T. Rowe Price Group (NASDAQ:TROW) Issues Earnings Results

Key Points

• T. Rowe Price Group reported quarterly earnings of $2.24 per share, exceeding the consensus estimate of $2.15 by $0.09, with revenues of $1.72 billion matching expectations.
• The company's dividend was declared at $1.27 per share, resulting in an annualized dividend yield of 4.9%, with a payout ratio of 57.60%.
• Despite a 0.6% decline in year-over-year revenue, T. Rowe Price's stock rose 1.2% in response to the earnings report, reaching $102.63.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) announced its quarterly earnings results on Friday. The asset manager reported $2.24 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.09, RTT News reports. The firm had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.72 billion. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.84%. The company's revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.26 EPS.

T. Rowe Price Group Price Performance

NASDAQ:TROW traded down $0.48 during mid-day trading on Tuesday, reaching $105.46. The company's stock had a trading volume of 478,495 shares, compared to its average volume of 1,839,016. The company's fifty day simple moving average is $98.64 and its two-hundred day simple moving average is $98.16. T. Rowe Price Group has a twelve month low of $77.85 and a twelve month high of $125.81. The stock has a market cap of $23.24 billion, a P/E ratio of 11.80, a P/E/G ratio of 3.03 and a beta of 1.47.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend was Friday, June 13th. T. Rowe Price Group's dividend payout ratio (DPR) is presently 56.76%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price target on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the company an "underweight" rating in a research report on Monday. Evercore ISI boosted their price target on shares of T. Rowe Price Group from $106.00 to $110.00 and gave the stock an "in-line" rating in a research note on Monday. Keefe, Bruyette & Woods boosted their price target on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the stock a "market perform" rating in a research note on Monday. Citigroup lowered their price objective on T. Rowe Price Group from $100.00 to $95.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Finally, Barclays upped their price target on T. Rowe Price Group from $91.00 to $95.00 and gave the company an "underweight" rating in a report on Monday. Four research analysts have rated the stock with a sell rating and nine have given a hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $101.09.

Insider Transactions at T. Rowe Price Group

In related news, VP Dorothy C. Sawyer sold 2,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total transaction of $190,860.00. Following the sale, the vice president directly owned 44,789 shares in the company, valued at approximately $4,274,214.27. This trade represents a 4.27% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jessica M. Hiebler sold 968 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $96.98, for a total value of $93,876.64. Following the sale, the insider owned 13,611 shares in the company, valued at approximately $1,319,994.78. The trade was a 6.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On T. Rowe Price Group

An institutional investor recently raised its position in T. Rowe Price Group stock. Focus Partners Wealth lifted its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 10.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,054 shares of the asset manager's stock after acquiring an additional 1,250 shares during the quarter. Focus Partners Wealth's holdings in T. Rowe Price Group were worth $1,199,000 as of its most recent SEC filing. Institutional investors and hedge funds own 73.39% of the company's stock.

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.