T. Rowe Price Group Inc (NASDAQ:TROW) – Equities research analysts at William Blair increased their Q4 2018 EPS estimates for T. Rowe Price Group in a research note issued to investors on Monday. William Blair analyst C. Shutler now anticipates that the asset manager will post earnings per share of $1.74 for the quarter, up from their previous estimate of $1.73.
TROW has been the topic of several other reports. Bank of America raised shares of T. Rowe Price Group from a “neutral” rating to a “buy” rating and upped their price objective for the company from $113.00 to $125.00 in a report on Monday, January 8th. BidaskClub raised shares of T. Rowe Price Group from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 27th. Morgan Stanley set a $113.00 price objective on shares of T. Rowe Price Group and gave the company a “hold” rating in a report on Thursday, February 22nd. Zacks Investment Research raised shares of T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $118.00 price objective on the stock in a report on Wednesday, December 27th. Finally, TheStreet raised shares of T. Rowe Price Group from a “c+” rating to a “b+” rating in a report on Monday, March 5th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $110.50.
T. Rowe Price Group (NASDAQ:TROW) traded up $1.16 during mid-day trading on Wednesday, hitting $116.57. 600,542 shares of the stock traded hands, compared to its average volume of 1,685,885. The stock has a market cap of $28,251.01, a P/E ratio of 21.27, a P/E/G ratio of 1.31 and a beta of 1.22. T. Rowe Price Group has a fifty-two week low of $66.70 and a fifty-two week high of $120.07.
T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Tuesday, January 30th. The asset manager reported $1.52 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.48 by $0.04. T. Rowe Price Group had a net margin of 31.07% and a return on equity of 25.30%. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the prior year, the business posted $1.21 EPS. T. Rowe Price Group’s revenue for the quarter was up 17.9% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be issued a dividend of $0.70 per share. The ex-dividend date is Wednesday, March 14th. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $0.57. This represents a $2.80 dividend on an annualized basis and a yield of 2.40%. T. Rowe Price Group’s dividend payout ratio is 46.90%.
In related news, VP Christopher D. Alderson sold 91,605 shares of the stock in a transaction on Monday, December 18th. The shares were sold at an average price of $103.28, for a total transaction of $9,460,964.40. Following the sale, the vice president now directly owns 169,816 shares of the company’s stock, valued at $17,538,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kenneth V. Moreland sold 8,066 shares of the stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $104.12, for a total transaction of $839,831.92. Following the sale, the chief financial officer now directly owns 100,796 shares in the company, valued at $10,494,879.52. The disclosure for this sale can be found here. Corporate insiders own 3.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in TROW. Global X MANAGEMENT CO LLC boosted its holdings in T. Rowe Price Group by 14.2% during the third quarter. Global X MANAGEMENT CO LLC now owns 5,888 shares of the asset manager’s stock worth $534,000 after buying an additional 733 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH purchased a new position in T. Rowe Price Group during the third quarter valued at $3,148,000. New York State Common Retirement Fund lifted its holdings in T. Rowe Price Group by 0.4% during the third quarter. New York State Common Retirement Fund now owns 688,700 shares of the asset manager’s stock valued at $62,431,000 after purchasing an additional 2,800 shares in the last quarter. Toronto Dominion Bank lifted its holdings in T. Rowe Price Group by 11.4% during the third quarter. Toronto Dominion Bank now owns 91,796 shares of the asset manager’s stock valued at $8,321,000 after purchasing an additional 9,392 shares in the last quarter. Finally, First National Trust Co. lifted its holdings in T. Rowe Price Group by 9.8% during the third quarter. First National Trust Co. now owns 18,134 shares of the asset manager’s stock valued at $1,644,000 after purchasing an additional 1,620 shares in the last quarter. 72.88% of the stock is currently owned by hedge funds and other institutional investors.
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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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