Citigroup Cuts T. Rowe Price Group (NASDAQ:TROW) Price Target to $100.00

T. Rowe Price Group (NASDAQ:TROW) had its price target lowered by Citigroup from $120.00 to $100.00 in a research report released on Monday,Benzinga reports. Citigroup currently has a neutral rating on the asset manager’s stock.

Other research analysts have also recently issued reports about the stock. Barclays cut their price target on shares of T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating for the company in a report on Thursday, February 6th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $113.00 target price (up from $111.00) on shares of T. Rowe Price Group in a research note on Thursday, February 6th. Wells Fargo & Company reduced their price target on T. Rowe Price Group from $118.00 to $116.00 and set an “equal weight” rating for the company in a report on Thursday, February 6th. StockNews.com lowered T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Sunday, February 2nd. Finally, Morgan Stanley reduced their target price on T. Rowe Price Group from $126.00 to $121.00 and set an “equal weight” rating for the company in a report on Monday, February 24th. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $111.82.

T. Rowe Price Group Trading Up 0.3 %

NASDAQ:TROW opened at $91.87 on Monday. T. Rowe Price Group has a 12-month low of $89.70 and a 12-month high of $125.81. The stock’s 50 day simple moving average is $104.18 and its 200-day simple moving average is $110.82. The firm has a market cap of $20.42 billion, a P/E ratio of 10.03, a PEG ratio of 2.86 and a beta of 1.46.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Wednesday, February 5th. The asset manager reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.20 by ($0.08). T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. During the same quarter last year, the firm earned $1.72 earnings per share. Research analysts forecast that T. Rowe Price Group will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a dividend of $1.27 per share. The ex-dividend date was Friday, March 14th. This represents a $5.08 dividend on an annualized basis and a yield of 5.53%. This is a boost from T. Rowe Price Group’s previous quarterly dividend of $1.24. T. Rowe Price Group’s payout ratio is presently 55.46%.

Insider Buying and Selling at T. Rowe Price Group

In related news, 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 transaction of $449,318.24. Following the sale, the vice president now owns 36,800 shares of the company’s stock, valued at $4,021,136. This trade represents a 10.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TROW. Norges Bank acquired a new position in shares of T. Rowe Price Group in the fourth quarter valued at approximately $117,704,000. Marshall Wace LLP acquired a new position in T. Rowe Price Group in the 4th quarter valued at $63,284,000. Fayez Sarofim & Co lifted its stake 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 purchasing an additional 425,142 shares during the period. Amundi boosted its holdings in shares of T. Rowe Price Group by 30.1% during the fourth quarter. Amundi now owns 1,717,877 shares of the asset manager’s stock worth $194,064,000 after purchasing an additional 397,278 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of 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 purchasing an additional 387,604 shares during the period. 73.39% of the stock is currently 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.