Shares of T. Rowe Price (NASDAQ:TROW) reached a new 52-week high and low during trading on Tuesday . The stock traded as low as $122.92 and last traded at $123.09, with a volume of 13604 shares changing hands. The stock had previously closed at $122.31.
Several research firms have commented on TROW. Morgan Stanley reduced their price objective on T. Rowe Price from $115.00 to $112.00 and set a “hold” rating for the company in a research note on Tuesday, February 13th. ValuEngine raised T. Rowe Price from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. BidaskClub downgraded T. Rowe Price from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 31st. Deutsche Bank boosted their target price on T. Rowe Price from $115.00 to $116.00 and gave the stock a “hold” rating in a research report on Tuesday, March 6th. Finally, Credit Suisse Group upgraded T. Rowe Price from a “neutral” rating to an “outperform” rating and set a $123.00 target price on the stock in a research report on Wednesday, May 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. T. Rowe Price currently has a consensus rating of “Hold” and a consensus target price of $113.10.
The stock has a market capitalization of $29.20 billion, a PE ratio of 22.59, a P/E/G ratio of 1.59 and a beta of 1.21.
T. Rowe Price (NASDAQ:TROW) last released its earnings results on Wednesday, April 25th. The asset manager reported $1.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.65 by $0.09. T. Rowe Price had a return on equity of 26.93% and a net margin of 31.10%. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter in the previous year, the firm posted $1.18 EPS. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. sell-side analysts forecast that T. Rowe Price will post 7.01 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend is Thursday, June 14th. T. Rowe Price’s payout ratio is 51.57%.
T. Rowe Price announced that its board has authorized a share repurchase program on Thursday, April 26th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the asset manager to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Guggenheim Capital LLC grew its holdings in shares of T. Rowe Price by 17.5% in the 4th quarter. Guggenheim Capital LLC now owns 807,029 shares of the asset manager’s stock worth $84,680,000 after acquiring an additional 119,957 shares during the period. Macquarie Group Ltd. grew its holdings in shares of T. Rowe Price by 1.9% in the 4th quarter. Macquarie Group Ltd. now owns 48,009 shares of the asset manager’s stock worth $5,282,000 after acquiring an additional 883 shares during the period. Rhumbline Advisers grew its holdings in shares of T. Rowe Price by 2.1% in the 4th quarter. Rhumbline Advisers now owns 480,858 shares of the asset manager’s stock worth $50,456,000 after acquiring an additional 10,089 shares during the period. BlackRock Inc. grew its holdings in shares of T. Rowe Price by 5.2% in the 4th quarter. BlackRock Inc. now owns 17,331,073 shares of the asset manager’s stock worth $1,818,551,000 after acquiring an additional 851,752 shares during the period. Finally, Carnegie Capital Asset Management LLC acquired a new stake in shares of T. Rowe Price in the 4th quarter worth approximately $6,141,000. Institutional investors and hedge funds own 72.04% of the company’s stock.
T. Rowe Price 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.
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