T. Rowe Price Group, Inc. (NASDAQ:TROW) issued its quarterly earnings results on Thursday, October 26th. The asset manager reported $1.56 EPS for the quarter, beating the Zacks’ consensus estimate of $1.36 by $0.20, MarketWatch Earnings reports. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. T. Rowe Price Group had a net margin of 33.10% and a return on equity of 24.76%. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.17 earnings per share.
Shares of T. Rowe Price Group (NASDAQ TROW) opened at $93.57 on Friday. T. Rowe Price Group has a one year low of $65.33 and a one year high of $97.35. The stock has a market cap of $22,672.95, a price-to-earnings ratio of 18.28, a price-to-earnings-growth ratio of 1.72 and a beta of 1.29.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Thursday, December 14th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Wednesday, December 13th. T. Rowe Price Group’s payout ratio is presently 37.38%.
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TROW has been the subject of several analyst reports. Jefferies Group LLC reiterated a “buy” rating and issued a $104.00 price objective (up previously from $96.00) on shares of T. Rowe Price Group in a research note on Tuesday, October 10th. Credit Suisse Group raised their price target on shares of T. Rowe Price Group from $70.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, July 26th. Morgan Stanley restated an “underweight” rating and issued a $71.00 price objective (up previously from $70.00) on shares of T. Rowe Price Group in a research report on Tuesday, July 18th. Zacks Investment Research upgraded shares of T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $93.00 price objective on the stock in a research report on Tuesday, September 12th. Finally, Barclays PLC began coverage on shares of T. Rowe Price Group in a report on Friday, September 8th. They issued an “underweight” rating and a $79.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $89.50.
In other T. Rowe Price Group news, CFO Kenneth V. Moreland sold 13,041 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $90.43, for a total value of $1,179,297.63. Following the sale, the chief financial officer now directly owns 135,028 shares of the company’s stock, valued at approximately $12,210,582.04. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Anne M. Whittemore sold 4,163 shares of T. Rowe Price Group stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $90.64, for a total value of $377,334.32. Following the completion of the transaction, the director now directly owns 29,070 shares in the company, valued at $2,634,904.80. The disclosure for this sale can be found here. Insiders sold 18,204 shares of company stock worth $1,640,922 in the last ninety days. 3.60% of the stock is currently owned by corporate insiders.
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.
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