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

T. Rowe Price Group, Inc. (NASDAQ:TROW - Get Free Report) saw a large decline in short interest in the month of December. As of December 31st, there was short interest totalling 10,260,000 shares, a decline of 14.2% from the December 15th total of 11,960,000 shares. Based on an average daily trading volume, of 1,340,000 shares, the short-interest ratio is currently 7.7 days. Currently, 4.7% of the company's shares are sold short.

Insider Activity

In other news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the company's stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $123.35, for a total transaction of $499,197.45. Following the sale, the vice president now owns 119,577 shares in the company, valued at $14,749,822.95. This represents a 3.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 2.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Iron Horse Wealth Management LLC raised its holdings in shares of T. Rowe Price Group by 90.9% during the third quarter. Iron Horse Wealth Management LLC now owns 231 shares of the asset manager's stock valued at $25,000 after purchasing an additional 110 shares during the period. Hexagon Capital Partners LLC increased its position in T. Rowe Price Group by 54.7% in the 3rd quarter. Hexagon Capital Partners LLC now owns 294 shares of the asset manager's stock valued at $32,000 after buying an additional 104 shares in the last quarter. True Wealth Design LLC acquired a new position in T. Rowe Price Group during the 3rd quarter worth approximately $37,000. Larson Financial Group LLC boosted its holdings in T. Rowe Price Group by 866.7% in the third quarter. Larson Financial Group LLC now owns 348 shares of the asset manager's stock worth $38,000 after acquiring an additional 312 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new stake in T. Rowe Price Group in the third quarter valued at approximately $43,000. 73.39% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Barclays decreased their target price on shares of T. Rowe Price Group from $115.00 to $113.00 and set an "underweight" rating on the stock in a report on Friday. Keefe, Bruyette & Woods decreased their price objective on shares of T. Rowe Price Group from $116.00 to $111.00 and set a "market perform" rating on the stock in a research note on Monday. JPMorgan Chase & Co. cut their target price on T. Rowe Price Group from $116.00 to $115.00 and set an "underweight" rating for the company in a research note on Monday, November 4th. TD Cowen decreased their price target on T. Rowe Price Group from $120.00 to $116.00 and set a "hold" rating on the stock in a research note on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on T. Rowe Price Group from $115.00 to $120.00 and gave the stock a "hold" rating in a report on Monday, November 11th. Four investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $115.82.

T. Rowe Price Group Price Performance

Shares of TROW traded up $1.08 during trading hours on Friday, hitting $113.21. 1,182,106 shares of the stock were exchanged, compared to its average volume of 1,345,928. T. Rowe Price Group has a fifty-two week low of $100.49 and a fifty-two week high of $125.81. The business has a 50-day moving average of $117.80 and a 200-day moving average of $112.86. The firm has a market capitalization of $25.15 billion, a P/E ratio of 12.39, a price-to-earnings-growth ratio of 1.42 and a beta of 1.43.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings results on Friday, November 1st. The asset manager reported $2.57 EPS for the quarter, beating analysts' consensus estimates of $2.36 by $0.21. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. The business had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.84 billion. The business's quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.17 earnings per share. As a group, analysts forecast that T. Rowe Price Group will post 9.46 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were paid a $1.24 dividend. The ex-dividend date was Friday, December 13th. This represents a $4.96 annualized dividend and a dividend yield of 4.38%. T. Rowe Price Group's dividend payout ratio is currently 54.27%.

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.