$1.38 Billion in Sales Expected for T. Rowe Price Group Inc (TROW) This Quarter

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Brokerages expect T. Rowe Price Group Inc (NASDAQ:TROW) to announce sales of $1.38 billion for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for T. Rowe Price Group’s earnings, with the highest sales estimate coming in at $1.39 billion and the lowest estimate coming in at $1.37 billion. T. Rowe Price Group posted sales of $1.22 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 13.1%. The company is scheduled to report its next earnings results before the market opens on Thursday, October 25th.

According to Zacks, analysts expect that T. Rowe Price Group will report full year sales of $5.46 billion for the current fiscal year, with estimates ranging from $5.42 billion to $5.49 billion. For the next financial year, analysts forecast that the business will post sales of $5.75 billion, with estimates ranging from $5.59 billion to $5.84 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for T. Rowe Price Group.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Wednesday, July 25th. The asset manager reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.11. T. Rowe Price Group had a return on equity of 28.49% and a net margin of 31.67%. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the company earned $1.28 EPS. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year.

A number of analysts have commented on TROW shares. Zacks Investment Research upgraded T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $137.00 price objective for the company in a research report on Thursday, July 19th. Deutsche Bank reduced their price objective on T. Rowe Price Group from $136.00 to $135.00 and set a “buy” rating for the company in a research report on Thursday, August 16th. BidaskClub downgraded T. Rowe Price Group from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 27th. Morgan Stanley raised their price objective on T. Rowe Price Group from $114.00 to $116.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 12th. Finally, ValuEngine downgraded T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $118.33.

In related news, VP Christopher D. Alderson sold 41,639 shares of the firm’s stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $121.89, for a total transaction of $5,075,377.71. Following the completion of the transaction, the vice president now owns 114,860 shares in the company, valued at approximately $14,000,285.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Freeman A. Hrabowski III sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $121.74, for a total value of $547,830.00. Following the transaction, the director now owns 9,640 shares of the company’s stock, valued at approximately $1,173,573.60. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by company insiders.

Several institutional investors have recently bought and sold shares of TROW. Federated Investors Inc. PA lifted its position in shares of T. Rowe Price Group by 158.4% during the 1st quarter. Federated Investors Inc. PA now owns 6,038 shares of the asset manager’s stock worth $652,000 after buying an additional 3,701 shares during the period. Russell Investments Group Ltd. lifted its position in shares of T. Rowe Price Group by 6.9% during the 1st quarter. Russell Investments Group Ltd. now owns 130,154 shares of the asset manager’s stock worth $14,008,000 after buying an additional 8,452 shares during the period. Sei Investments Co. lifted its position in shares of T. Rowe Price Group by 34.7% during the 1st quarter. Sei Investments Co. now owns 74,524 shares of the asset manager’s stock worth $8,046,000 after buying an additional 19,197 shares during the period. Principal Financial Group Inc. lifted its position in shares of T. Rowe Price Group by 2.0% during the 1st quarter. Principal Financial Group Inc. now owns 402,221 shares of the asset manager’s stock worth $43,428,000 after buying an additional 7,746 shares during the period. Finally, Carillon Tower Advisers Inc. bought a new position in shares of T. Rowe Price Group during the 1st quarter worth approximately $9,063,000. Institutional investors and hedge funds own 70.34% of the company’s stock.

Shares of TROW stock traded up $1.70 during mid-day trading on Friday, reaching $100.21. The stock had a trading volume of 1,995,263 shares, compared to its average volume of 1,404,104. T. Rowe Price Group has a one year low of $90.95 and a one year high of $127.43. The company has a market capitalization of $26.55 billion, a P/E ratio of 18.45, a P/E/G ratio of 1.36 and a beta of 1.19.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Friday, September 14th were given a $0.70 dividend. The ex-dividend date was Thursday, September 13th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.79%. T. Rowe Price Group’s dividend payout ratio is currently 51.57%.

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.

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