Brokerages expect T. Rowe Price Group Inc (NASDAQ:TROW) to report $1.79 earnings per share for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for T. Rowe Price Group’s earnings. The highest EPS estimate is $1.82 and the lowest is $1.76. T. Rowe Price Group reported earnings of $1.50 per share during the same quarter last year, which would indicate a positive year over year growth rate of 19.3%. The company is expected to report its next quarterly earnings report on Tuesday, July 24th.
On average, analysts expect that T. Rowe Price Group will report full year earnings of $7.20 per share for the current financial year, with EPS estimates ranging from $7.17 to $7.23. For the next year, analysts expect that the business will post earnings of $7.44 per share, with EPS estimates ranging from $7.15 to $7.65. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research analysts that follow T. Rowe Price Group.
T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Wednesday, April 25th. The asset manager reported $1.74 EPS for the quarter, beating the Zacks’ consensus estimate of $1.65 by $0.09. T. Rowe Price Group had a net margin of 31.10% and a return on equity of 26.93%. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the previous year, the business earned $1.18 earnings per share. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year.
In related news, CEO William J. Stromberg sold 21,000 shares of the stock in a transaction that occurred on Tuesday, June 12th. The shares were sold at an average price of $125.48, for a total value of $2,635,080.00. Following the transaction, the chief executive officer now directly owns 539,020 shares in the company, valued at $67,636,229.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert F. Maclellan sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 30th. The shares were sold at an average price of $122.58, for a total transaction of $612,900.00. Following the completion of the sale, the director now directly owns 13,769 shares of the company’s stock, valued at approximately $1,687,804.02. The disclosure for this sale can be found here. Insiders sold 102,000 shares of company stock worth $12,746,220 over the last 90 days. 3.10% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of the business. KCM Investment Advisors LLC increased its stake in T. Rowe Price Group by 15.7% in the first quarter. KCM Investment Advisors LLC now owns 3,403 shares of the asset manager’s stock valued at $367,000 after purchasing an additional 461 shares in the last quarter. Perigon Wealth Management LLC increased its stake in T. Rowe Price Group by 57.5% in the first quarter. Perigon Wealth Management LLC now owns 1,284 shares of the asset manager’s stock valued at $139,000 after purchasing an additional 469 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in T. Rowe Price Group by 50.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,472 shares of the asset manager’s stock valued at $155,000 after purchasing an additional 491 shares in the last quarter. BB&T Securities LLC increased its stake in T. Rowe Price Group by 2.7% in the fourth quarter. BB&T Securities LLC now owns 18,973 shares of the asset manager’s stock valued at $1,990,000 after purchasing an additional 492 shares in the last quarter. Finally, Aviance Capital Partners LLC increased its stake in T. Rowe Price Group by 2.9% in the first quarter. Aviance Capital Partners LLC now owns 17,662 shares of the asset manager’s stock valued at $1,906,000 after purchasing an additional 500 shares in the last quarter. 71.78% of the stock is owned by hedge funds and other institutional investors.
Shares of T. Rowe Price Group traded down $0.67, reaching $123.00, during trading hours on Friday, MarketBeat reports. 3,924,200 shares of the company were exchanged, compared to its average volume of 1,565,124. T. Rowe Price Group has a fifty-two week low of $73.13 and a fifty-two week high of $127.43. The firm has a market capitalization of $30.13 billion, a price-to-earnings ratio of 22.65, a PEG ratio of 1.58 and a beta of 1.22.
T. Rowe Price Group declared that its Board of Directors has authorized a stock buyback plan on Thursday, April 26th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the asset manager to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be issued a $0.70 dividend. The ex-dividend date is Thursday, June 14th. This represents a $2.80 annualized dividend and a yield of 2.28%. T. Rowe Price Group’s dividend payout ratio is currently 51.57%.
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.
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