T. Rowe Price Group (NASDAQ:TROW) Issues Quarterly Earnings Results

T. Rowe Price Group (NASDAQ:TROW) released its earnings results on Friday. The asset manager reported $2.57 EPS for the quarter, topping the consensus estimate of $2.36 by $0.21, Briefing.com reports. The firm had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.84 billion. T. Rowe Price Group had a return on equity of 19.90% and a net margin of 28.66%. T. Rowe Price Group’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.17 EPS.

T. Rowe Price Group Price Performance

Shares of TROW stock traded up $2.20 during midday trading on Friday, reaching $112.06. 1,739,074 shares of the company traded hands, compared to its average volume of 1,172,977. The firm’s 50 day simple moving average is $108.32 and its two-hundred day simple moving average is $111.69. The firm has a market cap of $24.94 billion, a PE ratio of 13.23, a price-to-earnings-growth ratio of 1.71 and a beta of 1.41. T. Rowe Price Group has a 1-year low of $90.02 and a 1-year high of $122.27.

T. Rowe Price Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be given a dividend of $1.24 per share. This represents a $4.96 annualized dividend and a yield of 4.43%. T. Rowe Price Group’s payout ratio is currently 58.56%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on TROW shares. Evercore ISI lifted their price target on shares of T. Rowe Price Group from $108.00 to $109.00 and gave the stock an “in-line” rating in a research note on Friday, October 4th. Morgan Stanley upped their price target on shares of T. Rowe Price Group from $125.00 to $127.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. TD Cowen lowered their price objective on shares of T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating on the stock in a research report on Monday, July 29th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $120.00 price objective (down from $121.00) on shares of T. Rowe Price Group in a research note on Monday, July 29th. Finally, Barclays increased their target price on shares of T. Rowe Price Group from $99.00 to $101.00 and gave the stock an “underweight” rating in a research note on Monday, October 14th. Four research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $113.00.

Insider Buying and Selling

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 484 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $104.73, for a total value of $50,689.32. Following the sale, the insider now owns 13,939 shares of the company’s stock, valued at $1,459,831.47. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 484 shares of T. Rowe Price Group stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $104.73, for a total value of $50,689.32. Following the completion of the sale, the insider now directly owns 13,939 shares of the company’s stock, valued at approximately $1,459,831.47. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $102.83, for a total value of $1,230,772.27. Following the completion of the transaction, the vice president now owns 123,624 shares of the company’s stock, valued at $12,712,255.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

About T. Rowe Price Group

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.