Short Interest in T. Rowe Price Group, Inc. (NASDAQ:TROW) Grows By 33.5%

T. Rowe Price Group, Inc. (NASDAQ:TROW) saw a significant increase in short interest in December. As of December 15th, there was short interest totaling 22,306,663 shares, an increase of 33.5% from the November 30th total of 16,706,147 shares. Currently, 10.4% of the shares of the stock are sold short. Based on an average daily volume of 1,925,402 shares, the days-to-cover ratio is currently 11.6 days. Based on an average daily volume of 1,925,402 shares, the days-to-cover ratio is currently 11.6 days. Currently, 10.4% of the shares of the stock are sold short.

T. Rowe Price Group Stock Down 0.6%

Shares of TROW traded down $0.67 during trading hours on Tuesday, reaching $103.86. 256,066 shares of the company traded hands, compared to its average volume of 1,733,640. The business has a fifty day moving average price of $102.90 and a 200-day moving average price of $103.28. T. Rowe Price Group has a 12-month low of $77.85 and a 12-month high of $118.32. The stock has a market capitalization of $22.67 billion, a P/E ratio of 11.32, a P/E/G ratio of 2.83 and a beta of 1.53.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Friday, October 31st. The asset manager reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.55 by $0.26. The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.88 billion. T. Rowe Price Group had a return on equity of 19.95% and a net margin of 28.89%.The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period last year, the business posted $2.57 earnings per share. As a group, research analysts predict that T. Rowe Price Group will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be paid a $1.27 dividend. The ex-dividend date is Monday, December 15th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.9%. T. Rowe Price Group’s dividend payout ratio is presently 55.34%.

Insider Buying and Selling at T. Rowe Price Group

In other news, VP Arif Husain sold 4,260 shares of the firm’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $101.96, for a total value of $434,349.60. Following the completion of the sale, the vice president directly owned 47,102 shares in the company, valued at approximately $4,802,519.92. This trade represents a 8.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.60% of the company’s stock.

Institutional Trading of T. Rowe Price Group

A number of hedge funds have recently added to or reduced their stakes in TROW. TFG Advisers LLC raised its position in shares of T. Rowe Price Group by 3.6% in the second quarter. TFG Advisers LLC now owns 2,779 shares of the asset manager’s stock worth $268,000 after acquiring an additional 97 shares during the period. TD Waterhouse Canada Inc. boosted its position in T. Rowe Price Group by 66.7% during the second quarter. TD Waterhouse Canada Inc. now owns 250 shares of the asset manager’s stock worth $25,000 after purchasing an additional 100 shares in the last quarter. Essex Bank boosted its position in T. Rowe Price Group by 3.6% during the third quarter. Essex Bank now owns 2,914 shares of the asset manager’s stock worth $299,000 after purchasing an additional 100 shares in the last quarter. PFG Investments LLC grew its holdings in T. Rowe Price Group by 4.8% in the third quarter. PFG Investments LLC now owns 2,249 shares of the asset manager’s stock valued at $231,000 after purchasing an additional 102 shares during the period. Finally, Bill Few Associates Inc. increased its position in shares of T. Rowe Price Group by 4.3% in the second quarter. Bill Few Associates Inc. now owns 2,577 shares of the asset manager’s stock valued at $249,000 after buying an additional 107 shares in the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. The Goldman Sachs Group dropped their target price on shares of T. Rowe Price Group from $98.00 to $93.00 and set a “sell” rating for the company in a research note on Tuesday, November 25th. Weiss Ratings reiterated a “hold (c)” rating on shares of T. Rowe Price Group in a research report on Wednesday, October 8th. Citigroup increased their price objective on shares of T. Rowe Price Group from $105.00 to $107.00 in a report on Monday, November 3rd. BMO Capital Markets began coverage on T. Rowe Price Group in a research report on Friday, October 3rd. They issued a “market perform” rating and a $108.00 price target on the stock. Finally, Jefferies Financial Group boosted their target price on T. Rowe Price Group from $104.00 to $106.00 and gave the stock a “hold” rating in a research report on Tuesday, October 7th. Twelve analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, T. Rowe Price Group presently has an average rating of “Reduce” and a consensus price target of $108.31.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.