Barclays Initiates Coverage on T. Rowe Price Group (NASDAQ:TROW)

Barclays assumed coverage on shares of T. Rowe Price Group (NASDAQ:TROW) in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. The brokerage issued an underweight rating and a $99.00 target price on the asset manager’s stock.

A number of other equities analysts also recently commented on the stock. Keefe, Bruyette & Woods restated a market perform rating and issued a $120.00 target price (down from $121.00) on shares of T. Rowe Price Group in a research note on Monday, July 29th. StockNews.com cut T. Rowe Price Group from a buy rating to a hold rating in a research note on Monday, July 29th. Evercore ISI cut their price objective on shares of T. Rowe Price Group from $110.00 to $107.00 and set an in-line rating on the stock in a report on Tuesday, April 30th. JPMorgan Chase & Co. raised their price objective on T. Rowe Price Group from $102.00 to $107.00 and gave the company an underweight rating in a research report on Tuesday, July 23rd. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the stock a hold rating in a report on Thursday, August 15th. Four analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $113.10.

T. Rowe Price Group Stock Up 1.0 %

TROW opened at $106.04 on Tuesday. The business has a fifty day moving average of $112.17 and a 200 day moving average of $113.83. The stock has a market cap of $23.68 billion, a P/E ratio of 12.59, a PEG ratio of 1.74 and a beta of 1.42. T. Rowe Price Group has a 52-week low of $87.43 and a 52-week high of $122.27.

T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Friday, July 26th. The asset manager reported $2.26 earnings per share for the quarter, missing the consensus estimate of $2.27 by ($0.01). The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.79 billion. T. Rowe Price Group had a return on equity of 19.90% and a net margin of 28.66%. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.02 earnings per share. Equities analysts anticipate that T. Rowe Price Group will post 9 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a dividend of $1.24 per share. The ex-dividend date is Friday, September 13th. This represents a $4.96 annualized dividend and a dividend yield of 4.68%. T. Rowe Price Group’s payout ratio is currently 58.91%.

Insider Activity

In related news, insider Jessica M. Hiebler sold 1,401 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $115.85, for a total value of $162,305.85. Following the completion of the transaction, the insider now owns 14,198 shares in the company, valued at approximately $1,644,838.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Jessica M. Hiebler sold 1,401 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $115.85, for a total value of $162,305.85. Following the sale, the insider now owns 14,198 shares in the company, valued at $1,644,838.30. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Dorothy C. Sawyer sold 2,000 shares of the stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $117.00, for a total transaction of $234,000.00. Following the completion of the transaction, the vice president now owns 34,710 shares in the company, valued at approximately $4,061,070. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On T. Rowe Price Group

Several hedge funds have recently added to or reduced their stakes in the business. Cetera Investment Advisers boosted its position in T. Rowe Price Group by 3.2% in the 2nd quarter. Cetera Investment Advisers now owns 44,646 shares of the asset manager’s stock worth $5,148,000 after purchasing an additional 1,385 shares in the last quarter. EP Wealth Advisors LLC acquired a new position in shares of T. Rowe Price Group in the 2nd quarter valued at $419,000. Quarry LP purchased a new stake in T. Rowe Price Group during the second quarter worth $86,000. Northwestern Mutual Wealth Management Co. grew its position in T. Rowe Price Group by 0.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 23,910 shares of the asset manager’s stock valued at $2,757,000 after buying an additional 118 shares during the period. Finally, Creative Planning increased its holdings in T. Rowe Price Group by 5.4% in the second quarter. Creative Planning now owns 55,147 shares of the asset manager’s stock valued at $6,359,000 after buying an additional 2,827 shares in the last quarter. 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.