T. Rowe Price Group (NASDAQ:TROW) Releases Quarterly Earnings Results, Beats Expectations By $0.21 EPS

T. Rowe Price Group (NASDAQ:TROW) released its quarterly earnings data on Friday. The asset manager reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.21, Briefing.com reports. The business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.84 billion. T. Rowe Price Group had a return on equity of 19.90% and a net margin of 28.66%. T. Rowe Price Group’s revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $2.17 earnings per share.

T. Rowe Price Group Price Performance

Shares of NASDAQ TROW traded up $2.20 during mid-day trading on Friday, reaching $112.06. 1,739,074 shares of the company’s stock traded hands, compared to its average volume of 1,172,977. The business has a 50-day simple moving average of $108.32 and a 200 day simple moving average of $111.69. The stock has a market cap of $24.94 billion, a P/E ratio of 13.23, a PEG ratio of 1.71 and a beta of 1.41. T. Rowe Price Group has a 1-year low of $90.02 and a 1-year high of $122.27.

T. Rowe Price Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be paid a $1.24 dividend. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.43%. T. Rowe Price Group’s dividend payout ratio (DPR) is 58.56%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on TROW shares. Barclays increased their price objective on shares of T. Rowe Price Group from $99.00 to $101.00 and gave the company an “underweight” rating in a research note on Monday, October 14th. Deutsche Bank Aktiengesellschaft raised their price target on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the stock a “hold” rating in a report on Thursday, August 15th. Evercore ISI upped their price objective on shares of T. Rowe Price Group from $108.00 to $109.00 and gave the company an “in-line” rating in a research note on Friday, October 4th. Wells Fargo & Company boosted their target price on shares of T. Rowe Price Group from $109.00 to $112.00 and gave the company an “equal weight” rating in a report on Wednesday, October 9th. Finally, Morgan Stanley increased their price target on T. Rowe Price Group from $125.00 to $127.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Four equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $113.00.

Insider Buying and Selling

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 484 shares of T. Rowe Price Group stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $104.73, for a total transaction of $50,689.32. Following the completion of the transaction, the insider now owns 13,939 shares in the company, valued at approximately $1,459,831.47. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the transaction, the vice president now directly owns 123,624 shares of the company’s stock, valued at $12,712,255.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jessica M. Hiebler sold 484 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $104.73, for a total transaction of $50,689.32. Following the transaction, the insider now owns 13,939 shares in the company, valued at approximately $1,459,831.47. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

About T. Rowe Price Group

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.