T. Rowe Price Group, Inc. (TROW) Receives $83.00 Consensus PT from Analysts
T. Rowe Price Group, Inc. (NASDAQ:TROW) has earned a consensus rating of “Hold” from the sixteen analysts that are covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $83.00.
TROW has been the subject of several analyst reports. UBS AG reaffirmed a “sell” rating and set a $63.00 price target (up previously from $62.00) on shares of T. Rowe Price Group in a research note on Friday, July 14th. BidaskClub lowered shares of T. Rowe Price Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 1st. Zacks Investment Research raised shares of T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $98.00 price objective on the stock in a research note on Tuesday, September 26th. Wells Fargo & Company reissued a “market perform” rating on shares of T. Rowe Price Group in a research note on Thursday, July 27th. Finally, ValuEngine upgraded T. Rowe Price Group from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd.
In other news, insider David Oestreicher sold 10,394 shares of the firm’s stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $83.07, for a total transaction of $863,429.58. Following the completion of the sale, the insider now owns 82,299 shares of the company’s stock, valued at approximately $6,836,577.93. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Anne M. Whittemore sold 8,326 shares of the firm’s stock in a transaction that occurred 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 directly owns 28,982 shares of the company’s stock, valued at approximately $2,377,393.46. The disclosure for this sale can be found here. Over the last three months, insiders sold 23,883 shares of company stock worth $2,008,036. Insiders own 3.60% of the company’s stock.
Several large investors have recently added to or reduced their stakes in TROW. Vanguard Group Inc. boosted its stake in T. Rowe Price Group by 1.7% during the second quarter. Vanguard Group Inc. now owns 16,576,728 shares of the asset manager’s stock worth $1,230,159,000 after acquiring an additional 282,162 shares in the last quarter. BlackRock Inc. grew its holdings in T. Rowe Price Group by 0.4% in the second quarter. BlackRock Inc. now owns 16,440,056 shares of the asset manager’s stock worth $1,220,017,000 after purchasing an additional 61,269 shares during the period. State Street Corp grew its holdings in T. Rowe Price Group by 1.9% in the second quarter. State Street Corp now owns 14,511,636 shares of the asset manager’s stock worth $1,076,913,000 after purchasing an additional 273,036 shares during the period. JPMorgan Chase & Co. grew its holdings in T. Rowe Price Group by 1.3% in the second quarter. JPMorgan Chase & Co. now owns 11,756,348 shares of the asset manager’s stock worth $872,439,000 after purchasing an additional 156,326 shares during the period. Finally, Capital World Investors grew its holdings in T. Rowe Price Group by 235.0% in the second quarter. Capital World Investors now owns 10,512,236 shares of the asset manager’s stock worth $780,113,000 after purchasing an additional 7,373,953 shares during the period. Institutional investors own 73.62% of the company’s stock.
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Shares of T. Rowe Price Group (NASDAQ:TROW) remained flat at $90.68 during midday trading on Friday. The company’s stock had a trading volume of 597,982 shares. The stock has a market capitalization of $21.80 billion, a PE ratio of 15.57 and a beta of 1.25. T. Rowe Price Group has a 1-year low of $62.97 and a 1-year high of $91.19. The stock has a 50 day moving average price of $84.75 and a 200-day moving average price of $76.52.
T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Tuesday, July 25th. The asset manager reported $1.28 EPS for the quarter, topping the consensus estimate of $1.27 by $0.01. T. Rowe Price Group had a net margin of 32.64% and a return on equity of 24.38%. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the company earned $0.76 EPS. The firm’s revenue was up 12.1% compared to the same quarter last year. On average, equities research analysts expect that T. Rowe Price Group will post $5.65 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 28th. Shareholders of record on Thursday, September 14th were issued a $0.57 dividend. The ex-dividend date was Wednesday, September 13th. This represents a $2.28 dividend on an annualized basis and a yield of 2.51%. T. Rowe Price Group’s payout ratio is currently 39.18%.
About T. Rowe Price Group
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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