T. Rowe Price Group, Inc. (NASDAQ:TROW) Expected to Announce Quarterly Sales of $1.84 Billion

Wall Street brokerages predict that T. Rowe Price Group, Inc. (NASDAQ:TROWGet Rating) will post sales of $1.84 billion for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for T. Rowe Price Group’s earnings, with the highest sales estimate coming in at $1.88 billion and the lowest estimate coming in at $1.76 billion. T. Rowe Price Group posted sales of $1.93 billion during the same quarter last year, which would suggest a negative year over year growth rate of 4.7%. The business is scheduled to issue its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that T. Rowe Price Group will report full year sales of $7.46 billion for the current financial year, with estimates ranging from $7.13 billion to $7.65 billion. For the next fiscal year, analysts expect that the business will report sales of $7.66 billion, with estimates ranging from $7.21 billion to $8.08 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover T. Rowe Price Group.

T. Rowe Price Group (NASDAQ:TROWGet Rating) last announced its earnings results on Thursday, April 28th. The asset manager reported $2.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.76 by ($0.14). The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.86 billion. T. Rowe Price Group had a net margin of 37.64% and a return on equity of 33.38%. The company’s revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.01 EPS.

TROW has been the subject of several recent analyst reports. StockNews.com initiated coverage on shares of T. Rowe Price Group in a research report on Thursday, March 31st. They set a “hold” rating for the company. Morgan Stanley cut their price objective on shares of T. Rowe Price Group from $178.00 to $170.00 and set an “equal weight” rating for the company in a research report on Monday, April 25th. Jefferies Financial Group reaffirmed a “hold” rating and set a $156.00 price objective on shares of T. Rowe Price Group in a research report on Monday, April 11th. BMO Capital Markets dropped their target price on shares of T. Rowe Price Group from $204.00 to $160.00 and set an “outperform” rating for the company in a report on Monday, May 2nd. Finally, Citigroup dropped their target price on shares of T. Rowe Price Group from $110.00 to $90.00 in a report on Friday, April 29th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, T. Rowe Price Group presently has an average rating of “Hold” and an average target price of $170.00.

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 730 shares of the stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $125.00, for a total transaction of $91,250.00. Following the transaction, the insider now directly owns 13,089 shares in the company, valued at approximately $1,636,125. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Andrew Justin Mackenzi Thomson sold 8,216 shares of the stock in a transaction that occurred on Tuesday, February 22nd. The stock was sold at an average price of $142.92, for a total value of $1,174,230.72. The disclosure for this sale can be found here. Insiders have sold a total of 10,206 shares of company stock valued at $1,446,480 in the last three months. Insiders own 1.00% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Covestor Ltd bought a new position in T. Rowe Price Group during the 4th quarter valued at $27,000. Bivin & Associates Inc. purchased a new stake in shares of T. Rowe Price Group during the 4th quarter valued at $29,000. Neo Ivy Capital Management purchased a new stake in shares of T. Rowe Price Group during the 4th quarter valued at $29,000. Amplius Wealth Advisors LLC purchased a new stake in shares of T. Rowe Price Group during the 4th quarter valued at $29,000. Finally, Sandy Cove Advisors LLC purchased a new stake in shares of T. Rowe Price Group during the 4th quarter valued at $32,000. Institutional investors own 71.80% of the company’s stock.

TROW traded up $2.72 on Monday, hitting $121.96. 1,705,670 shares of the stock were exchanged, compared to its average volume of 1,740,971. T. Rowe Price Group has a 12 month low of $112.65 and a 12 month high of $224.55. The business has a 50-day moving average of $139.39 and a two-hundred day moving average of $167.18. The firm has a market capitalization of $27.72 billion, a price-to-earnings ratio of 9.87, a PEG ratio of 1.77 and a beta of 1.34.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 29th. Shareholders of record on Wednesday, June 15th will be given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date of this dividend is Tuesday, June 14th. T. Rowe Price Group’s dividend payout ratio is presently 38.83%.

About T. Rowe Price Group (Get Rating)

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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