T. Rowe Price Group (NASDAQ:TROW) Trading Down 4.6% on Disappointing Earnings

T. Rowe Price Group, Inc. (NASDAQ:TROW) shares were down 4.6% during trading 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 were traded 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 (EPS) for the quarter, missing the consensus estimate 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 prior year, the business posted $1.72 earnings per share.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on TROW shares. Wells Fargo & Company lowered their target price on T. Rowe Price Group from $118.00 to $116.00 and set an “equal weight” rating on the stock in a research note on Thursday. Deutsche Bank Aktiengesellschaft raised their price objective on T. Rowe Price Group from $115.00 to $120.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $113.00 price objective (up previously from $111.00) on shares of T. Rowe Price Group in a research note on Thursday. 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 note on Thursday, November 7th. Finally, JPMorgan Chase & Co. reduced their target price on T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating on the stock in a report on Monday, November 4th. Four investment analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat, T. Rowe Price Group currently has an average rating of “Hold” and an average target price of $115.09.

Insider Activity at T. Rowe Price Group

In related news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $123.35, for a total transaction of $499,197.45. Following the completion of the transaction, the vice president now directly owns 119,577 shares of the company’s stock, valued at $14,749,822.95. This trade represents a 3.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its position in T. Rowe Price Group by 5.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,187,176 shares of the asset manager’s stock worth $812,798,000 after purchasing an additional 346,369 shares during the last quarter. Geode Capital Management LLC raised its position in T. Rowe Price Group by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 5,515,198 shares of the asset manager’s stock worth $598,801,000 after purchasing an additional 25,481 shares during the last quarter. Provident Trust Co. raised its position in T. Rowe Price Group by 8.9% during the 4th quarter. Provident Trust Co. now owns 2,611,294 shares of the asset manager’s stock worth $295,311,000 after purchasing an additional 213,566 shares during the last quarter. Fisher Asset Management LLC raised its position in T. Rowe Price Group by 0.5% during the 4th quarter. Fisher Asset Management LLC now owns 1,870,446 shares of the asset manager’s stock worth $211,529,000 after purchasing an additional 8,992 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in T. Rowe Price Group by 4.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,375,306 shares of the asset manager’s stock worth $149,812,000 after purchasing an additional 53,997 shares during the last quarter. 73.39% of the stock is owned by institutional investors.

T. Rowe Price Group Trading Up 0.7 %

The company has a 50-day moving average price of $116.31 and a two-hundred day moving average price of $112.63. The stock has a market capitalization of $24.76 billion, a P/E ratio of 12.19, a price-to-earnings-growth ratio of 1.78 and a beta of 1.44.

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.