T. Rowe Price Group, Inc. (NASDAQ:TROW) Declares $1.27 Quarterly Dividend

T. Rowe Price Group, Inc. (NASDAQ:TROW) declared a quarterly dividend on Friday, May 9th, RTT News reports. Investors of record on Friday, June 13th will be given a dividend of 1.27 per share by the asset manager on Friday, June 27th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 5.30%. The ex-dividend date is Friday, June 13th.

T. Rowe Price Group has a dividend payout ratio of 60.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect T. Rowe Price Group to earn $9.62 per share next year, which means the company should continue to be able to cover its $5.08 annual dividend with an expected future payout ratio of 52.8%.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock opened at $95.93 on Wednesday. The firm has a market capitalization of $21.13 billion, a P/E ratio of 10.47, a price-to-earnings-growth ratio of 2.86 and a beta of 1.49. T. Rowe Price Group has a 1-year low of $77.85 and a 1-year high of $125.81. The company’s 50-day moving average is $90.92 and its 200 day moving average is $103.06.

T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Friday, May 2nd. The asset manager reported $2.23 EPS for the quarter, beating analysts’ consensus estimates of $2.13 by $0.10. T. Rowe Price Group had a return on equity of 20.83% and a net margin of 29.61%. The firm had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the prior year, the firm posted $2.38 earnings per share. The company’s quarterly revenue was up .8% on a year-over-year basis. Research analysts anticipate that T. Rowe Price Group will post 9.29 earnings per share for the current fiscal year.

Insider Buying and Selling at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 968 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $96.98, for a total transaction of $93,876.64. Following the transaction, the insider now directly owns 13,611 shares in the company, valued at approximately $1,319,994.78. This trade represents a 6.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert F. Maclellan sold 3,955 shares of T. Rowe Price Group stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $91.56, for a total transaction of $362,119.80. Following the transaction, the director now directly owns 42,979 shares in the company, valued at approximately $3,935,157.24. The trade was a 8.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently raised its position in T. Rowe Price Group stock. Woodline Partners LP raised its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 41.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,809 shares of the asset manager’s stock after purchasing an additional 5,467 shares during the period. Woodline Partners LP’s holdings in T. Rowe Price Group were worth $1,728,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 73.39% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on TROW shares. Cowen reiterated a “hold” rating on shares of T. Rowe Price Group in a research note on Monday, May 5th. Citigroup cut their price target on shares of T. Rowe Price Group from $100.00 to $95.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Bank of America reduced their price target on shares of T. Rowe Price Group from $90.00 to $85.00 and set an “underperform” rating on the stock in a research note on Thursday, April 3rd. Barclays boosted their price objective on shares of T. Rowe Price Group from $85.00 to $90.00 and gave the company an “underweight” rating in a research report on Monday, May 5th. Finally, Wells Fargo & Company reduced their target price on shares of T. Rowe Price Group from $116.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 8th. Four investment analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. According to MarketBeat.com, T. Rowe Price Group currently has an average rating of “Hold” and an average price target of $94.09.

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.