BidaskClub Downgrades T. Rowe Price Group, Inc. (TROW) to Buy

BidaskClub lowered shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) from a strong-buy rating to a buy rating in a research report released on Tuesday, August 1st.

A number of other research analysts have also recently issued reports on the company. TheStreet raised T. Rowe Price Group from a c+ rating to a b- rating in a report on Friday, April 28th. Argus cut T. Rowe Price Group from a buy rating to a hold rating in a report on Wednesday, April 26th. Deutsche Bank AG reissued a hold rating and set a $71.00 price objective (down from $74.00) on shares of T. Rowe Price Group in a report on Monday, May 1st. Morgan Stanley reaffirmed an underweight rating and issued a $70.00 price target (up from $64.00) on shares of T. Rowe Price Group in a report on Monday, July 10th. Finally, Jefferies Group LLC set a $83.00 price target on T. Rowe Price Group and gave the company a buy rating in a report on Tuesday, June 20th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Hold and an average price target of $77.90.

Shares of T. Rowe Price Group (NASDAQ:TROW) opened at 82.30 on Tuesday. The firm has a market cap of $19.78 billion, a PE ratio of 14.13 and a beta of 1.24. T. Rowe Price Group has a 12-month low of $62.97 and a 12-month high of $85.42. The company has a 50 day moving average of $80.75 and a 200-day moving average of $73.28.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Tuesday, July 25th. The asset manager reported $1.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.01. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.16 billion. T. Rowe Price Group had a return on equity of 24.38% and a net margin of 32.64%. The business’s revenue was up 12.1% on a year-over-year basis. During the same period last year, the business earned $0.76 earnings per share. Equities research analysts forecast that T. Rowe Price Group will post $5.66 EPS for the current fiscal year.

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In related news, Director Anne M. Whittemore sold 8,326 shares of T. Rowe Price Group stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $82.03, for a total value of $682,981.78. Following the completion of the sale, the director now directly owns 28,982 shares in the company, valued at $2,377,393.46. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider David Oestreicher sold 10,394 shares of T. Rowe Price Group stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $83.07, for a total value of $863,429.58. Following the completion of the sale, the insider now owns 82,299 shares of the company’s stock, valued at $6,836,577.93. The disclosure for this sale can be found here. 3.60% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the company. Daiwa Securities Group Inc. raised its stake in shares of T. Rowe Price Group by 6.3% in the first quarter. Daiwa Securities Group Inc. now owns 6,750 shares of the asset manager’s stock worth $460,000 after buying an additional 400 shares during the last quarter. Gabelli Funds LLC raised its position in T. Rowe Price Group by 16.6% in the first quarter. Gabelli Funds LLC now owns 516,000 shares of the asset manager’s stock valued at $35,165,000 after buying an additional 73,400 shares during the last quarter. Rothschild Investment Corp IL raised its position in T. Rowe Price Group by 42.0% in the first quarter. Rothschild Investment Corp IL now owns 5,750 shares of the asset manager’s stock valued at $392,000 after buying an additional 1,700 shares during the last quarter. British Columbia Investment Management Corp raised its position in T. Rowe Price Group by 47.4% in the first quarter. British Columbia Investment Management Corp now owns 256,180 shares of the asset manager’s stock valued at $17,459,000 after buying an additional 82,409 shares during the last quarter. Finally, Confluence Investment Management LLC raised its position in T. Rowe Price Group by 9.7% in the first quarter. Confluence Investment Management LLC now owns 162,924 shares of the asset manager’s stock valued at $11,103,000 after buying an additional 14,444 shares during the last quarter. Hedge funds and other institutional investors own 72.10% of the company’s stock.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.

Analyst Recommendations for T. Rowe Price Group (NASDAQ:TROW)

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