TD Cowen Lowers T. Rowe Price Group (NASDAQ:TROW) Price Target to $89.00

T. Rowe Price Group (NASDAQ:TROW) had its price target cut by TD Cowen from $112.00 to $89.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the asset manager’s stock. TD Cowen’s price target suggests a potential upside of 1.68% from the stock’s previous close.

A number of other brokerages also recently commented on TROW. Wells Fargo & Company decreased their price target on T. Rowe Price Group from $116.00 to $98.00 and set an “equal weight” rating for the company in a research report on Tuesday. Barclays lowered their target price on T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating on the stock in a research note on Thursday, February 6th. Bank of America lowered their price objective on shares of T. Rowe Price Group from $90.00 to $85.00 and set an “underperform” rating on the stock in a research report on Thursday, April 3rd. The Goldman Sachs Group reduced their target price 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. Finally, Morgan Stanley dropped their price objective 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. Five investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. Based on data from MarketBeat.com, T. Rowe Price Group currently has an average rating of “Hold” and an average target price of $104.75.

T. Rowe Price Group Stock Performance

TROW traded up $7.26 during mid-day trading on Wednesday, reaching $87.53. 1,384,485 shares of the stock were exchanged, compared to its average volume of 1,412,686. The company has a 50 day moving average price of $100.15 and a two-hundred day moving average price of $109.71. The stock has a market capitalization of $19.45 billion, a PE ratio of 9.34, a price-to-earnings-growth ratio of 2.86 and a beta of 1.50. T. Rowe Price Group has a 1 year low of $77.85 and a 1 year 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 earnings per share (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 in the prior year, the company earned $1.72 earnings per share. Sell-side analysts expect that T. Rowe Price Group will post 9.29 EPS for the current fiscal year.

Insider Buying and Selling at T. Rowe Price Group

In other news, Director Robert F. Maclellan sold 3,955 shares of the business’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $91.56, for a total transaction of $362,119.80. Following the completion of the transaction, the director now directly owns 42,979 shares in the company, valued at $3,935,157.24. The trade was a 8.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Arif Husain sold 4,112 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total value of $449,318.24. Following the completion of the sale, the vice president now owns 36,800 shares in the company, valued at $4,021,136. This trade represents a 10.05 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

Institutional Trading of T. Rowe Price Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank purchased a new stake in T. Rowe Price Group in the fourth quarter valued at approximately $117,704,000. Marshall Wace LLP purchased a new stake in shares of T. Rowe Price Group during the 4th quarter valued at $63,284,000. Fayez Sarofim & Co lifted its holdings in shares of T. Rowe Price Group by 7.6% during the 4th quarter. Fayez Sarofim & Co now owns 6,052,469 shares of the asset manager’s stock worth $684,474,000 after acquiring an additional 425,142 shares during the last quarter. Amundi increased its stake in T. Rowe Price Group by 30.1% in the fourth quarter. Amundi now owns 1,717,877 shares of the asset manager’s stock valued at $194,064,000 after acquiring an additional 397,278 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in T. Rowe Price Group by 28.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,762,910 shares of the asset manager’s stock valued at $199,367,000 after acquiring an additional 387,604 shares during the last quarter. Hedge funds and other institutional investors 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.