Analysts Anticipate T. Rowe Price Group, Inc. (TROW) Will Announce Quarterly Sales of $1.21 Billion
Wall Street brokerages expect T. Rowe Price Group, Inc. (NASDAQ:TROW) to report sales of $1.21 billion for the current quarter, Zacks reports. Five analysts have made estimates for T. Rowe Price Group’s earnings, with the highest sales estimate coming in at $1.22 billion and the lowest estimate coming in at $1.19 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 11%. The company is scheduled to announce its next earnings results before the market opens on Thursday, October 26th.
According to Zacks, analysts expect that T. Rowe Price Group will report full-year sales of $1.21 billion for the current fiscal year, with estimates ranging from $4.68 billion to $4.78 billion. For the next fiscal year, analysts expect that the company will report sales of $5.00 billion per share, with estimates ranging from $4.83 billion to $5.18 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow T. Rowe Price Group.
T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Tuesday, July 25th. The asset manager reported $1.28 EPS for the quarter, topping the consensus estimate of $1.27 by $0.01. The business 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%. The company’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.76 earnings per share.
A number of analysts have recently weighed in on TROW shares. Barclays PLC started coverage on T. Rowe Price Group in a research note on Friday, September 8th. They issued an “underweight” rating and a $79.00 target price for the company. Jefferies Group LLC restated a “buy” rating and issued a $96.00 target price on shares of T. Rowe Price Group in a research note on Sunday, August 20th. Morgan Stanley upgraded T. Rowe Price Group from an “underweight” rating to an “equal” rating and raised their target price for the company from $77.00 to $93.00 in a research note on Thursday, October 5th. Zacks Investment Research upgraded T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $98.00 target price for the company in a research note on Tuesday, September 26th. Finally, Goldman Sachs Group, Inc. (The) upgraded T. Rowe Price Group from a “neutral” rating to a “buy” rating and raised their target price for the company from $85.00 to $100.00 in a research note on Thursday, September 28th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $87.60.
In related news, insider Jessica M. Hiebler sold 1,000 shares of T. Rowe Price Group stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $84.29, for a total value of $84,290.00. Following the completion of the sale, the insider now directly owns 8,461 shares in the company, valued at $713,177.69. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Anne M. Whittemore sold 4,163 shares of T. Rowe Price Group stock in a transaction dated Friday, September 29th. The stock was sold at an average price of $90.64, for a total value of $377,334.32. Following the completion of the sale, the director now owns 29,070 shares of the company’s stock, valued at $2,634,904.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,924 shares of company stock valued at $3,187,333. Corporate insiders own 3.60% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Bronfman E.L. Rothschild L.P. boosted its holdings in T. Rowe Price Group by 6.9% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,593 shares of the asset manager’s stock worth $118,000 after buying an additional 103 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in T. Rowe Price Group by 5.4% during the second quarter. Quadrant Capital Group LLC now owns 1,749 shares of the asset manager’s stock worth $121,000 after buying an additional 89 shares during the last quarter. Sun Life Financial INC boosted its holdings in T. Rowe Price Group by 19,500.0% during the second quarter. Sun Life Financial INC now owns 1,764 shares of the asset manager’s stock worth $131,000 after buying an additional 1,755 shares during the last quarter. FNY Partners Fund LP bought a new position in T. Rowe Price Group during the first quarter worth about $147,000. Finally, Mckinley Capital Management LLC Delaware bought a new position in T. Rowe Price Group during the second quarter worth about $152,000. Hedge funds and other institutional investors own 73.62% of the company’s stock.
Shares of T. Rowe Price Group (NASDAQ:TROW) opened at 96.86 on Monday. The company has a 50-day moving average of $88.80 and a 200 day moving average of $78.92. T. Rowe Price Group has a 12-month low of $62.97 and a 12-month high of $97.35. The firm has a market cap of $23.28 billion, a P/E ratio of 16.63 and a beta of 1.25.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 28th. Investors of record on Thursday, September 14th were given a $0.57 dividend. The ex-dividend date was Wednesday, September 13th. This represents a $2.28 dividend on an annualized basis and a yield of 2.35%. T. Rowe Price Group’s payout ratio is 39.18%.
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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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