T. Rowe Price Group, Inc. (NASDAQ:TROW) Short Interest Up 23.1% in May

T. Rowe Price Group, Inc. (NASDAQ:TROWGet Rating) was the recipient of a large growth in short interest during the month of May. As of May 15th, there was short interest totalling 14,860,000 shares, a growth of 23.1% from the April 30th total of 12,070,000 shares. Currently, 6.7% of the company’s shares are short sold. Based on an average trading volume of 1,720,000 shares, the short-interest ratio is presently 8.6 days.

TROW opened at $127.09 on Wednesday. The business’s 50-day simple moving average is $135.06 and its 200-day simple moving average is $159.09. T. Rowe Price Group has a one year low of $112.65 and a one year high of $224.55. The stock has a market capitalization of $28.89 billion, a P/E ratio of 10.28, a price-to-earnings-growth ratio of 2.10 and a beta of 1.34.

T. Rowe Price Group (NASDAQ:TROWGet Rating) last posted its earnings results on Thursday, April 28th. The asset manager reported $2.62 EPS for the quarter, missing analysts’ consensus estimates of $2.76 by ($0.14). T. Rowe Price Group had a return on equity of 33.38% and a net margin of 37.64%. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same quarter last year, the firm posted $3.01 EPS. The firm’s revenue for the quarter was up 2.0% on a year-over-year basis. As a group, equities research analysts forecast that T. Rowe Price Group will post 10.46 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 29th. Stockholders of record on Wednesday, June 15th will be given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date is Tuesday, June 14th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 38.83%.

A number of equities analysts recently weighed in on TROW shares. Citigroup reduced their price target on T. Rowe Price Group from $110.00 to $90.00 in a report on Friday, April 29th. Jefferies Financial Group reiterated a “hold” rating and issued a $156.00 price objective on shares of T. Rowe Price Group in a research report on Monday, April 11th. Morgan Stanley lowered their price target on T. Rowe Price Group from $178.00 to $170.00 and set an “equal weight” rating for the company in a research report on Monday, April 25th. Deutsche Bank Aktiengesellschaft lowered their price target on T. Rowe Price Group from $142.00 to $126.00 in a research report on Thursday, May 19th. Finally, BMO Capital Markets reduced their price objective on T. Rowe Price Group from $204.00 to $160.00 and set an “outperform” rating on the stock in a research note on Monday, May 2nd. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $168.27.

In related news, insider Jessica M. Hiebler sold 730 shares of the firm’s stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $125.00, for a total transaction of $91,250.00. Following the completion of the sale, the insider now directly owns 13,089 shares of the company’s stock, valued at approximately $1,636,125. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.00% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Covestor Ltd purchased a new position in shares of T. Rowe Price Group during the fourth quarter worth about $27,000. Bivin & Associates Inc. acquired a new stake in shares of T. Rowe Price Group during the 4th quarter valued at approximately $29,000. Neo Ivy Capital Management acquired a new stake in shares of T. Rowe Price Group during the 4th quarter valued at approximately $29,000. Amplius Wealth Advisors LLC acquired a new stake in shares of T. Rowe Price Group during the 4th quarter valued at approximately $29,000. Finally, Sandy Cove Advisors LLC acquired a new stake in shares of T. Rowe Price Group during the 4th quarter valued at approximately $32,000. 71.80% of the stock is currently owned by hedge funds and other institutional investors.

About T. Rowe Price Group (Get Rating)

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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