Zacks Investment Research cut shares of T. Rowe Price Group (NASDAQ:TROW) from a buy rating to a hold rating in a research report report published on Wednesday.
According to Zacks, “Shares of T. Rowe Price have outperformed the industry over the last six months. The company's earnings surprise history is decent. It has surpassed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. The company’s planned strategic initiatives like investment in technology and advisory services, strengthening distribution platform, along with introduction of products, will likely stoke long-term growth. Further, it remains debt-free with sufficient liquidity and is focused on boosting shareholders’ confidence through steady capital deployment activities. However, given the strategic initiatives, management estimates operating expenses to flare up 11% for 2017. Also, the regulatory pressure across the investment management industry remains another key concern.”
A number of other equities research analysts have also weighed in on the company. UBS boosted their price target on T. Rowe Price Group from $69.00 to $72.00 and gave the stock a sell rating in a research note on Friday, October 27th. Barclays boosted their price target on T. Rowe Price Group from $79.00 to $84.00 and gave the stock an underweight rating in a research note on Friday, October 27th. Citigroup boosted their price target on T. Rowe Price Group from $94.00 to $95.00 and gave the stock a neutral rating in a research note on Friday, October 27th. Jefferies Group restated a buy rating and set a $104.00 price target (up previously from $96.00) on shares of T. Rowe Price Group in a research note on Tuesday, October 10th. Finally, Morgan Stanley upgraded T. Rowe Price Group from an underweight rating to an equal rating and boosted their price target for the stock from $77.00 to $93.00 in a research note on Thursday, October 5th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. T. Rowe Price Group presently has an average rating of Hold and a consensus target price of $89.50.
T. Rowe Price Group (NASDAQ:TROW) traded up $0.15 on Wednesday, reaching $101.79. The company’s stock had a trading volume of 1,173,000 shares, compared to its average volume of 1,669,312. T. Rowe Price Group has a 52 week low of $65.33 and a 52 week high of $104.40. The stock has a market capitalization of $24,628.39, a price-to-earnings ratio of 19.85, a PEG ratio of 1.87 and a beta of 1.32.
T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Thursday, October 26th. The asset manager reported $1.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.36 by $0.20. T. Rowe Price Group had a return on equity of 24.76% and a net margin of 33.10%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the firm earned $1.17 earnings per share. The company’s revenue was up 11.8% on a year-over-year basis. equities analysts anticipate that T. Rowe Price Group will post 5.29 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Thursday, December 14th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend is Wednesday, December 13th. T. Rowe Price Group’s dividend payout ratio (DPR) is 37.38%.
In related news, VP W. Sharps Robert sold 5,000 shares of T. Rowe Price Group stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $98.64, for a total transaction of $493,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kenneth V. Moreland sold 15,082 shares of T. Rowe Price Group stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $99.44, for a total value of $1,499,754.08. Following the sale, the chief financial officer now directly owns 110,182 shares of the company’s stock, valued at approximately $10,956,498.08. The disclosure for this sale can be found here. Insiders have sold 81,705 shares of company stock valued at $7,861,938 in the last ninety days. Corporate insiders own 3.60% of the company’s stock.
Large investors have recently made changes to their positions in the business. Signature Estate & Investment Advisors LLC acquired a new position in T. Rowe Price Group in the third quarter valued at approximately $118,000. Grove Bank & Trust lifted its holdings in 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 acquiring an additional 840 shares during the period. Bronfman E.L. Rothschild L.P. lifted its holdings in T. Rowe Price Group by 6.9% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,593 shares of the asset manager’s stock valued at $118,000 after acquiring an additional 103 shares during the period. Quadrant Capital Group LLC lifted its holdings in T. Rowe Price Group by 5.4% in the second quarter. Quadrant Capital Group LLC now owns 1,749 shares of the asset manager’s stock valued at $121,000 after acquiring an additional 89 shares during the period. Finally, Sun Life Financial INC lifted its holdings in T. Rowe Price Group by 19,500.0% in the second quarter. Sun Life Financial INC now owns 1,764 shares of the asset manager’s stock valued at $131,000 after acquiring an additional 1,755 shares during the period. 72.21% of the stock is owned by institutional investors.
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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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