Zacks Investment Research downgraded shares of T. Rowe Price Group (NASDAQ:TROW) from a buy rating to a hold rating in a research report report published on Monday morning.
According to Zacks, “Shares of T. Rowe Price have outperformed the industry over the past six months. This price performance was backed by the company's impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three out of the trailing four quarters. The company’s planned strategic initiatives, including investment in technology and advisory services, strengthening distribution platform, introduction of products, will likely stoke long-term growth. Further, it remains debt free with sufficient liquidity and is focused on raising shareholders’ confidence through steady capital deployment activities. Escalating expenses and the regulatory pressure across the investment management industry remains another key concern. Nevertheless, robust organic growth and diverse business model keep the company well poised for growth.”
A number of other equities analysts have also recently commented on TROW. Bank of America raised T. Rowe Price Group from a neutral rating to a buy rating and boosted their price target for the stock from $113.00 to $125.00 in a report on Monday, January 8th. UBS Group raised T. Rowe Price Group from a sell rating to a neutral rating and boosted their price target for the stock from $75.00 to $110.00 in a report on Tuesday, January 9th. BidaskClub cut T. Rowe Price Group from a strong-buy rating to a buy rating in a report on Wednesday, January 31st. ValuEngine raised T. Rowe Price Group from a hold rating to a buy rating in a report on Friday, February 2nd. Finally, Morgan Stanley lowered their price target on T. Rowe Price Group from $115.00 to $112.00 and set a hold rating for the company in a report on Tuesday, February 13th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $110.50.
T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Tuesday, January 30th. The asset manager reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.48 by $0.04. T. Rowe Price Group had a return on equity of 25.30% and a net margin of 31.07%. The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the company posted $1.21 EPS. The company’s revenue was up 17.9% compared to the same quarter last year. equities analysts expect that T. Rowe Price Group will post 7.13 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend is Wednesday, March 14th. This is a boost from T. Rowe Price Group’s previous quarterly dividend of $0.57. T. Rowe Price Group’s dividend payout ratio is presently 36.42%.
In other T. Rowe Price Group news, CFO Kenneth V. Moreland sold 8,066 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $104.12, for a total value of $839,831.92. Following the completion of the transaction, the chief financial officer now owns 100,796 shares of the company’s stock, valued at approximately $10,494,879.52. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Christopher D. Alderson sold 91,605 shares of the company’s stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $103.28, for a total value of $9,460,964.40. Following the completion of the transaction, the vice president now directly owns 169,816 shares of the company’s stock, valued at approximately $17,538,596.48. The disclosure for this sale can be found here. 3.60% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Signature Estate & Investment Advisors LLC acquired a new position in T. Rowe Price Group in the 3rd quarter worth about $118,000. Grove Bank & Trust increased its stake in shares of T. Rowe Price Group by 178.7% in the third quarter. Grove Bank & Trust now owns 1,310 shares of the asset manager’s stock valued at $119,000 after buying an additional 840 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of T. Rowe Price Group by 50.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,472 shares of the asset manager’s stock valued at $155,000 after buying an additional 491 shares during the period. Segall Bryant & Hamill LLC acquired a new stake in shares of T. Rowe Price Group in the third quarter valued at about $202,000. Finally, Stock Yards Bank & Trust Co. acquired a new stake in shares of T. Rowe Price Group in the fourth quarter valued at about $205,000. 72.88% of the stock is owned by institutional investors and hedge funds.
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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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