Wells Fargo & Company Raises T. Rowe Price Group (NASDAQ:TROW) Price Target to $124.00

T. Rowe Price Group (NASDAQ:TROW) had its price target lifted by analysts at Wells Fargo & Company from $112.00 to $124.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the asset manager’s stock. Wells Fargo & Company‘s price target points to a potential upside of 3.73% from the company’s current price.

A number of other equities research analysts also recently weighed in on TROW. JPMorgan Chase & Co. decreased their price target on shares of T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating on the stock in a research note on Monday, November 4th. Evercore ISI boosted their target price on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Barclays boosted their target price on shares of T. Rowe Price Group from $110.00 to $115.00 and gave the company an “underweight” rating in a research note on Monday, December 9th. Morgan Stanley boosted their target price on shares of T. Rowe Price Group from $127.00 to $129.00 and gave the company an “equal weight” rating in a research note on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of T. Rowe Price Group from $115.00 to $120.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Four research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat, T. Rowe Price Group presently has an average rating of “Hold” and a consensus price target of $117.09.

T. Rowe Price Group Price Performance

TROW opened at $119.54 on Thursday. T. Rowe Price Group has a fifty-two week low of $100.49 and a fifty-two week high of $125.81. The firm’s fifty day moving average price is $116.67 and its two-hundred day moving average price is $113.26. The company has a market capitalization of $26.56 billion, a P/E ratio of 13.08, a P/E/G ratio of 1.72 and a beta of 1.42.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.21. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. The firm had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.84 billion. During the same quarter in the previous year, the company earned $2.17 earnings per share. The business’s revenue was up 6.9% compared to the same quarter last year. On average, equities research analysts expect that T. Rowe Price Group will post 9.39 EPS for the current fiscal year.

Insider Activity at T. Rowe Price Group

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $123.35, for a total transaction of $499,197.45. Following the completion of the sale, the vice president now directly owns 119,577 shares of the company’s stock, valued at approximately $14,749,822.95. The trade was a 3.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of T. Rowe Price Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. raised its holdings in T. Rowe Price Group by 45.1% during the 3rd quarter. Franklin Resources Inc. now owns 490,155 shares of the asset manager’s stock worth $53,760,000 after purchasing an additional 152,430 shares during the last quarter. Synovus Financial Corp raised its holdings in T. Rowe Price Group by 15.7% during the 3rd quarter. Synovus Financial Corp now owns 11,476 shares of the asset manager’s stock worth $1,250,000 after purchasing an additional 1,559 shares during the last quarter. Tidal Investments LLC raised its holdings in T. Rowe Price Group by 8.5% during the 3rd quarter. Tidal Investments LLC now owns 6,541 shares of the asset manager’s stock worth $713,000 after purchasing an additional 513 shares during the last quarter. Wilmington Savings Fund Society FSB raised its holdings in T. Rowe Price Group by 191.1% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 11,404 shares of the asset manager’s stock worth $1,242,000 after purchasing an additional 7,486 shares during the last quarter. Finally, World Investment Advisors LLC bought a new stake in T. Rowe Price Group during the 3rd quarter worth about $273,000. 73.39% of the stock is owned by 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.