Key Points
- Insider sale: T. Rowe Price VP Joshua Nelson sold 10,000 shares for approximately $1.12 million, reducing his holdings by 12.3% to 71,328 shares.
- Strong quarterly results and dividend: The asset manager reported adjusted EPS of $2.57, exceeding estimates, while revenue rose 10.7% year over year. The company declared a quarterly dividend of $1.30 per share, implying a 4.6% annualized yield.
- Cautious analyst outlook: T. Rowe Price has a consensus “Reduce” rating, with 10 analysts at Hold and four at Sell; the average price target is $105.67, below the cited share price of $112.55.
T. Rowe Price Group, Inc. (NASDAQ:TROW - Get Free Report) VP Joshua Nelson sold 10,000 shares of the business's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total value of $1,118,200.00. Following the transaction, the vice president owned 71,328 shares of the company's stock, valued at $7,975,896.96. The trade was a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.
T. Rowe Price Group Stock Performance
TROW opened at $112.55 on Thursday. The firm's fifty day moving average is $114.18 and its two-hundred day moving average is $103.16. The firm has a market cap of $24.01 billion, a PE ratio of 11.29, a price-to-earnings-growth ratio of 3.74 and a beta of 1.47. T. Rowe Price Group, Inc. has a twelve month low of $85.22 and a twelve month high of $122.00.
T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping the consensus estimate of $2.52 by $0.05. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The firm's revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.24 EPS. Equities analysts forecast that T. Rowe Price Group, Inc. will post 10.15 EPS for the current fiscal year.
T. Rowe Price Group Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.6%. T. Rowe Price Group's dividend payout ratio (DPR) is currently 52.16%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the company. TD Private Client Wealth LLC lifted its stake in T. Rowe Price Group by 91.8% in the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager's stock valued at $26,000 after acquiring an additional 123 shares in the last quarter. DV Equities LLC bought a new position in shares of T. Rowe Price Group during the 4th quarter worth approximately $32,000. Motiv8 Investments LLC bought a new position in shares of T. Rowe Price Group during the 4th quarter worth approximately $35,000. Bank & Trust Co grew its stake in shares of T. Rowe Price Group by 52.4% during the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager's stock worth $36,000 after acquiring an additional 108 shares in the last quarter. Finally, Keating Financial Advisory Services Inc. acquired a new stake in shares of T. Rowe Price Group in the second quarter valued at approximately $39,000. 73.39% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities analysts recently issued reports on the company. Evercore set a $118.00 price objective on T. Rowe Price Group in a research report on Monday, August 10th. Weiss Ratings upgraded shares of T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 2nd. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $115.00 price target (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Morgan Stanley set a $116.00 price target on shares of T. Rowe Price Group in a report on Wednesday, July 29th. Finally, The Goldman Sachs Group upped their price target on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a "sell" rating in a report on Tuesday, June 30th. Ten research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and an average price target of $105.67.
Get Our Latest Report on TROW
About T. Rowe Price Group
(
Get Free Report)
T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.
The firm's product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.
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