T. Rowe Price Group, Inc. (TROW) Given Consensus Recommendation of “Hold” by Brokerages
Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) have earned a consensus recommendation of “Hold” from the sixteen research firms that are covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell recommendation, six have given a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $83.00.
Several research analysts have weighed in on the company. ValuEngine upgraded T. Rowe Price Group from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. UBS AG restated a “sell” rating and issued a $63.00 price target (up from $62.00) on shares of T. Rowe Price Group in a research note on Friday, July 14th. Jefferies Group LLC set a $83.00 target price on T. Rowe Price Group and gave the company a “buy” rating in a research report on Tuesday, June 20th. BidaskClub upgraded T. Rowe Price Group from a “buy” rating to a “strong-buy” rating in a research report on Monday, August 14th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $71.00 target price (up from $70.00) on shares of T. Rowe Price Group in a research report on Tuesday, July 18th.
T. Rowe Price Group (TROW) traded up 0.58% on Friday, hitting $90.65. 1,801,362 shares of the company’s stock traded hands. The stock has a market cap of $21.79 billion, a P/E ratio of 15.56 and a beta of 1.24. The stock has a 50 day moving average price of $83.46 and a 200-day moving average price of $75.43. T. Rowe Price Group has a 12 month low of $62.97 and a 12 month high of $91.19.
T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Tuesday, July 25th. The asset manager reported $1.28 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.01. T. Rowe Price Group had a return on equity of 24.38% and a net margin of 32.64%. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the company posted $0.76 EPS. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. Equities analysts predict that T. Rowe Price Group will post $5.65 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 28th. Investors of record on Thursday, September 14th were issued a dividend of $0.57 per share. The ex-dividend date of this dividend was Wednesday, September 13th. This represents a $2.28 annualized dividend and a yield of 2.52%. T. Rowe Price Group’s payout ratio is presently 39.18%.
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In related news, Director Anne M. Whittemore sold 8,326 shares of the stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $82.03, for a total transaction of $682,981.78. Following the sale, the director now owns 28,982 shares in the company, valued at approximately $2,377,393.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jessica M. Hiebler sold 1,000 shares of the stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $84.29, for a total value of $84,290.00. Following the sale, the insider now owns 8,461 shares in the company, valued at approximately $713,177.69. The disclosure for this sale can be found here. Insiders have sold a total of 19,720 shares of company stock worth $1,630,701 in the last 90 days. 3.60% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in T. Rowe Price Group by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 16,576,728 shares of the asset manager’s stock valued at $1,230,159,000 after buying an additional 282,162 shares during the period. BlackRock Inc. raised its holdings in T. Rowe Price Group by 0.4% during the 2nd quarter. BlackRock Inc. now owns 16,440,056 shares of the asset manager’s stock valued at $1,220,017,000 after buying an additional 61,269 shares during the period. State Street Corp raised its holdings in T. Rowe Price Group by 1.9% during the 2nd quarter. State Street Corp now owns 14,511,636 shares of the asset manager’s stock valued at $1,076,913,000 after buying an additional 273,036 shares during the period. JPMorgan Chase & Co. raised its holdings in T. Rowe Price Group by 1.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 11,756,348 shares of the asset manager’s stock valued at $872,439,000 after buying an additional 156,326 shares during the period. Finally, Capital World Investors raised its holdings in T. Rowe Price Group by 235.0% during the 2nd quarter. Capital World Investors now owns 10,512,236 shares of the asset manager’s stock valued at $780,113,000 after buying an additional 7,373,953 shares during the period. Institutional investors own 73.62% of the company’s stock.
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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