T. Rowe Price Group (NASDAQ:TROW) Issues 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 net margin of 27.69% and a return on equity of 18.41%. The firm had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the business posted $1.69 earnings per share. The company’s quarterly revenue was up 13.8% compared to the same quarter last year.

T. Rowe Price Group Price Performance

Shares of NASDAQ:TROW traded up $5.66 during trading hours on Friday, hitting $114.49. The company’s stock had a trading volume of 1,835,052 shares, compared to its average volume of 1,428,724. The firm’s fifty day moving average price is $115.00 and its 200 day moving average price is $107.00. T. Rowe Price Group has a 52 week low of $87.43 and a 52 week high of $132.76. The company has a market capitalization of $25.60 billion, a price-to-earnings ratio of 14.02, a P/E/G ratio of 2.08 and a beta of 1.40.

T. Rowe Price Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $1.24 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This is a boost from T. Rowe Price Group’s previous quarterly dividend of $1.22. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.33%. T. Rowe Price Group’s dividend payout ratio is presently 63.92%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Keefe, Bruyette & Woods raised shares of T. Rowe Price Group from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $106.00 to $120.00 in a research report on Thursday, April 11th. StockNews.com cut shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. TD Cowen raised T. Rowe Price Group from a “sell” rating to a “hold” rating and raised their target price for the stock from $92.00 to $114.00 in a research report on Monday, April 8th. 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. Finally, Morgan Stanley boosted their price objective on T. Rowe Price Group from $114.00 to $125.00 and gave the company an “equal weight” rating in a report on Wednesday, April 17th. Four analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $112.67.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 1,138 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $107.13, for a total transaction of $121,913.94. Following the completion of the transaction, the insider now directly owns 14,113 shares of the company’s stock, valued at approximately $1,511,925.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Jessica M. Hiebler sold 1,138 shares of T. Rowe Price Group stock in a transaction on Friday, February 9th. The shares were 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 filing with the Securities & Exchange Commission, 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 on Friday, March 8th. The shares were sold at an average price of $118.32, for a total transaction 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. Insiders own 2.00% of the company’s stock.

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.