T. Rowe Price Group (NASDAQ:TROW) Posts Quarterly Earnings Results, Beats Estimates By $0.34 EPS

T. Rowe Price Group (NASDAQ:TROW) posted its quarterly earnings results on Friday. The asset manager reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.34, RTT News reports. T. Rowe Price Group had a return on equity of 19.80% and a net margin of 29.09%. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same period last year, the company earned $1.69 EPS. The firm’s revenue was up 13.8% on a year-over-year basis.

T. Rowe Price Group Price Performance

TROW opened at $114.02 on Monday. The business’s 50-day moving average price is $115.10 and its two-hundred day moving average price is $107.10. T. Rowe Price Group has a 1 year low of $87.43 and a 1 year high of $132.76. The company has a market capitalization of $25.50 billion, a price-to-earnings ratio of 13.54, a P/E/G ratio of 2.14 and a beta of 1.40.

T. Rowe Price Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $1.24 per share. The ex-dividend date was Thursday, March 14th. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $1.22. This represents a $4.96 annualized dividend and a yield of 4.35%. T. Rowe Price Group’s payout ratio is currently 58.91%.

Insider Buying and Selling at T. Rowe Price Group

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 1,138 shares of T. Rowe Price Group stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $107.13, for a total value of $121,913.94. Following the sale, the insider now owns 14,113 shares of the company’s stock, valued at approximately $1,511,925.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Jessica M. Hiebler sold 1,138 shares of T. Rowe Price Group stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $107.13, for a total value of $121,913.94. Following the sale, the insider now owns 14,113 shares of the company’s stock, valued at $1,511,925.69. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Freeman A. Hrabowski III sold 8,740 shares of T. Rowe Price Group stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $118.32, for a total value of $1,034,116.80. Following the completion of the sale, the director now directly owns 21,073 shares in the company, valued at approximately $2,493,357.36. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TROW. JPMorgan Chase & Co. raised their price target on T. Rowe Price Group from $94.00 to $103.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 16th. StockNews.com lowered T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Morgan Stanley raised their price target on T. Rowe Price Group from $114.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 17th. TD Cowen upgraded T. Rowe Price Group from a “sell” rating to a “hold” rating and raised their price target for the stock from $92.00 to $114.00 in a research report on Monday, April 8th. Finally, UBS Group lifted their target price on T. Rowe Price Group from $100.00 to $109.00 and gave the stock a “sell” rating in a report on Friday, April 12th. Four equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $112.67.

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.