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. It employs fundamental and quantitative analysis with a bottom-up approach. The firm utilizes in-house and external research to make its investments. It employs socially responsible investing with a focus on environmental, social, and governance issues. It makes investment in late-stage venture capital transactions and usually invests between $3 million and $5 million. The firm was previously known as T. Rowe Group, Inc. and T. Rowe Price Associates, Inc. T. Rowe Price Group, Inc. was founded in 1937 and is based in Baltimore, Maryland, with additional offices in Colorado Springs, Colorado; Owings Mills, Maryland; San Francisco, California; New York, New York; Philadelphia, Pennsylvania; Tampa, Florida; Toronto, Ontario; Hellerup, Denmark; Amsterdam, The Netherlands; Luxembourg, Grand Duchy of Luxembourg; Zurich, Switzerland; Dubai, United Arab Emirates; London, United Kingdom; Sydney, New South Wales; Hong Kong; Tokyo, Japan; Singapore; Frankfurt, Germany, Madrid, Spain, Milan, Italy, Stockholm, Sweden, Melbourne, Australia, and Amsterdam, Netherlands.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on TROW. JPMorgan Chase & Co. reduced their target price on shares of T. Rowe Price Group from $117.00 to $94.00 and set an "underweight" rating for the company in a research report on Monday, July 18th. TheStreet cut shares of T. Rowe Price Group from a "b-" rating to a "c" rating in a research report on Wednesday, July 13th. Citigroup reduced their target price on shares of T. Rowe Price Group from $110.00 to $90.00 in a research report on Friday, April 29th. BMO Capital Markets cut their price objective on shares of T. Rowe Price Group from $135.00 to $115.00 in a research report on Monday, August 1st. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of T. Rowe Price Group from $120.00 to $138.00 and gave the stock a "hold" rating in a research report on Friday, August 12th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $132.30.
T. Rowe Price Group Stock Down 2.4 %
Shares of TROW Stock traded down $3.14 on Wednesday, reaching $129.00. The company had a trading volume of 11,110 shares, compared to its average volume of 1,504,668. The stock has a market capitalization of $29.11 billion, a PE ratio of 12.75, a price-to-earnings-growth ratio of 2.70 and a beta of 1.30. T. Rowe Price Group has a one year low of $104.72 and a one year high of $224.55. The business's 50-day moving average is $118.51 and its 200 day moving average is $131.49.
T. Rowe Price Group (NASDAQ:TROW - Get Rating) last posted its earnings results on Thursday, July 28th. The asset manager reported $1.79 EPS for the quarter, missing analysts' consensus estimates of $2.64 by ($0.85). T. Rowe Price Group had a return on equity of 28.18% and a net margin of 33.26%. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period last year, the company posted $3.31 EPS. The firm's revenue was down 20.4% compared to the same quarter last year. On average, sell-side analysts forecast that T. Rowe Price Group will post 8.27 earnings per share for the current fiscal year.
T. Rowe Price Group Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th will be paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 3.72%. The ex-dividend date is Wednesday, September 14th. T. Rowe Price Group's dividend payout ratio is currently 46.33%.
Insider Activity
In other news, VP Andrew Justin Mackenzi Thomson sold 11,891 shares of the company's stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $126.91, for a total value of $1,509,086.81. Following the completion of the transaction, the vice president now owns 136,410 shares of the company's stock, valued at $17,311,793.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 959 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $124.57, for a total transaction of $119,462.63. Following the completion of the sale, the insider now owns 12,183 shares of the company's stock, valued at approximately $1,517,636.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Andrew Justin Mackenzi Thomson sold 11,891 shares of the stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $126.91, for a total value of $1,509,086.81. Following the transaction, the vice president now owns 136,410 shares in the company, valued at $17,311,793.10. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.
