Zacks Investment Research upgraded shares of T. Rowe Price Group (NASDAQ:TROW) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. They currently have $118.00 price target on the asset manager’s stock.
According to Zacks, “Shares of T. Rowe Price have outperformed the industry over the last six months. The company's earnings surprise history is decent. It has surpassed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. The company’s planned strategic initiatives like investment in technology and advisory services, strengthening distribution platform, along with introduction of products, will likely stoke long-term growth. Further, it remains debt-free with sufficient liquidity and is focused on boosting shareholders’ confidence through steady capital deployment activities. However, given the strategic initiatives, management estimates operating expenses to flare up 11% for 2017. Also, the regulatory pressure across the investment management industry remains another key concern.”
A number of other equities analysts also recently weighed in on TROW. Goldman Sachs Group raised shares of T. Rowe Price Group from a neutral rating to a buy rating and upped their price target for the stock from $85.00 to $100.00 in a research note on Thursday, September 28th. Barclays assumed coverage on shares of T. Rowe Price Group in a research note on Friday, September 8th. They issued an underweight rating and a $79.00 price target on the stock. Morgan Stanley raised shares of T. Rowe Price Group from an underweight rating to an equal rating and upped their price target for the stock from $77.00 to $93.00 in a research note on Thursday, October 5th. UBS Group upped their price target on shares of T. Rowe Price Group from $69.00 to $72.00 and gave the stock a sell rating in a research note on Friday, October 27th. Finally, Citigroup upped their price target on shares of T. Rowe Price Group from $94.00 to $95.00 and gave the stock a neutral rating in a research note on Friday, October 27th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. T. Rowe Price Group currently has an average rating of Hold and an average target price of $91.89.
T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Thursday, October 26th. The asset manager reported $1.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.36 by $0.20. T. Rowe Price Group had a net margin of 33.10% and a return on equity of 24.76%. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the prior year, the business posted $1.17 earnings per share. T. Rowe Price Group’s revenue for the quarter was up 11.8% compared to the same quarter last year. equities research analysts anticipate that T. Rowe Price Group will post 5.29 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, December 28th. Shareholders of record on Thursday, December 14th were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend was Wednesday, December 13th. T. Rowe Price Group’s dividend payout ratio (DPR) is 37.38%.
In other news, CEO William J. Stromberg sold 30,000 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $97.09, for a total transaction of $2,912,700.00. Following the completion of the transaction, the chief executive officer now owns 534,077 shares of the company’s stock, valued at $51,853,535.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Christopher D. Alderson sold 91,605 shares of the company’s stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $103.28, for a total transaction of $9,460,964.40. Following the transaction, the vice president now directly owns 169,816 shares of the company’s stock, valued at approximately $17,538,596.48. The disclosure for this sale can be found here. Insiders have sold 209,955 shares of company stock valued at $21,116,195 over the last 90 days. Corporate insiders own 3.60% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Bronfman E.L. Rothschild L.P. raised its position in T. Rowe Price Group by 6.9% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,593 shares of the asset manager’s stock worth $118,000 after purchasing an additional 103 shares in the last quarter. Signature Estate & Investment Advisors LLC acquired a new position in T. Rowe Price Group in the third quarter worth about $118,000. Grove Bank & Trust raised its position in T. Rowe Price Group by 178.7% in the third quarter. Grove Bank & Trust now owns 1,310 shares of the asset manager’s stock worth $119,000 after purchasing an additional 840 shares in the last quarter. Quadrant Capital Group LLC raised its position in T. Rowe Price Group by 5.4% in the second quarter. Quadrant Capital Group LLC now owns 1,749 shares of the asset manager’s stock worth $121,000 after purchasing an additional 89 shares in the last quarter. Finally, Sun Life Financial INC raised its position in T. Rowe Price Group by 19,500.0% in the second quarter. Sun Life Financial INC now owns 1,764 shares of the asset manager’s stock worth $131,000 after purchasing an additional 1,755 shares in the last quarter. 72.13% of the stock is owned by hedge funds and other institutional investors.
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T. Rowe Price Group Company Profile
T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.
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