T. Rowe Price (NASDAQ:TROW)’s share price reached a new 52-week high and low on Wednesday . The stock traded as low as $121.80 and last traded at $121.27, with a volume of 75393 shares traded. The stock had previously closed at $119.83.
TROW has been the subject of several recent research reports. Credit Suisse Group reiterated a “neutral” rating and issued a $123.00 target price (up previously from $121.00) on shares of T. Rowe Price in a research note on Thursday, February 22nd. Zacks Investment Research downgraded shares of T. Rowe Price from a “hold” rating to a “sell” rating in a research note on Thursday, April 12th. BidaskClub upgraded shares of T. Rowe Price from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 27th. Morgan Stanley set a $113.00 target price on shares of T. Rowe Price and gave the stock a “hold” rating in a research note on Thursday, February 22nd. Finally, TheStreet upgraded shares of T. Rowe Price from a “c+” rating to a “b+” rating in a research note on Monday, March 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. T. Rowe Price presently has an average rating of “Hold” and a consensus target price of $113.10.
The stock has a market cap of $29.24 billion, a P/E ratio of 20.16, a P/E/G ratio of 1.59 and a beta of 1.21.
T. Rowe Price (NASDAQ:TROW) last released its quarterly earnings data on Wednesday, April 25th. The asset manager reported $1.74 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $0.09. T. Rowe Price had a net margin of 31.10% and a return on equity of 26.93%. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period last year, the business earned $1.18 earnings per share. T. Rowe Price’s revenue was up 17.3% compared to the same quarter last year. equities research analysts anticipate that T. Rowe Price will post 7.01 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be given a $0.70 dividend. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.32%. T. Rowe Price’s dividend payout ratio (DPR) is currently 51.57%.
T. Rowe Price declared that its board has approved a share repurchase plan on Thursday, April 26th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the asset manager to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
Several hedge funds have recently added to or reduced their stakes in TROW. Signaturefd LLC bought a new position in shares of T. Rowe Price in the first quarter valued at approximately $111,000. Perigon Wealth Management LLC boosted its position in shares of T. Rowe Price by 57.5% in the first quarter. Perigon Wealth Management LLC now owns 1,284 shares of the asset manager’s stock valued at $139,000 after acquiring an additional 469 shares during the period. Tower Research Capital LLC TRC lifted its position in T. Rowe Price by 50.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,472 shares of the asset manager’s stock valued at $155,000 after purchasing an additional 491 shares during the last quarter. Synovus Financial Corp bought a new stake in T. Rowe Price during the first quarter valued at approximately $198,000. Finally, Bailard Inc. bought a new stake in T. Rowe Price during the first quarter valued at approximately $200,000. Institutional investors own 72.79% of the company’s stock.
About T. Rowe Price
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.
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