T. Rowe Price Group Inc (NASDAQ:TROW) – Equities researchers at William Blair issued their FY2019 EPS estimates for T. Rowe Price Group in a report released on Monday. William Blair analyst C. Shutler anticipates that the asset manager will post earnings of $7.30 per share for the year.
Other equities research analysts have also issued research reports about the company. Bank of America upgraded T. Rowe Price Group from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $113.00 to $125.00 in a research report on Monday, January 8th. Zacks Investment Research upgraded T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $118.00 price objective on the stock in a research report on Wednesday, December 27th. Goldman Sachs Group upgraded T. Rowe Price Group from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $85.00 to $100.00 in a research report on Thursday, September 28th. Jefferies Group restated a “buy” rating and issued a $104.00 price objective (up previously from $96.00) on shares of T. Rowe Price Group in a research report on Tuesday, October 10th. Finally, Morgan Stanley raised T. Rowe Price Group from an “underweight” rating to an “equal” rating and upped their target price for the stock from $77.00 to $93.00 in a research note on Thursday, October 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $98.70.
T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Thursday, October 26th. The asset manager reported $1.56 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.36 by $0.20. T. Rowe Price Group had a return on equity of 24.76% and a net margin of 33.10%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the firm posted $1.17 EPS. The business’s quarterly revenue was up 11.8% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, December 28th. Stockholders of record on Thursday, December 14th were paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 1.93%. The ex-dividend date was Wednesday, December 13th. T. Rowe Price Group’s payout ratio is 37.32%.
In related news, Director Freeman A. Hrabowski III sold 4,000 shares of the stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $101.59, for a total value of $406,360.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kenneth V. Moreland sold 14,419 shares of the stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $97.07, for a total value of $1,399,652.33. Following the completion of the transaction, the chief financial officer now directly owns 125,264 shares of the company’s stock, valued at $12,159,376.48. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 204,980 shares of company stock valued at $20,776,729. Corporate insiders own 3.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of TROW. Capital World Investors raised its stake in T. Rowe Price Group by 235.0% in the 2nd quarter. Capital World Investors now owns 10,512,236 shares of the asset manager’s stock valued at $780,113,000 after purchasing an additional 7,373,953 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in T. Rowe Price Group by 526.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,774,796 shares of the asset manager’s stock valued at $131,707,000 after purchasing an additional 1,491,425 shares during the last quarter. Prudential Financial Inc. raised its stake in T. Rowe Price Group by 94.1% in the 3rd quarter. Prudential Financial Inc. now owns 709,261 shares of the asset manager’s stock valued at $64,295,000 after purchasing an additional 343,926 shares during the last quarter. Mackenzie Financial Corp acquired a new position in T. Rowe Price Group in the 3rd quarter valued at $28,685,000. Finally, Koch Industries Inc. acquired a new position in T. Rowe Price Group in the 2nd quarter valued at $304,000. 72.43% of the stock is owned by hedge funds and other institutional investors.
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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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