Wall Street analysts expect that T. Rowe Price (NASDAQ:TROW) will announce $1.32 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for T. Rowe Price’s earnings. The highest sales estimate is $1.33 billion and the lowest is $1.32 billion. T. Rowe Price reported sales of $1.17 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 12.8%. The firm is scheduled to report its next quarterly earnings report on Tuesday, July 24th.
On average, analysts expect that T. Rowe Price will report full-year sales of $5.37 billion for the current fiscal year, with estimates ranging from $5.34 billion to $5.42 billion. For the next financial year, analysts forecast that the business will post sales of $5.62 billion per share, with estimates ranging from $5.46 billion to $5.79 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow T. Rowe Price.
T. Rowe Price (NASDAQ:TROW) last released its quarterly earnings results on Wednesday, April 25th. The asset manager reported $1.74 earnings per share for the quarter, beating the consensus estimate of $1.65 by $0.09. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.28 billion. T. Rowe Price had a return on equity of 26.93% and a net margin of 31.10%. The company’s revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.18 EPS.
TROW has been the topic of several research analyst reports. Credit Suisse Group reissued a “neutral” rating and set a $123.00 price target (up from $121.00) on shares of T. Rowe Price in a report on Thursday, February 22nd. Zacks Investment Research cut T. Rowe Price from a “hold” rating to a “sell” rating in a report on Thursday, April 12th. BidaskClub raised T. Rowe Price from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 27th. Morgan Stanley set a $113.00 price target on T. Rowe Price and gave the company a “hold” rating in a report on Thursday, February 22nd. Finally, TheStreet raised T. Rowe Price from a “c+” rating to a “b+” rating in a report on Monday, March 5th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $113.10.
Large investors have recently bought and sold shares of the company. Signaturefd LLC purchased a new stake in shares of T. Rowe Price in the 1st quarter worth $111,000. Perigon Wealth Management LLC increased its stake in T. Rowe Price by 57.5% in the 1st quarter. Perigon Wealth Management LLC now owns 1,284 shares of the asset manager’s stock worth $139,000 after buying an additional 469 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in T. Rowe Price by 50.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,472 shares of the asset manager’s stock worth $155,000 after buying an additional 491 shares in the last quarter. Synovus Financial Corp purchased a new stake in T. Rowe Price in the 1st quarter worth $198,000. Finally, Bailard Inc. purchased a new stake in T. Rowe Price in the 1st quarter worth $200,000. Hedge funds and other institutional investors own 72.04% of the company’s stock.
Shares of NASDAQ TROW traded down $0.17 during midday trading on Monday, hitting $121.38. 764,000 shares of the stock traded hands, compared to its average volume of 1,641,900. The stock has a market capitalization of $29.70 billion, a price-to-earnings ratio of 22.26, a PEG ratio of 1.62 and a beta of 1.21. T. Rowe Price has a one year low of $68.30 and a one year high of $123.47.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be paid a $0.70 dividend. The ex-dividend date is Thursday, June 14th. This represents a $2.80 annualized dividend and a dividend yield of 2.31%. T. Rowe Price’s dividend payout ratio (DPR) is 51.57%.
T. Rowe Price announced that its board has approved a stock repurchase program on Thursday, April 26th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the asset manager to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
T. Rowe Price Company Profile
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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