of the asset manager’s stock valued at $34,000 after acquiring an additional 100 shares in the last quarter. 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.