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

T. Rowe Price Group (NASDAQ:TROW) posted its earnings results on Friday. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.21, Briefing.com reports. T. Rowe Price Group had a net margin of 28.66% and a return on equity of 19.90%. The firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.84 billion. During the same quarter in the prior year, the company earned $2.17 EPS. The company’s revenue was up 6.9% on a year-over-year basis.

T. Rowe Price Group Price Performance

Shares of NASDAQ TROW traded up $2.20 during midday trading on Friday, hitting $112.06. 1,739,074 shares of the company’s stock were exchanged, compared to its average volume of 1,172,977. The stock’s 50 day moving average price is $108.32 and its 200-day moving average price is $111.69. The firm 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 twelve month low of $90.02 and a twelve month high of $122.27.

T. Rowe Price Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a dividend of $1.24 per share. This represents a $4.96 annualized dividend and a dividend yield of 4.43%. T. Rowe Price Group’s dividend payout ratio (DPR) is 58.56%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. TD Cowen decreased their target price on T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating for the company in a research report on Monday, July 29th. JPMorgan Chase & Co. increased their price objective on shares of T. Rowe Price Group from $102.00 to $107.00 and gave the company an “underweight” rating in a research report on Tuesday, July 23rd. Evercore ISI boosted their target price on shares of T. Rowe Price Group from $108.00 to $109.00 and gave the stock an “in-line” rating in a research report on Friday, October 4th. The Goldman Sachs Group lowered their price target on shares of T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating for the company in a report on Thursday, October 3rd. Finally, Morgan Stanley upped their price objective on shares of T. Rowe Price Group from $125.00 to $127.00 and gave the company an “equal weight” rating in a research 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 company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $113.00.

Insider Transactions at T. Rowe Price Group

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

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.