T. Rowe Price Group, Inc. (NASDAQ:TROW) – Analysts at Jefferies Group raised their Q3 2017 earnings per share estimates for T. Rowe Price Group in a report released on Tuesday. Jefferies Group analyst D. Fannon now expects that the asset manager will post earnings per share of $1.34 for the quarter, up from their previous estimate of $1.30. Jefferies Group has a “Buy” rating and a $104.00 price objective on the stock. Jefferies Group also issued estimates for T. Rowe Price Group’s Q4 2017 earnings at $1.38 EPS, FY2017 earnings at $5.18 EPS and FY2018 earnings at $5.94 EPS.
T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Tuesday, July 25th. The asset manager reported $1.28 EPS for the quarter, beating 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 return on equity of 24.38% and a net margin of 32.64%. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.76 earnings per share.
Several other brokerages have also recently weighed in on TROW. ValuEngine upgraded T. Rowe Price Group from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Zacks Investment Research cut T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Wednesday, September 13th. Wells Fargo & Company restated a “market perform” rating on shares of T. Rowe Price Group in a research note on Thursday, July 27th. BidaskClub upgraded T. Rowe Price Group from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 14th. Finally, Morgan Stanley restated an “underweight” rating and set a $71.00 price objective (up from $70.00) on shares of T. Rowe Price Group in a research note on Tuesday, July 18th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. T. Rowe Price Group currently has an average rating of “Hold” and an average price target of $86.18.
T. Rowe Price Group (NASDAQ:TROW) opened at 92.85 on Thursday. The stock has a market cap of $22.32 billion, a price-to-earnings ratio of 15.94 and a beta of 1.25. T. Rowe Price Group has a 12 month low of $62.97 and a 12 month high of $92.89. The firm’s 50-day moving average price is $86.47 and its 200 day moving average price is $77.63.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 28th. Investors of record on Thursday, September 14th were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend was Wednesday, September 13th. T. Rowe Price Group’s dividend payout ratio is currently 39.18%.
In related news, insider David Oestreicher sold 10,394 shares of the company’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $83.07, for a total transaction of $863,429.58. Following the transaction, the insider now directly owns 82,299 shares of the company’s stock, valued at approximately $6,836,577.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Anne M. Whittemore sold 8,326 shares of the company’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $82.03, for a total value of $682,981.78. Following the transaction, 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. Insiders have sold a total of 36,924 shares of company stock worth $3,187,333 over the last ninety days. 3.60% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in TROW. Bronfman E.L. Rothschild L.P. increased its position in T. Rowe Price Group by 6.9% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,593 shares of the asset manager’s stock valued at $118,000 after buying an additional 103 shares in the last quarter. Quadrant Capital Group LLC increased its position in T. Rowe Price Group by 5.4% during the 2nd quarter. Quadrant Capital Group LLC now owns 1,749 shares of the asset manager’s stock valued at $121,000 after buying an additional 89 shares in the last quarter. Sun Life Financial INC increased its position in T. Rowe Price Group by 19,500.0% during the 2nd quarter. Sun Life Financial INC now owns 1,764 shares of the asset manager’s stock valued at $131,000 after buying an additional 1,755 shares in the last quarter. FNY Partners Fund LP acquired a new position in T. Rowe Price Group during the 1st quarter valued at about $147,000. Finally, Mckinley Capital Management LLC Delaware acquired a new position in T. Rowe Price Group during the 2nd quarter valued at about $152,000. 73.62% of the stock is currently owned by institutional investors.
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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