T. Rowe Price (TROW) Sets New 1-Year High and Low at $122.36

T. Rowe Price (NASDAQ:TROW) hit a new 52-week high and low on Monday . The company traded as low as $122.36 and last traded at $121.85, with a volume of 15304 shares changing hands. The stock had previously closed at $121.17.

TROW has been the topic of a number of analyst reports. Credit Suisse Group reaffirmed a “neutral” rating and issued a $123.00 price objective (up previously from $121.00) on shares of T. Rowe Price in a report on Thursday, February 22nd. Zacks Investment Research lowered T. Rowe Price from a “hold” rating to a “sell” rating in a report on Thursday, April 12th. BidaskClub raised T. Rowe Price from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 27th. Morgan Stanley set a $113.00 price target on T. Rowe Price and gave the stock a “hold” rating in a research note on Thursday, February 22nd. Finally, TheStreet raised T. Rowe Price from a “c+” rating to a “b+” rating in a research note on Monday, March 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. T. Rowe Price presently has a consensus rating of “Hold” and a consensus target price of $113.10.

The company has a market capitalization of $29.53 billion, a P/E ratio of 22.37, a P/E/G ratio of 1.61 and a beta of 1.21.

T. Rowe Price (NASDAQ:TROW) last announced its quarterly earnings results on Wednesday, April 25th. The asset manager reported $1.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.65 by $0.09. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.28 billion. T. Rowe Price had a return on equity of 26.93% and a net margin of 31.10%. The company’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.18 EPS. research analysts forecast that T. Rowe Price will post 7.01 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $2.80 annualized dividend and a dividend yield of 2.31%. T. Rowe Price’s dividend payout ratio is currently 51.57%.

T. Rowe Price declared that its Board of Directors has initiated a stock buyback program on Thursday, April 26th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the asset manager to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of T. Rowe Price by 5.2% during the 4th quarter. BlackRock Inc. now owns 17,331,073 shares of the asset manager’s stock worth $1,818,551,000 after purchasing an additional 851,752 shares during the last quarter. Geode Capital Management LLC raised its position in shares of T. Rowe Price by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 3,169,650 shares of the asset manager’s stock worth $332,026,000 after purchasing an additional 121,905 shares during the last quarter. Old Mutual Global Investors UK Ltd. raised its position in shares of T. Rowe Price by 1,232.5% during the 1st quarter. Old Mutual Global Investors UK Ltd. now owns 2,023,988 shares of the asset manager’s stock worth $218,529,000 after purchasing an additional 1,872,098 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of T. Rowe Price by 19.0% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,562,121 shares of the asset manager’s stock worth $168,663,000 after purchasing an additional 249,772 shares during the last quarter. Finally, Provident Trust Co. raised its position in shares of T. Rowe Price by 1.1% during the 1st quarter. Provident Trust Co. now owns 1,561,712 shares of the asset manager’s stock worth $168,618,000 after purchasing an additional 16,831 shares during the last quarter. Hedge funds and other institutional investors 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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