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

T. Rowe Price Group, Inc. (NASDAQ:TROW) was the target of a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 11,640,000 shares, a growth of 29.2% from the February 28th total of 9,010,000 shares. Based on an average daily volume of 1,740,000 shares, the days-to-cover ratio is currently 6.7 days. Approximately 5.4% of the shares of the company are sold short.

T. Rowe Price Group Stock Up 0.3 %

NASDAQ:TROW opened at $91.87 on Tuesday. The stock’s fifty day moving average is $104.18 and its two-hundred day moving average is $110.82. T. Rowe Price Group has a 52 week low of $89.70 and a 52 week high of $125.81. The company has a market capitalization of $20.42 billion, a P/E ratio of 10.03, a P/E/G ratio of 2.86 and a beta of 1.46.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Wednesday, February 5th. The asset manager reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.20 by ($0.08). T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. During the same quarter last year, the company posted $1.72 earnings per share. Sell-side analysts anticipate that T. Rowe Price Group will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were paid a dividend of $1.27 per share. The ex-dividend date was Friday, March 14th. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $1.24. This represents a $5.08 dividend on an annualized basis and a yield of 5.53%. T. Rowe Price Group’s dividend payout ratio is 55.46%.

Insider Transactions at T. Rowe Price Group

In related news, VP Arif Husain sold 4,112 shares of T. Rowe Price Group stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total value of $449,318.24. Following the completion of the transaction, the vice president now owns 36,800 shares in the company, valued at $4,021,136. The trade was a 10.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in TROW. Larson Financial Group LLC raised its stake in shares of 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 valued at $38,000 after acquiring an additional 312 shares in the last quarter. Townsquare Capital LLC increased its position in shares of T. Rowe Price Group by 6.6% in the 3rd quarter. Townsquare Capital LLC now owns 4,839 shares of the asset manager’s stock valued at $527,000 after purchasing an additional 299 shares during the last quarter. Bridgewater Associates LP raised its holdings in shares of T. Rowe Price Group by 794.1% in the 3rd quarter. Bridgewater Associates LP now owns 15,879 shares of the asset manager’s stock valued at $1,730,000 after purchasing an additional 14,103 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of T. Rowe Price Group by 6.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,737 shares of the asset manager’s stock worth $6,725,000 after purchasing an additional 3,969 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its stake in shares of T. Rowe Price Group by 2.4% during the third quarter. Public Sector Pension Investment Board now owns 38,778 shares of the asset manager’s stock worth $4,224,000 after purchasing an additional 900 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Wells Fargo & Company cut their price target on shares of T. Rowe Price Group from $118.00 to $116.00 and set an “equal weight” rating for the company in a report on Thursday, February 6th. Barclays reduced their target price on T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating for the company in a report on Thursday, February 6th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $113.00 price target (up from $111.00) on shares of T. Rowe Price Group in a research note on Thursday, February 6th. StockNews.com downgraded T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Sunday, February 2nd. Finally, Citigroup lowered their target price on shares of T. Rowe Price Group from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday. Four analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat.com, T. Rowe Price Group currently has an average rating of “Hold” and a consensus price target of $111.82.

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.