Zacks Reiterates Outperform Rating for T. Rowe Price Group (TROW)
T. Rowe Price Group (NASDAQ:TROW)‘s stock had its “outperform” rating reiterated by Zacks in a note issued to investors on Friday, Stock Ratings Network.com reports. They currently have a $84.00 target price on the stock. Zacks‘ price target would indicate a potential upside of 11.32% from the stock’s previous close.
Zacks‘ analyst wrote, “T. Rowe Price reported its third-quarter 2013 net income of $1.00 per share, beating the Zacks Consensus Estimate by $0.05. Moreover, this significantly outperformed the year-ago earnings of $0.87. Though increased operating expenses acted as a dampener, top-line growth and improved assets under management (AUM) were the tailwinds for the quarter. Moreover, the company exhibited strong capital position. After reviewing the results, we are maintaining our Outperform recommendation on the shares.”
TROW has been the subject of a number of other recent research reports. Analysts at BMO Capital Markets raised their price target on shares of T. Rowe Price Group from $80.00 to $81.00 in a research note to investors on Tuesday, October 15th. They now have a “buy” rating on the stock. Separately, analysts at Susquehanna reiterated a “neutral” rating on shares of T. Rowe Price Group in a research note to investors on Wednesday, October 9th. They now have a $74.00 price target on the stock, up previously from $70.00. Finally, analysts at Rowe raised their price target on shares of T. Rowe Price Group from $75.00 to $84.50 in a research note to investors on Tuesday, October 8th. They now have an “overweight” rating on the stock. Ten analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. T. Rowe Price Group presently has a consensus rating of “Buy” and a consensus target price of $80.14.
Shares of T. Rowe Price Group (NASDAQ:TROW) traded up 0.56% on Friday, hitting $75.88. 995,534 shares of the company’s stock traded hands. T. Rowe Price Group has a one year low of $62.34 and a one year high of $80.26. The stock’s 50-day moving average is $72.95 and its 200-day moving average is $74.3. The company has a market cap of $19.739 billion and a price-to-earnings ratio of 20.67.
T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Thursday, October 24th. The company reported $1.00 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.97 by $0.03. The company had revenue of $884.40 million for the quarter, compared to the consensus estimate of $870.26 million. During the same quarter in the prior year, the company posted $0.94 earnings per share. The company’s quarterly revenue was up 14.9% on a year-over-year basis.
The company also recently declared a quarterly dividend, which is scheduled for Friday, December 27th. Investors of record on Monday, December 16th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Thursday, December 12th.
T. Rowe Price Group, Inc is a financial services holding company, which provides global investment management services through its subsidiaries to individual and institutional investors in the sponsored T.
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