Morgan Stanley Forecasts Strong Price Appreciation for T. Rowe Price Group (NASDAQ:TROW) Stock

T. Rowe Price Group (NASDAQ:TROW) had its price objective boosted by Morgan Stanley from $129.00 to $132.00 in a research note issued to investors on Friday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the asset manager’s stock.

A number of other equities research analysts also recently issued reports on TROW. Wells Fargo & Company increased their price objective on shares of T. Rowe Price Group from $112.00 to $124.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 12th. The Goldman Sachs Group decreased their price objective on shares of T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating on the stock in a research note on Thursday, October 3rd. JPMorgan Chase & Co. cut their target price on T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating for the company in a research note on Monday, November 4th. Keefe, Bruyette & Woods raised their price objective on T. Rowe Price Group from $114.00 to $116.00 and gave the company a “market perform” rating in a research note on Friday. Finally, Barclays upped their price target on shares of T. Rowe Price Group from $110.00 to $115.00 and gave the stock an “underweight” rating in a report on Monday, December 9th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, T. Rowe Price Group has an average rating of “Hold” and an average price target of $117.00.

T. Rowe Price Group Stock Up 2.8 %

TROW stock opened at $116.12 on Friday. The company has a market cap of $25.80 billion, a price-to-earnings ratio of 12.70, a P/E/G ratio of 1.73 and a beta of 1.42. T. Rowe Price Group has a twelve month low of $100.49 and a twelve month high of $125.81. The business has a 50 day moving average price of $117.50 and a two-hundred day moving average price of $113.24.

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

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be paid a dividend of $1.24 per share. This represents a $4.96 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date of this dividend is Friday, December 13th. T. Rowe Price Group’s dividend payout ratio is presently 54.27%.

Insider Activity

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $123.35, for a total value of $499,197.45. Following the transaction, the vice president now owns 119,577 shares in the company, valued at approximately $14,749,822.95. This represents a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On T. Rowe Price Group

Large investors have recently modified their holdings of the company. International Assets Investment Management LLC raised its stake in shares of T. Rowe Price Group by 7,992.0% in the third quarter. International Assets Investment Management LLC now owns 1,067,655 shares of the asset manager’s stock worth $116,300,000 after purchasing an additional 1,054,461 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in T. Rowe Price Group by 382.1% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 398,175 shares of the asset manager’s stock valued at $43,373,000 after buying an additional 315,581 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in T. Rowe Price Group by 3.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,840,807 shares of the asset manager’s stock worth $745,169,000 after acquiring an additional 231,286 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of T. Rowe Price Group by 15.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,611,307 shares of the asset manager’s stock valued at $185,810,000 after purchasing an additional 220,105 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of T. Rowe Price Group by 77.2% during the second quarter. AQR Capital Management LLC now owns 451,237 shares of the asset manager’s stock valued at $52,032,000 after purchasing an additional 196,565 shares in the last quarter. 73.39% of the stock is currently owned by 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.