T. Rowe Price (NASDAQ:TROW) had its target price lowered by UBS from $125.00 to $117.00 in a report released on Thursday, www.benzinga.com reports. The brokerage currently has a neutral rating on the asset manager’s stock.
Several other research analysts also recently commented on the company. Credit Suisse Group reissued a neutral rating and issued a $123.00 price objective (up from $121.00) on shares of T. Rowe Price in a research note on Thursday, February 22nd. Zacks Investment Research downgraded T. Rowe Price from a hold rating to a sell rating in a research note on Thursday, April 12th. BidaskClub raised T. Rowe Price from a buy rating to a strong-buy rating in a research note on Tuesday, February 27th. Morgan Stanley set a $113.00 target price on T. Rowe Price and gave the stock a hold rating in a research note on Thursday, February 22nd. Finally, TheStreet raised T. Rowe Price from a c+ rating to a b+ rating in a research note on Monday, March 5th. One analyst has rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $113.10.
NASDAQ TROW opened at $121.38 on Thursday. T. Rowe Price has a one year low of $68.30 and a one year high of $123.47. The firm has a market capitalization of $29.43 billion, a P/E ratio of 22.35, a PEG ratio of 1.60 and a beta of 1.21.
T. Rowe Price (NASDAQ:TROW) last posted its quarterly earnings data on Wednesday, April 25th. The asset manager reported $1.74 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.65 by $0.09. T. Rowe Price had a return on equity of 26.93% and a net margin of 31.10%. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the prior year, the company earned $1.18 EPS. The firm’s revenue was up 17.3% compared to the same quarter last year. equities analysts predict that T. Rowe Price will post 7.01 earnings per share for the current year.
T. Rowe Price announced that its Board of Directors has initiated a share repurchase program on Thursday, April 26th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the asset manager to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Thursday, June 14th. T. Rowe Price’s dividend payout ratio (DPR) is presently 51.57%.
Several institutional investors and hedge funds have recently modified their holdings of TROW. Old Mutual Global Investors UK Ltd. increased its position in shares of T. Rowe Price by 1,232.5% during the 1st quarter. Old Mutual Global Investors UK Ltd. now owns 2,023,988 shares of the asset manager’s stock worth $218,529,000 after purchasing an additional 1,872,098 shares during the last quarter. BlackRock Inc. increased its position in shares of T. Rowe Price by 5.2% during the 4th quarter. BlackRock Inc. now owns 17,331,073 shares of the asset manager’s stock worth $1,818,551,000 after purchasing an additional 851,752 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of T. Rowe Price by 142.8% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 993,890 shares of the asset manager’s stock worth $107,313,000 after purchasing an additional 584,490 shares during the last quarter. Element Capital Management LLC acquired a new stake in shares of T. Rowe Price during the 4th quarter worth about $46,024,000. Finally, AGF Investments Inc. acquired a new stake in shares of T. Rowe Price during the 4th quarter worth about $37,809,000. 72.04% of the stock is owned by institutional investors and hedge funds.
About T. Rowe Price
T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.
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