T. Rowe Price Group, Inc. (TROW) Expected to Announce Quarterly Sales of $1.20 Billion
Brokerages expect that T. Rowe Price Group, Inc. (NASDAQ:TROW) will report $1.20 billion in sales for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for T. Rowe Price Group’s earnings, with estimates ranging from $1.19 billion to $1.21 billion. T. Rowe Price Group reported sales of $1.09 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 10.1%. The firm is expected to report its next quarterly earnings report before the market opens on Thursday, October 26th.
On average, analysts expect that T. Rowe Price Group will report full-year sales of $1.20 billion for the current fiscal year, with estimates ranging from $4.68 billion to $4.72 billion. For the next year, analysts anticipate that the business will post sales of $4.91 billion per share, with estimates ranging from $4.76 billion to $5.04 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow T. Rowe Price Group.
T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Tuesday, July 25th. The asset manager reported $1.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.01. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.16 billion. T. Rowe Price Group had a net margin of 32.64% and a return on equity of 24.38%. T. Rowe Price Group’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period last year, the business earned $0.76 EPS.
A number of analysts recently weighed in on the stock. 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. Zacks Investment Research lowered shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Wednesday. BidaskClub lowered shares of T. Rowe Price Group from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 1st. Barclays PLC assumed coverage on shares of T. Rowe Price Group in a research note on Friday, September 8th. They issued an “underweight” rating and a $79.00 price objective for the company. Finally, Wells Fargo & Company reaffirmed a “market perform” rating on shares of T. Rowe Price Group in a research note on Thursday, July 27th. Four analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $81.30.
In related news, Director Anne M. Whittemore sold 8,326 shares of the stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $82.03, for a total value of $682,981.78. Following the transaction, the director now owns 28,982 shares in the company, valued at approximately $2,377,393.46. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jessica M. Hiebler sold 1,000 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $84.29, for a total transaction of $84,290.00. Following the completion of the transaction, the insider now owns 8,461 shares in the company, valued at approximately $713,177.69. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,720 shares of company stock worth $1,630,701. 3.60% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. Profund Advisors LLC boosted its position in T. Rowe Price Group by 5.1% in the 1st quarter. Profund Advisors LLC now owns 7,904 shares of the asset manager’s stock worth $539,000 after purchasing an additional 383 shares in the last quarter. Russell Investments Group Ltd. boosted its position in T. Rowe Price Group by 11.2% in the 1st quarter. Russell Investments Group Ltd. now owns 40,642 shares of the asset manager’s stock worth $2,771,000 after purchasing an additional 4,086 shares in the last quarter. Chicago Equity Partners LLC boosted its position in T. Rowe Price Group by 4.2% in the 1st quarter. Chicago Equity Partners LLC now owns 6,930 shares of the asset manager’s stock worth $472,000 after purchasing an additional 280 shares in the last quarter. Boston Partners purchased a new stake in T. Rowe Price Group in the 1st quarter worth approximately $557,000. Finally, Capital Management Associates NY purchased a new stake in T. Rowe Price Group in the 1st quarter worth approximately $361,000. Institutional investors own 74.20% of the company’s stock.
Shares of T. Rowe Price Group (NASDAQ TROW) traded up 0.53% on Friday, hitting $84.72. 1,805,408 shares of the company traded hands. The firm’s 50-day moving average is $83.30 and its 200 day moving average is $75.19. The firm has a market capitalization of $20.36 billion, a P/E ratio of 14.55 and a beta of 1.24. T. Rowe Price Group has a 1-year low of $62.97 and a 1-year high of $85.42.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Thursday, September 14th will be issued a dividend of $0.57 per share. The ex-dividend date is Wednesday, September 13th. This represents a $2.28 annualized dividend and a dividend yield of 2.69%. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 39.18%.
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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