T. Rowe Price Group (NASDAQ:TROW) Price Target Raised to $103.00 at JPMorgan Chase & Co.

T. Rowe Price Group (NASDAQ:TROW) had its target price lifted by JPMorgan Chase & Co. from $94.00 to $103.00 in a research report sent to investors on Tuesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the asset manager’s stock.

Several other equities research analysts have also issued reports on TROW. Wells Fargo & Company raised their target price on T. Rowe Price Group from $105.00 to $108.00 and gave the company an underweight rating in a research report on Friday, February 9th. UBS Group lifted their price objective on T. Rowe Price Group from $100.00 to $109.00 and gave the stock a sell rating in a report on Friday, April 12th. TD Cowen raised T. Rowe Price Group from a sell rating to a hold rating and lifted their price objective for the stock from $92.00 to $114.00 in a report on Monday, April 8th. StockNews.com lowered T. Rowe Price Group from a buy rating to a hold rating in a report on Friday, February 9th. Finally, Citigroup lifted their price objective on T. Rowe Price Group from $110.00 to $125.00 and gave the stock a neutral rating in a report on Friday, April 5th. Four equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat, T. Rowe Price Group has a consensus rating of Hold and a consensus target price of $110.56.

T. Rowe Price Group Price Performance

Shares of T. Rowe Price Group stock opened at $112.11 on Tuesday. T. Rowe Price Group has a 1 year low of $87.43 and a 1 year high of $132.76. The firm has a market cap of $25.07 billion, a PE ratio of 14.45, a P/E/G ratio of 2.22 and a beta of 1.40. The stock has a fifty day moving average price of $114.64 and a 200-day moving average price of $106.66.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Thursday, February 8th. The asset manager reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.12. T. Rowe Price Group had a return on equity of 18.41% and a net margin of 27.69%. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the firm posted $1.74 EPS. The business’s revenue was up 6.5% compared to the same quarter last year. As a group, equities analysts anticipate that T. Rowe Price Group will post 8.13 EPS for the current fiscal year.

T. Rowe Price Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a $1.24 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $4.96 annualized dividend and a yield of 4.42%. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.22. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 63.92%.

Insider Activity

In other news, Director Freeman A. Hrabowski III sold 8,740 shares of T. Rowe Price Group stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $118.32, for a total transaction of $1,034,116.80. Following the completion of the sale, the director now owns 21,073 shares in the company, valued at approximately $2,493,357.36. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Jessica M. Hiebler sold 1,138 shares of the firm’s 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 of the company’s stock, valued at approximately $1,511,925.69. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Freeman A. Hrabowski III sold 8,740 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $118.32, for a total value of $1,034,116.80. Following the transaction, the director now directly owns 21,073 shares in the company, valued at $2,493,357.36. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

A number of large investors have recently modified their holdings of TROW. OFI Invest Asset Management purchased a new position in shares of T. Rowe Price Group during the 3rd quarter valued at about $25,000. Creative Financial Designs Inc. ADV increased its stake in T. Rowe Price Group by 83.5% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 233 shares of the asset manager’s stock worth $25,000 after purchasing an additional 106 shares during the period. PCA Investment Advisory Services Inc. purchased a new position in T. Rowe Price Group in the 2nd quarter worth approximately $26,000. First United Bank & Trust purchased a new position in T. Rowe Price Group in the 4th quarter worth approximately $31,000. Finally, Park Place Capital Corp increased its stake in T. Rowe Price Group by 1,775.0% in the 4th quarter. Park Place Capital Corp now owns 300 shares of the asset manager’s stock worth $32,000 after purchasing an additional 284 shares during the period. 73.39% of the stock is owned by hedge funds and other 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.