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

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

T. Rowe Price Group Stock Performance

Shares of T. Rowe Price Group stock traded up $2.20 during mid-day trading on Friday, hitting $112.06. 1,739,074 shares of the stock were exchanged, compared to its average volume of 1,172,977. The company has a market capitalization of $24.94 billion, a P/E ratio of 13.23, a P/E/G ratio of 1.71 and a beta of 1.41. The company has a 50-day simple moving average of $108.32 and a 200 day simple moving average of $111.69. T. Rowe Price Group has a 12 month low of $90.02 and a 12 month high of $122.27.

T. Rowe Price Group Dividend Announcement

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

Wall Street Analyst Weigh In

TROW has been the topic of several recent research reports. StockNews.com downgraded T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Monday, July 29th. TD Cowen dropped their price target 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. Wells Fargo & Company increased their price target on T. Rowe Price Group from $109.00 to $112.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 9th. Morgan Stanley boosted their price objective on T. Rowe Price Group from $125.00 to $127.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Finally, Barclays lifted their target price on T. Rowe Price Group from $99.00 to $101.00 and gave the stock an “underweight” rating in a report on Monday, October 14th. Four equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $113.00.

Insider Activity at T. Rowe Price Group

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

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.