T. Rowe Price Group (NASDAQ:TROW) Shares Down 4.6% Following Weak Earnings

T. Rowe Price Group, Inc. (NASDAQ:TROW) dropped 4.6% on Wednesday following a dissappointing earnings announcement. The stock traded as low as $109.90 and last traded at $110.23. Approximately 309,567 shares traded hands during trading, a decline of 79% from the average daily volume of 1,483,477 shares. The stock had previously closed at $115.55.

The asset manager reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.20 by ($0.08). T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. During the same period in the previous year, the business posted $1.72 earnings per share.

Analysts Set New Price Targets

A number of analysts recently issued reports on TROW shares. Evercore ISI raised their price objective on T. Rowe Price Group from $112.00 to $113.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft raised their price target on T. Rowe Price Group from $115.00 to $120.00 and gave the stock a “hold” rating in a report on Monday, November 11th. JPMorgan Chase & Co. reduced their price objective on shares of T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating for the company in a research report on Monday, November 4th. StockNews.com downgraded shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Sunday. Finally, TD Cowen reduced their price target on shares of T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Four equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $115.82.

Insider Activity

In related news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of T. Rowe Price Group stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $123.35, for a total transaction of $499,197.45. Following the transaction, the vice president now owns 119,577 shares in the company, valued at approximately $14,749,822.95. The trade was a 3.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

Institutional investors have recently added to or reduced their stakes in the company. Cetera Investment Advisers boosted its position in T. Rowe Price Group by 3.2% in the 2nd quarter. Cetera Investment Advisers now owns 44,646 shares of the asset manager’s stock valued at $5,148,000 after buying an additional 1,385 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in T. Rowe Price Group in the 2nd quarter valued at about $1,567,000. Czech National Bank boosted its position in T. Rowe Price Group by 6.6% in the 3rd quarter. Czech National Bank now owns 45,345 shares of the asset manager’s stock valued at $4,939,000 after buying an additional 2,793 shares during the last quarter. Exeter Financial LLC lifted its position in shares of T. Rowe Price Group by 7.8% during the third quarter. Exeter Financial LLC now owns 24,317 shares of the asset manager’s stock worth $2,649,000 after purchasing an additional 1,750 shares during the last quarter. Finally, Brookstone Capital Management lifted its position in shares of T. Rowe Price Group by 3.9% during the third quarter. Brookstone Capital Management now owns 86,089 shares of the asset manager’s stock worth $9,378,000 after purchasing an additional 3,208 shares during the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Price Performance

The firm’s 50-day moving average price is $116.58 and its 200 day moving average price is $112.65. The firm has a market cap of $24.51 billion, a P/E ratio of 12.06, a PEG ratio of 1.78 and a beta of 1.44.

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.