T. Rowe Price Group Inc. (TROW) to Post Q3 2016 Earnings of $1.19 Per Share, Jefferies Group Forecasts
T. Rowe Price Group Inc. (NASDAQ:TROW) – Investment analysts at Jefferies Group raised their Q3 2016 earnings per share estimates for shares of T. Rowe Price Group in a research report issued to clients and investors on Tuesday. Jefferies Group analyst D. Fannon now anticipates that the brokerage will post earnings per share of $1.19 for the quarter, up from their previous forecast of $1.17. Jefferies Group currently has a “Buy” rating and a $80.00 target price on the stock. Jefferies Group also issued estimates for T. Rowe Price Group’s Q4 2016 earnings at $1.23 EPS.
T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.04. The company had revenue of $1,000 million for the quarter, compared to the consensus estimate of $1.03 billion. T. Rowe Price Group had a net margin of 25.77% and a return on equity of 22.25%. The firm’s revenue was down 2.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.24 EPS.
Other equities research analysts have also issued research reports about the stock. Deutsche Bank AG reiterated a “buy” rating on shares of T. Rowe Price Group in a research note on Sunday, July 10th. Barclays PLC decreased their price objective on shares of T. Rowe Price Group from $76.00 to $72.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 24th. Morgan Stanley decreased their price objective on shares of T. Rowe Price Group from $74.00 to $71.00 and set an “equal weight” rating for the company in a research note on Thursday, July 28th. Zacks Investment Research upgraded shares of T. Rowe Price Group from a “sell” rating to a “hold” rating in a research note on Friday, October 7th. Finally, TheStreet lowered shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Tuesday, July 26th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $75.71.
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T. Rowe Price Group (NASDAQ:TROW) traded down 1.38% on Thursday, reaching $65.25. 553,610 shares of the company traded hands. T. Rowe Price Group has a 1-year low of $63.57 and a 1-year high of $79.00. The stock has a 50 day moving average of $67.45 and a 200-day moving average of $71.81. The stock has a market capitalization of $16.22 billion, a price-to-earnings ratio of 15.72 and a beta of 1.17.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can purchased a new position in shares of T. Rowe Price Group during the second quarter valued at approximately $68,389,000. Capital World Investors increased its position in shares of T. Rowe Price Group by 159.5% in the second quarter. Capital World Investors now owns 960,000 shares of the company’s stock valued at $70,051,000 after buying an additional 590,000 shares during the last quarter. NN Investment Partners Holdings N.V. increased its position in shares of T. Rowe Price Group by 2,238.1% in the second quarter. NN Investment Partners Holdings N.V. now owns 497,216 shares of the company’s stock valued at $36,284,000 after buying an additional 475,950 shares during the last quarter. Junto Capital Management LP purchased a new position in shares of T. Rowe Price Group during the first quarter valued at approximately $27,768,000. Finally, Vanguard Group Inc. increased its stake in T. Rowe Price Group by 2.2% in the second quarter. Vanguard Group Inc. now owns 16,984,709 shares of the company’s stock worth $1,239,376,000 after buying an additional 362,416 shares in the last quarter. 69.64% of the stock is owned by hedge funds and other institutional investors.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 3.26%. The ex-dividend date was Tuesday, September 13th. T. Rowe Price Group’s payout ratio is 52.17%.
About T. Rowe Price Group
T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services to individual and institutional investors in the sponsored T. Rowe Price mutual funds distributed in the United States and other investment portfolios. It operates through investment advisory business segment.
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