Zacks: Brokerages Anticipate T. Rowe Price Group Inc (TROW) Will Post Quarterly Sales of $1.24 Billion

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Brokerages expect T. Rowe Price Group Inc (NASDAQ:TROW) to post sales of $1.24 billion for the current quarter, according to Zacks. Four analysts have issued estimates for T. Rowe Price Group’s earnings. The lowest sales estimate is $1.23 billion and the highest is $1.25 billion. T. Rowe Price Group posted sales of $1.33 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 6.8%. The company is scheduled to issue its next earnings report on Wednesday, April 24th.

According to Zacks, analysts expect that T. Rowe Price Group will report full-year sales of $5.19 billion for the current financial year, with estimates ranging from $5.07 billion to $5.31 billion. For the next fiscal year, analysts expect that the firm will post sales of $5.49 billion, with estimates ranging from $5.24 billion to $5.66 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover T. Rowe Price Group.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Wednesday, January 30th. The asset manager reported $1.41 EPS for the quarter, missing the Zacks’ consensus estimate of $1.66 by ($0.25). T. Rowe Price Group had a return on equity of 29.16% and a net margin of 33.95%. The company had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the previous year, the business posted $1.52 EPS. The business’s quarterly revenue was up 1.1% compared to the same quarter last year.

TROW has been the topic of a number of analyst reports. Bank of America reiterated a “buy” rating and set a $108.00 price objective (down previously from $125.00) on shares of T. Rowe Price Group in a research report on Thursday, December 6th. Citigroup reduced their target price on T. Rowe Price Group from $105.00 to $101.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 19th. Goldman Sachs Group downgraded T. Rowe Price Group from a “buy” rating to a “neutral” rating and set a $93.00 target price on the stock. in a research report on Friday, January 4th. Morgan Stanley reduced their target price on T. Rowe Price Group from $105.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Friday, January 4th. Finally, Zacks Investment Research downgraded T. Rowe Price Group from a “hold” rating to a “sell” rating in a research report on Thursday, January 10th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $102.73.

In other news, VP W. Sharps Robert sold 2,617 shares of T. Rowe Price Group stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $100.73, for a total value of $263,610.41. Following the completion of the sale, the vice president now directly owns 448,651 shares of the company’s stock, valued at $45,192,615.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Christopher D. Alderson sold 104,465 shares of T. Rowe Price Group stock in a transaction on Wednesday, February 20th. The shares were sold at an average price of $96.94, for a total value of $10,126,837.10. Following the completion of the sale, the vice president now directly owns 401,164 shares of the company’s stock, valued at $38,888,838.16. The disclosure for this sale can be found here. Insiders sold 117,082 shares of company stock valued at $11,361,948 over the last ninety days. Insiders own 3.10% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of TROW. Victory Capital Management Inc. grew its stake in shares of T. Rowe Price Group by 5.2% in the third quarter. Victory Capital Management Inc. now owns 38,311 shares of the asset manager’s stock valued at $4,183,000 after buying an additional 1,882 shares in the last quarter. Chicago Equity Partners LLC acquired a new position in T. Rowe Price Group during the 3rd quarter worth $238,000. Private Advisor Group LLC grew its stake in T. Rowe Price Group by 39.5% during the 3rd quarter. Private Advisor Group LLC now owns 5,517 shares of the asset manager’s stock worth $602,000 after purchasing an additional 1,561 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in T. Rowe Price Group by 27.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 54,811 shares of the asset manager’s stock worth $5,984,000 after purchasing an additional 11,655 shares in the last quarter. Finally, Global Financial Private Capital LLC grew its stake in T. Rowe Price Group by 74.2% during the 3rd quarter. Global Financial Private Capital LLC now owns 6,664 shares of the asset manager’s stock worth $728,000 after purchasing an additional 2,838 shares in the last quarter. 71.75% of the stock is owned by institutional investors and hedge funds.

T. Rowe Price Group stock traded down $0.18 during trading on Tuesday, reaching $102.67. 60,269 shares of the company were exchanged, compared to its average volume of 1,252,813. T. Rowe Price Group has a 52-week low of $84.59 and a 52-week high of $127.43. The company has a market cap of $24.25 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 1.95 and a beta of 1.04.

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be given a $0.76 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $3.04 dividend on an annualized basis and a yield of 2.96%. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $0.70. T. Rowe Price Group’s payout ratio is currently 42.52%.

T. Rowe Price Group Company Profile

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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Earnings History and Estimates for T. Rowe Price Group (NASDAQ:TROW)

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