FY2017 EPS Estimates for T. Rowe Price Group Inc (TROW) Increased by Jefferies Group
T. Rowe Price Group Inc (NASDAQ:TROW) – Research analysts at Jefferies Group upped their FY2017 earnings per share (EPS) estimates for shares of T. Rowe Price Group in a report released on Wednesday. Jefferies Group analyst D. Fannon now expects that the asset manager will post earnings of $5.28 per share for the year, up from their previous estimate of $5.18. 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 $1.37 EPS, Q1 2018 earnings at $1.59 EPS, Q2 2018 earnings at $1.79 EPS, Q3 2018 earnings at $1.86 EPS, Q4 2018 earnings at $1.86 EPS, FY2018 earnings at $7.10 EPS and FY2019 earnings at $7.67 EPS.
T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Thursday, October 26th. The asset manager reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.20. T. Rowe Price Group had a return on equity of 24.76% and a net margin of 33.10%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the prior year, the firm earned $1.17 EPS. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year.
Shares of T. Rowe Price Group (NASDAQ TROW) opened at $115.35 on Friday. T. Rowe Price Group has a twelve month low of $65.33 and a twelve month high of $115.62. The stock has a market capitalization of $27,395.57, a price-to-earnings ratio of 18.91, a P/E/G ratio of 1.60 and a beta of 1.32.
Hedge funds have recently modified their holdings of the company. Signature Estate & Investment Advisors LLC bought a new position in shares of T. Rowe Price Group during the third quarter worth about $118,000. Grove Bank & Trust lifted its holdings in T. Rowe Price Group by 178.7% in the third quarter. Grove Bank & Trust now owns 1,310 shares of the asset manager’s stock worth $119,000 after acquiring an additional 840 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in T. Rowe Price Group by 5.4% in the second quarter. Quadrant Capital Group LLC now owns 1,749 shares of the asset manager’s stock worth $121,000 after acquiring an additional 89 shares during the last quarter. Sun Life Financial INC lifted its holdings in T. Rowe Price Group by 19,500.0% in the second quarter. Sun Life Financial INC now owns 1,764 shares of the asset manager’s stock worth $131,000 after acquiring an additional 1,755 shares during the last quarter. Finally, Mckinley Capital Management LLC Delaware bought a new position in T. Rowe Price Group in the second quarter worth about $152,000. 72.38% of the stock is currently owned by institutional investors and hedge funds.
In other news, CFO Kenneth V. Moreland sold 14,419 shares of the stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $97.07, for a total transaction of $1,399,652.33. Following the transaction, the chief financial officer now owns 125,264 shares of the company’s stock, valued at $12,159,376.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William J. Stromberg sold 30,000 shares of the stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $97.09, for a total transaction of $2,912,700.00. Following the transaction, the chief executive officer now directly owns 534,077 shares in the company, valued at approximately $51,853,535.93. The disclosure for this sale can be found here. Insiders have sold 204,980 shares of company stock worth $20,776,729 in the last ninety days. Corporate insiders own 3.60% of the company’s stock.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 28th. Shareholders of record on Thursday, December 14th were given a $0.57 dividend. The ex-dividend date was Wednesday, December 13th. This represents a $2.28 dividend on an annualized basis and a yield of 1.98%. T. Rowe Price Group’s payout ratio is currently 37.38%.
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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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