T. Rowe Price Group Inc (NASDAQ:TROW) was the target of a large decline in short interest in the month of June. As of June 30th, there was short interest totalling 5,350,000 shares, a decline of 16.7% from the June 15th total of 6,420,000 shares. Approximately 2.4% of the company’s shares are short sold. Based on an average daily volume of 1,470,000 shares, the short-interest ratio is currently 3.6 days.
Shares of NASDAQ TROW traded down $2.32 during mid-day trading on Tuesday, hitting $122.95. 723,846 shares of the stock traded hands, compared to its average volume of 1,211,637. The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.55 and a current ratio of 4.55. T. Rowe Price Group has a 52 week low of $82.51 and a 52 week high of $139.82. The company has a market cap of $27.93 billion, a price-to-earnings ratio of 15.52, a PEG ratio of 1.84 and a beta of 1.15. The stock has a fifty day moving average price of $122.16 and a 200-day moving average price of $118.82.
T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Tuesday, April 28th. The asset manager reported $1.87 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.79 by $0.08. T. Rowe Price Group had a return on equity of 29.22% and a net margin of 33.86%. The company had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the previous year, the company posted $1.87 earnings per share. The firm’s revenue was up 10.2% on a year-over-year basis. As a group, sell-side analysts predict that T. Rowe Price Group will post 7.19 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend was Friday, June 12th. T. Rowe Price Group’s dividend payout ratio (DPR) is 44.61%.
A number of equities analysts have commented on TROW shares. ValuEngine cut T. Rowe Price Group from a “hold” rating to a “sell” rating in a research note on Thursday, July 2nd. Wells Fargo & Co boosted their target price on T. Rowe Price Group from $115.00 to $125.00 in a research note on Wednesday, April 29th. Goldman Sachs Group cut T. Rowe Price Group from a “neutral” rating to a “sell” rating and reduced their target price for the company from $120.00 to $84.00 in a research note on Tuesday, March 24th. JPMorgan Chase & Co. boosted their target price on T. Rowe Price Group from $101.00 to $110.00 and gave the company an “underweight” rating in a research note on Wednesday, April 29th. Finally, Deutsche Bank boosted their target price on T. Rowe Price Group from $110.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, May 15th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $114.75.
In other T. Rowe Price Group news, VP W. Sharps Robert sold 3,500 shares of T. Rowe Price Group stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $117.50, for a total value of $411,250.00. Following the transaction, the vice president now directly owns 476,176 shares of the company’s stock, valued at approximately $55,950,680. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary K. Bush sold 1,851 shares of T. Rowe Price Group stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $115.34, for a total value of $213,494.34. Following the completion of the transaction, the director now directly owns 15,955 shares in the company, valued at $1,840,249.70. The disclosure for this sale can be found here. Insiders sold a total of 8,851 shares of company stock worth $1,047,719 over the last ninety days. Insiders own 1.00% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in TROW. Norges Bank bought a new stake in T. Rowe Price Group in the fourth quarter worth $286,226,000. APG Asset Management N.V. boosted its holdings in T. Rowe Price Group by 474.4% in the first quarter. APG Asset Management N.V. now owns 844,185 shares of the asset manager’s stock worth $75,273,000 after acquiring an additional 697,210 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in T. Rowe Price Group by 4.3% in the first quarter. JPMorgan Chase & Co. now owns 10,261,418 shares of the asset manager’s stock worth $1,002,028,000 after acquiring an additional 422,968 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in T. Rowe Price Group by 43.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,344,306 shares of the asset manager’s stock worth $131,271,000 after acquiring an additional 407,590 shares in the last quarter. Finally, BlackRock Inc. boosted its holdings in T. Rowe Price Group by 2.0% in the first quarter. BlackRock Inc. now owns 19,051,071 shares of the asset manager’s stock worth $1,860,339,000 after acquiring an additional 365,536 shares in the last quarter. 70.76% of the stock is currently owned by institutional investors and hedge funds.
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.
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