According to Zacks, “T. Rowe Price’s estimates have been increasing lately ahead of its third-quarter 2016 earnings release. It’s planned strategic initiatives like investment in technology and advisory services, along with introduction of new products, should boost long-term growth. Further, the company is likely to benefit from growth opportunities in the domestic and global assets under management (AUM). Also, it remains debt-free with ample liquidity and is focused on boosting shareholders’ confidence via strong capital deployment activities. However, due to several strategic initiatives, management expects the company’s operating expenses growth rate in 2017 to exceed 2016 level, which will hurt bottom-line growth.”
Other equities research analysts also recently issued research reports about the company. Keefe, Bruyette & Woods set a $72.00 price objective on T. Rowe Price Group and gave the company a hold rating in a research report on Saturday. Deutsche Bank AG reaffirmed a buy rating on shares of T. Rowe Price Group in a research report on Sunday, July 10th. Barclays PLC dropped their price objective on T. Rowe Price Group from $78.00 to $76.00 and set an equal weight rating on the stock in a research report on Tuesday, August 9th. JPMorgan Chase & Co. dropped their price objective on T. Rowe Price Group from $75.00 to $65.00 and set an underweight rating on the stock in a research report on Wednesday, July 27th. Finally, Morgan Stanley dropped their price objective on T. Rowe Price Group from $74.00 to $71.00 and set an equal weight rating on the stock in a research report on Thursday, July 28th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. T. Rowe Price Group currently has an average rating of Hold and an average target price of $75.21.
T. Rowe Price Group (NASDAQ:TROW) opened at 65.21 on Tuesday. T. Rowe Price Group has a 12 month low of $63.57 and a 12 month high of $79.00. The firm’s 50-day moving average is $67.06 and its 200-day moving average is $71.56. The company has a market cap of $16.21 billion, a price-to-earnings ratio of 15.71 and a beta of 1.17.
T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.04. T. Rowe Price Group had a return on equity of 22.25% and a net margin of 25.77%. The business had revenue of $1,000 million for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the company earned $1.24 EPS. The business’s revenue was down 2.6% compared to the same quarter last year. On average, analysts anticipate that T. Rowe Price Group will post $4.24 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th were paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend was Tuesday, September 13th. T. Rowe Price Group’s payout ratio is 52.17%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Euclid Advisors LLC purchased a new position in shares of T. Rowe Price Group during the second quarter valued at about $123,000. Quadrant Capital Group LLC raised its stake in T. Rowe Price Group by 2.5% in the second quarter. Quadrant Capital Group LLC now owns 1,711 shares of the company’s stock valued at $119,000 after buying an additional 42 shares during the period. Societe Generale bought a new stake in T. Rowe Price Group during the second quarter valued at approximately $126,000. WFG Advisors LP raised its stake in T. Rowe Price Group by 22.2% in the second quarter. WFG Advisors LP now owns 1,870 shares of the company’s stock valued at $136,000 after buying an additional 340 shares during the period. Finally, Checchi Capital Advisers LLC raised its stake in T. Rowe Price Group by 0.9% in the second quarter. Checchi Capital Advisers LLC now owns 1,958 shares of the company’s stock valued at $143,000 after buying an additional 18 shares during the period. Hedge funds and other institutional investors own 69.61% of the company’s stock.
About T. Rowe Price Group
T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services to individual and institutional investors in the sponsored T. Rowe Price mutual funds distributed in the United States and other investment portfolios. It operates through investment advisory business segment.
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