William Blair Brokers Raise Earnings Estimates for T. Rowe Price Group, Inc. (TROW)
T. Rowe Price Group, Inc. (NASDAQ:TROW) – Equities research analysts at William Blair boosted their Q4 2017 earnings per share estimates for shares of T. Rowe Price Group in a research note issued on Thursday. William Blair analyst C. Shutler now anticipates that the asset manager will earn $1.43 per share for the quarter, up from their previous forecast of $1.30.
A number of other brokerages also recently issued reports on TROW. Jefferies Group LLC reaffirmed a “buy” rating and set a $104.00 price target (up from $96.00) on shares of T. Rowe Price Group in a research report on Tuesday, October 10th. Morgan Stanley raised T. Rowe Price Group from an “underweight” rating to an “equal” rating and upped their price target for the stock from $77.00 to $93.00 in a research report on Thursday, October 5th. Goldman Sachs Group, Inc. (The) raised T. Rowe Price Group from a “neutral” rating to a “buy” rating and upped their price target for the stock from $85.00 to $100.00 in a research report on Thursday, September 28th. Zacks Investment Research raised T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $98.00 price target on the stock in a research report on Tuesday, September 26th. Finally, Citigroup Inc. upped their price target on T. Rowe Price Group from $73.50 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 26th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $87.60.
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Shares of T. Rowe Price Group (NASDAQ:TROW) opened at 96.86 on Monday. The company has a 50 day moving average price of $88.80 and a 200 day moving average price of $78.92. The stock has a market cap of $23.28 billion, a P/E ratio of 16.63 and a beta of 1.25. T. Rowe Price Group has a 1-year low of $62.97 and a 1-year high of $97.35.
T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Tuesday, July 25th. The asset manager reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.01. T. Rowe Price Group had a return on equity of 24.38% and a net margin of 32.64%. 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 company earned $0.76 EPS. The business’s revenue was up 12.1% compared to the same quarter last year.
A number of large investors have recently bought and sold shares of TROW. TLP Group LLC purchased a new stake in T. Rowe Price Group in the first quarter valued at $381,000. Birinyi Associates Inc purchased a new stake in T. Rowe Price Group in the first quarter valued at $232,000. Stratos Wealth Partners LTD. purchased a new stake in T. Rowe Price Group in the first quarter valued at $221,000. Partners Value Investments LP purchased a new stake in T. Rowe Price Group in the first quarter valued at $2,870,000. Finally, Homrich & Berg boosted its holdings in T. Rowe Price Group by 10.6% in the first quarter. Homrich & Berg now owns 7,647 shares of the asset manager’s stock valued at $521,000 after purchasing an additional 736 shares during the last quarter. 73.62% of the stock is currently owned by institutional investors.
In other T. Rowe Price Group news, CFO Kenneth V. Moreland sold 13,041 shares of the company’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $90.43, for a total value of $1,179,297.63. Following the sale, the chief financial officer now directly owns 135,028 shares of the company’s stock, valued at $12,210,582.04. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Anne M. Whittemore sold 8,326 shares of the company’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $82.03, for a total transaction of $682,981.78. Following the completion of the sale, the director now directly owns 28,982 shares in the company, valued at $2,377,393.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,924 shares of company stock worth $3,187,333. 3.60% of the stock is owned by corporate insiders.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 28th. Shareholders of record on Thursday, September 14th were issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.35%. The ex-dividend date was Wednesday, September 13th. T. Rowe Price Group’s payout ratio is 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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