$1.16 Billion in Sales Expected for T. Rowe Price Group, Inc. (TROW) This Quarter
Brokerages expect T. Rowe Price Group, Inc. (NASDAQ:TROW) to announce $1.16 billion in sales for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for T. Rowe Price Group’s earnings. The lowest sales estimate is $1.14 billion and the highest is $1.17 billion. T. Rowe Price Group posted sales of $1.04 billion in the same quarter last year, which would indicate a positive year over year growth rate of 11.5%. The business is expected to report its next earnings results before the market opens on Tuesday, July 25th.
According to Zacks, analysts expect that T. Rowe Price Group will report full year sales of $1.16 billion for the current fiscal year, with estimates ranging from $4.56 billion to $4.74 billion. For the next fiscal year, analysts forecast that the business will post sales of $4.84 billion per share, with estimates ranging from $4.65 billion to $5.00 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow T. Rowe Price Group.
T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Tuesday, April 25th. The asset manager reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.20 by $0.02. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.10 billion. T. Rowe Price Group had a return on equity of 24.24% and a net margin of 29.59%. The business’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same quarter last year, the company earned $1.15 earnings per share.
A number of analysts recently weighed in on TROW shares. Jefferies Group LLC reissued a “buy” rating and issued a $84.00 price target on shares of T. Rowe Price Group in a report on Monday, March 27th. TheStreet cut shares of T. Rowe Price Group from a “b” rating to a “c+” rating in a research note on Tuesday, March 28th. Argus cut shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Wednesday, April 26th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $71.00 price objective (down from $74.00) on shares of T. Rowe Price Group in a research note on Monday, May 1st. Finally, UBS AG reaffirmed a “sell” rating and issued a $61.00 price objective (down from $77.00) on shares of T. Rowe Price Group in a research note on Wednesday, May 24th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $72.55.
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Shares of T. Rowe Price Group (NASDAQ TROW) traded down 0.31% during midday trading on Friday, hitting $80.83. The stock had a trading volume of 991,256 shares. The stock has a market cap of $19.50 billion, a PE ratio of 15.83 and a beta of 1.22. T. Rowe Price Group has a 52 week low of $62.97 and a 52 week high of $81.40. The stock has a 50-day moving average of $74.84 and a 200 day moving average of $71.83.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 29th. Stockholders of record on Thursday, June 15th were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Tuesday, June 13th. This represents a $2.28 annualized dividend and a dividend yield of 2.82%. T. Rowe Price Group’s dividend payout ratio is presently 44.88%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Moreno Evelyn V raised its position in T. Rowe Price Group by 12.0% in the first quarter. Moreno Evelyn V now owns 89,305 shares of the asset manager’s stock valued at $6,087,000 after buying an additional 9,545 shares in the last quarter. Rosenbaum Jay D. raised its position in T. Rowe Price Group by 6.3% in the first quarter. Rosenbaum Jay D. now owns 8,495 shares of the asset manager’s stock valued at $579,000 after buying an additional 500 shares in the last quarter. Cohen Lawrence B raised its position in T. Rowe Price Group by 2.2% in the first quarter. Cohen Lawrence B now owns 31,750 shares of the asset manager’s stock valued at $2,164,000 after buying an additional 680 shares in the last quarter. Liberty Capital Management Inc. raised its position in T. Rowe Price Group by 6.8% in the first quarter. Liberty Capital Management Inc. now owns 25,685 shares of the asset manager’s stock valued at $1,750,000 after buying an additional 1,640 shares in the last quarter. Finally, Toth Financial Advisory Corp raised its position in T. Rowe Price Group by 10.5% in the first quarter. Toth Financial Advisory Corp now owns 19,273 shares of the asset manager’s stock valued at $1,313,000 after buying an additional 1,828 shares in the last quarter. Institutional investors own 71.26% of the company’s stock.
T. Rowe Price Group Company Profile
T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.
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