T. Rowe Price Group Inc (TROW) Expected to Announce Quarterly Sales of $1.24 Billion

Wall Street analysts predict that T. Rowe Price Group Inc (NASDAQ:TROW) will report $1.24 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for T. Rowe Price Group’s earnings, with the highest sales estimate coming in at $1.25 billion and the lowest estimate coming in at $1.23 billion. T. Rowe Price Group posted sales of $1.33 billion during the same quarter last year, which suggests a negative year over year growth rate of 6.8%. The firm is scheduled to announce its next quarterly 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 year, analysts expect that the company will post sales of $5.49 billion, with estimates ranging from $5.24 billion to $5.66 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover T. Rowe Price Group.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Wednesday, January 30th. The asset manager reported $1.41 earnings per share for the quarter, missing the 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 firm had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the firm earned $1.52 earnings per share. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis.

A number of research firms have issued reports on TROW. BidaskClub raised shares of T. Rowe Price Group from a “sell” rating to a “hold” rating in a report on Wednesday. Zacks Investment Research downgraded shares of T. Rowe Price Group from a “buy” rating to a “hold” rating and set a $106.00 price objective for the company. in a research note on Saturday, November 17th. Credit Suisse Group upped their price target on shares of T. Rowe Price Group from $107.00 to $121.00 and gave the company an “outperform” rating in a research report on Wednesday, February 27th. Bank of America restated a “buy” rating and issued a $107.00 price target (up from $102.00) on shares of T. Rowe Price Group in a research report on Friday, March 8th. Finally, Citigroup increased their price objective on shares of T. Rowe Price Group from $91.00 to $98.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 27th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $103.55.

In other news, insider Edward C. Bernard sold 10,000 shares of the company’s stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $97.15, for a total value of $971,500.00. Following the sale, the insider now directly owns 651,532 shares of the company’s stock, valued at approximately $63,296,333.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP W. Sharps Robert sold 2,617 shares of the company’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $100.73, for a total transaction of $263,610.41. Following the completion of the sale, the vice president now directly owns 448,651 shares in the company, valued at $45,192,615.23. The disclosure for this sale can be found here. Over the last three months, insiders have sold 117,082 shares of company stock worth $11,361,948. Insiders own 3.10% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. increased its holdings in T. Rowe Price Group by 5.2% in the 3rd quarter. Victory Capital Management Inc. now owns 38,311 shares of the asset manager’s stock worth $4,183,000 after acquiring an additional 1,882 shares in the last quarter. Chicago Equity Partners LLC bought a new stake in T. Rowe Price Group in the third quarter worth $238,000. Private Advisor Group LLC lifted its position in T. Rowe Price Group by 39.5% in the third quarter. Private Advisor Group LLC now owns 5,517 shares of the asset manager’s stock worth $602,000 after buying an additional 1,561 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in T. Rowe Price Group by 27.0% in the third quarter. Janney Montgomery Scott LLC now owns 54,811 shares of the asset manager’s stock worth $5,984,000 after buying an additional 11,655 shares during the last quarter. Finally, Global Financial Private Capital LLC lifted its position in shares of T. Rowe Price Group by 74.2% during the third 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 during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Shares of TROW opened at $100.68 on Tuesday. The stock has a market capitalization of $23.94 billion, a P/E ratio of 14.08, a P/E/G ratio of 1.92 and a beta of 1.04. T. Rowe Price Group has a 52 week low of $84.59 and a 52 week high of $127.43.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.02%. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Thursday, March 14th. T. Rowe Price Group’s payout ratio is presently 39.16%.

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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