T. Rowe Price Group, Inc. Forecasted to Earn Q1 2023 Earnings of $1.68 Per Share (NASDAQ:TROW)

T. Rowe Price Group, Inc. (NASDAQ:TROWGet Rating) – Research analysts at Jefferies Financial Group reduced their Q1 2023 EPS estimates for shares of T. Rowe Price Group in a report issued on Tuesday, January 10th. Jefferies Financial Group analyst D. Fannon now forecasts that the asset manager will earn $1.68 per share for the quarter, down from their prior estimate of $1.72. The consensus estimate for T. Rowe Price Group’s current full-year earnings is $7.91 per share. Jefferies Financial Group also issued estimates for T. Rowe Price Group’s Q1 2024 earnings at $1.93 EPS and FY2024 earnings at $8.30 EPS.

Other analysts also recently issued research reports about the stock. Credit Suisse Group initiated coverage on shares of T. Rowe Price Group in a research report on Wednesday, October 19th. They issued an “underperform” rating and a $70.00 price objective for the company. TheStreet raised shares of T. Rowe Price Group from a “c+” rating to a “b-” rating in a research report on Tuesday, December 6th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of T. Rowe Price Group from $97.00 to $123.00 and gave the company a “hold” rating in a research report on Tuesday, November 15th. JPMorgan Chase & Co. increased their price objective on shares of T. Rowe Price Group from $90.00 to $93.00 and gave the company an “underweight” rating in a research report on Tuesday, October 18th. Finally, StockNews.com initiated coverage on shares of T. Rowe Price Group in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Five equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat, T. Rowe Price Group presently has a consensus rating of “Hold” and a consensus price target of $105.20.

T. Rowe Price Group Stock Down 0.6 %

Shares of NASDAQ:TROW opened at $119.57 on Thursday. T. Rowe Price Group has a 52-week low of $93.53 and a 52-week high of $182.29. The company has a 50 day moving average of $117.21 and a two-hundred day moving average of $116.12. The company has a market capitalization of $26.72 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 2.35 and a beta of 1.28.

T. Rowe Price Group (NASDAQ:TROWGet Rating) last posted its earnings results on Thursday, October 27th. The asset manager reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.03. T. Rowe Price Group had a net margin of 29.35% and a return on equity of 23.88%. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the company earned $3.27 EPS. The company’s revenue was down 18.7% on a year-over-year basis.

Hedge Funds Weigh In On T. Rowe Price Group

Several large investors have recently added to or reduced their stakes in TROW. Zullo Investment Group Inc. increased its position in T. Rowe Price Group by 164.6% in the third quarter. Zullo Investment Group Inc. now owns 254 shares of the asset manager’s stock worth $27,000 after buying an additional 158 shares during the period. Oakworth Capital Inc. acquired a new stake in T. Rowe Price Group in the third quarter worth $28,000. Eisler Capital UK Ltd. acquired a new stake in T. Rowe Price Group in the third quarter worth $29,000. Artemis Wealth Advisors LLC increased its position in T. Rowe Price Group by 39.7% in the second quarter. Artemis Wealth Advisors LLC now owns 292 shares of the asset manager’s stock worth $33,000 after buying an additional 83 shares during the period. Finally, Core Alternative Capital increased its position in T. Rowe Price Group by 167.7% in the second quarter. Core Alternative Capital now owns 332 shares of the asset manager’s stock worth $38,000 after buying an additional 208 shares during the period. 76.58% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider William J. Stromberg sold 10,000 shares of the firm’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $124.15, for a total transaction of $1,241,500.00. Following the transaction, the insider now directly owns 41,000 shares in the company, valued at $5,090,150. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Robert C.T. Higginbotham sold 6,619 shares of the firm’s stock in a transaction on Friday, December 9th. The stock was sold at an average price of $120.48, for a total transaction of $797,457.12. Following the transaction, the vice president now directly owns 70,465 shares in the company, valued at $8,489,623.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William J. Stromberg sold 10,000 shares of the firm’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $124.15, for a total value of $1,241,500.00. Following the transaction, the insider now owns 41,000 shares in the company, valued at $5,090,150. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

T. Rowe Price Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 29th. Stockholders of record on Friday, December 16th were paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 4.01%. The ex-dividend date was Thursday, December 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 55.11%.

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.

Featured Stories

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

Receive News & Ratings for T. Rowe Price Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for T. Rowe Price Group and related companies with MarketBeat.com's FREE daily email newsletter.