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

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TROW. StockNews.com raised shares of T. Rowe Price Group from a “hold” rating to a “buy” rating in a report on Saturday, January 25th. Evercore ISI raised their price objective on T. Rowe Price Group from $112.00 to $113.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Wells Fargo & Company lowered their target price on T. Rowe Price Group from $124.00 to $118.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft raised their price target on T. Rowe Price Group from $115.00 to $120.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Finally, TD Cowen decreased their price objective on shares of T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. According to MarketBeat, T. Rowe Price Group presently has a consensus rating of “Hold” and a consensus price target of $115.82.

Insider Activity at T. Rowe Price Group

In other news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of T. Rowe Price Group stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $123.35, for a total value of $499,197.45. Following the sale, the vice president now owns 119,577 shares of the company’s stock, valued at $14,749,822.95. The trade was a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.00% of the stock is owned by insiders.

Institutional Trading of T. Rowe Price Group

Hedge funds have recently made changes to their positions in the stock. Kentucky Retirement Systems Insurance Trust Fund lifted its holdings in shares of 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 last quarter. Cardinal Capital Management lifted its holdings in 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 purchasing an additional 452 shares during the period. Kestra Investment Management LLC grew its position in T. Rowe Price Group by 71.3% in the 4th 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 stake in T. Rowe Price Group by 8.9% during the 4th quarter. Provident Trust Co. now owns 2,611,294 shares of the asset manager’s stock valued at $295,311,000 after buying an additional 213,566 shares during the period. Finally, Venturi Wealth Management LLC increased its stake in T. Rowe Price Group by 125.4% during 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. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Stock Performance

T. Rowe Price Group stock traded up $1.03 during 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 1,201,131. The stock has a market capitalization of $25.97 billion, a price-to-earnings ratio of 12.79, a P/E/G ratio of 1.74 and a beta of 1.43. T. Rowe Price Group has a 1-year low of $100.49 and a 1-year high of $125.81. The stock’s fifty day moving average is $116.90 and its 200 day moving average is $112.75.

T. Rowe Price Group (NASDAQ:TROW) last issued its 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. The business had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.84 billion. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm posted $2.17 EPS. On average, research analysts anticipate that T. Rowe Price Group will post 9.42 EPS for the current fiscal year.

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.