T. Rowe Price Group (NASDAQ:TROW) Posts Quarterly Earnings Results, Beats Estimates By $0.10 EPS

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) issued its earnings results on Friday. The asset manager reported $2.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.13 by $0.10, RTT News reports. T. Rowe Price Group had a return on equity of 20.83% and a net margin of 29.61%. The company had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter last year, the company earned $2.38 EPS. The firm's quarterly revenue was up .8% on a year-over-year basis.

T. Rowe Price Group Trading Up 0.6 %

Shares of NASDAQ:TROW traded up $0.54 on Wednesday, reaching $90.70. The company had a trading volume of 573,221 shares, compared to its average volume of 1,472,611. The firm has a market capitalization of $20.16 billion, a PE ratio of 9.90, a PEG ratio of 2.86 and a beta of 1.50. T. Rowe Price Group has a 52-week low of $77.85 and a 52-week high of $125.81. The firm's 50 day simple moving average is $91.27 and its 200-day simple moving average is $106.67.

T. Rowe Price Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were issued a dividend of $1.27 per share. The ex-dividend date was Friday, March 14th. This represents a $5.08 dividend on an annualized basis and a yield of 5.60%. This is a positive change from T. Rowe Price Group's previous quarterly dividend of $1.24. T. Rowe Price Group's dividend payout ratio is currently 57.60%.

Insider Buying and Selling

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,955 shares of the business's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $91.56, for a total transaction of $362,119.80. Following the sale, the director now owns 42,979 shares of the company's stock, valued at approximately $3,935,157.24. The trade was a 8.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Arif Husain sold 4,112 shares of T. Rowe Price Group stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total value of $449,318.24. Following the sale, the vice president now directly owns 36,800 shares of the company's stock, valued at approximately $4,021,136. This represents a 10.05 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

TROW has been the subject of several research analyst reports. The Goldman Sachs Group cut their price target on T. Rowe Price Group from $89.00 to $80.00 and set a "sell" rating for the company in a report on Monday, April 14th. Citigroup lowered their price objective on shares of 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. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $113.00 price target (up previously from $111.00) on shares of T. Rowe Price Group in a report on Thursday, February 6th. TD Cowen decreased their price objective on T. Rowe Price Group from $112.00 to $89.00 and set a "hold" rating on the stock in a research report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. cut their target price on T. Rowe Price Group from $110.00 to $90.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 16th. Four equities research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. According to MarketBeat, T. Rowe Price Group currently has a consensus rating of "Hold" and an average target price of $94.09.

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.