T. Rowe Price Group, Inc. (TROW) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS
T. Rowe Price Group, Inc. (NASDAQ:TROW) posted its earnings results on Tuesday. The asset manager reported $1.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by $0.02, Morningstar.com reports. T. Rowe Price Group had a net margin of 29.59% and a return on equity of 24.24%. The firm had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the firm earned $0.76 earnings per share. The business’s revenue for the quarter was up 12.1% on a year-over-year basis.
Shares of T. Rowe Price Group (NASDAQ TROW) opened at 82.48 on Tuesday. The stock has a market cap of $19.90 billion, a price-to-earnings ratio of 16.15 and a beta of 1.22. T. Rowe Price Group has a 12-month low of $62.97 and a 12-month high of $82.75. The stock’s 50 day moving average is $75.37 and its 200-day moving average is $71.86.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 29th. Stockholders of record on Thursday, June 15th were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend was Tuesday, June 13th. T. Rowe Price Group’s payout ratio is 44.88%.
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A number of equities analysts have weighed in on TROW shares. Jefferies Group LLC restated a “buy” rating and set a $84.00 price objective on shares of T. Rowe Price Group in a research report on Monday, March 27th. TheStreet cut shares of T. Rowe Price Group from a “b” rating to a “c+” rating in a research report on Tuesday, March 28th. Argus cut shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Wednesday, April 26th. Deutsche Bank AG restated a “hold” rating and set a $71.00 price objective (down from $74.00) on shares of T. Rowe Price Group in a research report on Monday, May 1st. Finally, UBS AG restated a “sell” rating and set a $61.00 price objective (down from $77.00) on shares of T. Rowe Price Group in a research report on Wednesday, May 24th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. T. Rowe Price Group has an average rating of “Hold” and an average target price of $72.55.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in TROW. FMR LLC increased its position in T. Rowe Price Group by 135.4% in the fourth quarter. FMR LLC now owns 267,385 shares of the asset manager’s stock valued at $20,123,000 after buying an additional 153,787 shares during the period. Thrivent Financial for Lutherans increased its position in T. Rowe Price Group by 5.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 8,558 shares of the asset manager’s stock valued at $644,000 after buying an additional 430 shares during the period. Hendley & Co. Inc. increased its position in T. Rowe Price Group by 1.0% in the fourth quarter. Hendley & Co. Inc. now owns 16,337 shares of the asset manager’s stock valued at $1,230,000 after buying an additional 165 shares during the period. Teachers Advisors LLC increased its position in T. Rowe Price Group by 73.1% in the fourth quarter. Teachers Advisors LLC now owns 602,281 shares of the asset manager’s stock valued at $45,328,000 after buying an additional 254,363 shares during the period. Finally, Kentucky Retirement Systems purchased a new position in T. Rowe Price Group during the fourth quarter valued at about $1,329,000. 71.25% of the stock is owned by institutional investors and hedge funds.
About T. Rowe Price Group
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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