The Goldman Sachs Group Cuts T. Rowe Price Group (NASDAQ:TROW) Price Target to $102.00

T. Rowe Price Group (NASDAQ:TROW) had its price target dropped by equities research analysts at The Goldman Sachs Group from $106.00 to $102.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “sell” rating on the asset manager’s stock. The Goldman Sachs Group’s price target would indicate a potential downside of 5.96% from the company’s previous close.

Several other analysts also recently weighed in on the stock. Evercore ISI lowered their target price on shares of T. Rowe Price Group from $115.00 to $108.00 and set an “in-line” rating on the stock in a report on Thursday, September 5th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $120.00 target price (down from $121.00) on shares of T. Rowe Price Group in a research note on Monday, July 29th. Wells Fargo & Company initiated coverage on T. Rowe Price Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $109.00 price target for the company. JPMorgan Chase & Co. upped their price objective on T. Rowe Price Group from $102.00 to $107.00 and gave the stock an “underweight” rating in a report on Tuesday, July 23rd. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Four analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to data from MarketBeat, T. Rowe Price Group has an average rating of “Hold” and a consensus target price of $112.36.

T. Rowe Price Group Stock Performance

Shares of TROW opened at $108.47 on Thursday. T. Rowe Price Group has a fifty-two week low of $87.43 and a fifty-two week high of $122.27. The firm has a 50-day simple moving average of $107.17 and a 200-day simple moving average of $112.72. The company has a market capitalization of $24.15 billion, a price-to-earnings ratio of 12.88, a price-to-earnings-growth ratio of 1.72 and a beta of 1.41.

T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Friday, July 26th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.01). T. Rowe Price Group had a net margin of 28.66% and a return on equity of 19.90%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.79 billion. During the same period in the previous year, the firm posted $2.02 EPS. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. Equities research analysts forecast that T. Rowe Price Group will post 8.96 EPS for the current year.

Insiders Place Their Bets

In other news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $102.83, for a total value of $1,230,772.27. Following the sale, the vice president now directly owns 123,624 shares in the company, valued at $12,712,255.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jessica M. Hiebler sold 484 shares of T. Rowe Price Group stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $104.73, for a total transaction of $50,689.32. Following the completion of the sale, the insider now owns 13,939 shares in the company, valued at approximately $1,459,831.47. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the completion of the transaction, the vice president now owns 123,624 shares in the company, valued at approximately $12,712,255.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On T. Rowe Price Group

Institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company raised its holdings in T. Rowe Price Group by 5.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 165,722 shares of the asset manager’s stock valued at $17,847,000 after acquiring an additional 8,678 shares during the last quarter. NEOS Investment Management LLC lifted its position in T. Rowe Price Group by 41.2% during the fourth quarter. NEOS Investment Management LLC now owns 3,163 shares of the asset manager’s stock worth $341,000 after buying an additional 923 shares during the period. Belpointe Asset Management LLC boosted its stake in T. Rowe Price Group by 18.9% in the 4th quarter. Belpointe Asset Management LLC now owns 2,304 shares of the asset manager’s stock worth $248,000 after buying an additional 367 shares during the last quarter. Royal London Asset Management Ltd. grew its holdings in T. Rowe Price Group by 1.7% in the 4th quarter. Royal London Asset Management Ltd. now owns 85,811 shares of the asset manager’s stock valued at $9,241,000 after buying an additional 1,440 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake in shares of T. Rowe Price Group by 117.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 30,437 shares of the asset manager’s stock valued at $3,278,000 after acquiring an additional 16,409 shares during the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

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.