T. Rowe Price Group (NASDAQ:TROW) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

T. Rowe Price Group (NASDAQ:TROW) posted its quarterly earnings data on Friday. The asset manager reported $2.26 EPS for the quarter, missing the consensus estimate of $2.27 by ($0.01), Briefing.com reports. T. Rowe Price Group had a net margin of 29.09% and a return on equity of 19.70%. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.79 billion. During the same period in the prior year, the company posted $2.02 earnings per share. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year.

T. Rowe Price Group Stock Performance

Shares of TROW stock opened at $112.08 on Monday. T. Rowe Price Group has a fifty-two week low of $87.43 and a fifty-two week high of $132.76. The company has a 50 day moving average price of $116.47 and a 200 day moving average price of $114.14. The stock has a market capitalization of $25.03 billion, a P/E ratio of 13.31, a price-to-earnings-growth ratio of 1.63 and a beta of 1.42.

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Friday, June 14th were issued a dividend of $1.24 per share. This represents a $4.96 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date of this dividend was Friday, June 14th. T. Rowe Price Group’s dividend payout ratio (DPR) is 58.91%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on TROW. Citigroup upped their price target on T. Rowe Price Group from $110.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, April 5th. UBS Group lifted their price target 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. Morgan Stanley upped their price objective on shares of 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. JPMorgan Chase & Co. lifted their target price on shares of T. Rowe Price Group from $102.00 to $107.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 23rd. Finally, TD Cowen boosted their target price on shares of T. Rowe Price Group from $121.00 to $123.00 and gave the company a “hold” rating in a report on Monday, July 8th. Four analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $113.50.

Insider Transactions at T. Rowe Price Group

In other news, VP Dorothy C. Sawyer sold 2,000 shares of the business’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $117.00, for a total transaction of $234,000.00. Following the completion of the transaction, the vice president now directly owns 34,710 shares of the company’s stock, valued at $4,061,070. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Jessica M. Hiebler sold 1,401 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $115.85, for a total value of $162,305.85. Following the completion of the transaction, the insider now owns 14,198 shares in the company, valued at approximately $1,644,838.30. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Dorothy C. Sawyer sold 2,000 shares of the business’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total value of $234,000.00. Following the completion of the sale, the vice president now directly owns 34,710 shares of the company’s stock, valued at $4,061,070. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

A number of institutional investors have recently modified their holdings of TROW. HB Wealth Management LLC increased its stake in T. Rowe Price Group by 21.4% in the second quarter. HB Wealth Management LLC now owns 2,277 shares of the asset manager’s stock valued at $263,000 after purchasing an additional 402 shares during the period. 1834 Investment Advisors Co. grew its holdings in shares of T. Rowe Price Group by 238.2% during the second quarter. 1834 Investment Advisors Co. now owns 23,518 shares of the asset manager’s stock worth $2,712,000 after buying an additional 16,564 shares during the last quarter. Kintegral Advisory LLC increased its position in T. Rowe Price Group by 22.0% in the 2nd quarter. Kintegral Advisory LLC now owns 36,005 shares of the asset manager’s stock valued at $4,152,000 after acquiring an additional 6,504 shares during the period. Trajan Wealth LLC raised its stake in T. Rowe Price Group by 2.5% during the 2nd quarter. Trajan Wealth LLC now owns 11,794 shares of the asset manager’s stock valued at $1,360,000 after acquiring an additional 288 shares during the last quarter. Finally, ABLE Financial Group LLC lifted its position in T. Rowe Price Group by 7.5% during the 2nd quarter. ABLE Financial Group LLC now owns 17,555 shares of the asset manager’s stock worth $2,024,000 after acquiring an additional 1,219 shares during the period. 73.39% of the stock is owned by institutional investors and hedge funds.

T. Rowe Price Group 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.