T. Rowe Price Group, Inc. (NASDAQ:TROW) Sees Large Drop in Short Interest

T. Rowe Price Group, Inc. (NASDAQ:TROW) was the target of a large drop in short interest during the month of January. As of January 15th, there was short interest totalling 10,260,000 shares, a drop of 14.2% from the December 31st total of 11,960,000 shares. Approximately 4.7% of the shares of the company are short sold. Based on an average daily volume of 1,340,000 shares, the short-interest ratio is currently 7.7 days.

T. Rowe Price Group Stock Up 0.9 %

T. Rowe Price Group stock traded up $1.03 during mid-day trading on Friday, hitting $116.92. The company’s stock had a trading volume of 3,761,382 shares, compared to its average volume of 1,442,329. The stock has a market capitalization of $25.97 billion, a P/E ratio of 12.79, a P/E/G ratio of 1.74 and a beta of 1.43. T. Rowe Price Group has a twelve month low of $100.49 and a twelve month high of $125.81. The stock’s fifty day moving average price is $116.96 and its two-hundred day moving average price is $112.76.

T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.21. T. Rowe Price Group had a return on equity of 20.35% and a net margin of 30.35%. The business had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same period in the previous year, the firm posted $2.17 EPS. The company’s quarterly revenue was up 6.9% on a year-over-year basis. Equities analysts expect that T. Rowe Price Group will post 9.42 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TROW. The Goldman Sachs Group reduced their price objective on T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating for the company in a research report on Thursday, October 3rd. Keefe, Bruyette & Woods reduced their price target on T. Rowe Price Group from $116.00 to $111.00 and set a “market perform” rating for the company in a research report on Monday, January 13th. StockNews.com raised T. Rowe Price Group from a “hold” rating to a “buy” rating in a report on Saturday, January 25th. Morgan Stanley upped their price objective on shares of T. Rowe Price Group from $129.00 to $132.00 and gave the stock an “equal weight” rating in a report on Friday, December 20th. Finally, JPMorgan Chase & Co. dropped their price target on shares of T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating on the stock in a research report on Monday, November 4th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $115.82.

Insider Buying and Selling

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $123.35, for a total transaction of $499,197.45. Following the completion of the transaction, the vice president now directly owns 119,577 shares of the company’s stock, valued at $14,749,822.95. The trade was a 3.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in TROW. Kentucky Retirement Systems Insurance Trust Fund boosted its stake in T. Rowe Price Group by 40.2% in the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 9,240 shares of the asset manager’s stock worth $1,045,000 after purchasing an additional 2,649 shares during the period. Cardinal Capital Management boosted its position in shares of T. Rowe Price Group by 0.7% in the fourth quarter. Cardinal Capital Management now owns 61,417 shares of the asset manager’s stock worth $6,946,000 after buying an additional 452 shares during the period. Kestra Investment Management LLC grew its holdings in shares of T. Rowe Price Group by 71.3% during the fourth quarter. Kestra Investment Management LLC now owns 9,609 shares of the asset manager’s stock valued at $1,087,000 after buying an additional 3,999 shares in the last quarter. Provident Trust Co. increased its holdings in shares of T. Rowe Price Group by 8.9% in the 4th quarter. Provident Trust Co. now owns 2,611,294 shares of the asset manager’s stock valued at $295,311,000 after purchasing an additional 213,566 shares during the period. Finally, Venturi Wealth Management LLC increased its stake in T. Rowe Price Group by 125.4% in the 4th quarter. Venturi Wealth Management LLC now owns 719 shares of the asset manager’s stock valued at $81,000 after buying an additional 400 shares during the period. 73.39% of the stock is owned by hedge funds and other institutional investors.

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.