T. Rowe Price Group (NASDAQ:TROW) Posts Earnings Results, Beats Estimates By $0.21 EPS

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

T. Rowe Price Group Price Performance

T. Rowe Price Group stock opened at $112.06 on Monday. The company’s 50 day simple moving average is $108.32 and its 200 day simple moving average is $111.69. T. Rowe Price Group has a fifty-two week low of $90.02 and a fifty-two week high of $122.27. The firm has a market capitalization of $24.94 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 1.71 and a beta of 1.41.

T. Rowe Price Group Announces Dividend

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

Insider Buying and Selling

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the firm’s 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 sale, the vice president now directly owns 123,624 shares in the company, valued at approximately $12,712,255.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the firm’s 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 sale, the vice president now directly owns 123,624 shares in the company, valued at approximately $12,712,255.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jessica M. Hiebler sold 484 shares of T. Rowe Price Group stock in a transaction that occurred on Friday, September 13th. The shares were 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 owns 13,939 shares in the company, valued at $1,459,831.47. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

Analyst Ratings Changes

TROW has been the subject of a number of recent analyst reports. Morgan Stanley increased their target price on shares of T. Rowe Price Group from $125.00 to $127.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. increased their target price on shares of T. Rowe Price Group from $102.00 to $107.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group dropped their target price on shares of T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating for the company in a research report on Thursday, October 3rd. Wells Fargo & Company increased their price objective on shares of 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. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $120.00 price objective (down previously from $121.00) on shares of T. Rowe Price Group in a report on Monday, July 29th. Four research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. Based on data from MarketBeat.com, T. Rowe Price Group presently has an average rating of “Hold” and a consensus target price of $113.00.

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.