T. Rowe Price Group (NASDAQ:TROW) Shares Down 3.4% After Earnings Miss

Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Get Free Report) were down 3.4% on Friday following a weaker than expected earnings announcement. The company traded as low as $110.11 and last traded at $111.52. Approximately 169,753 shares traded hands during trading, a decline of 87% from the average daily volume of 1,284,541 shares. The stock had previously closed at $115.49.

• 10-year yield is below 4.5%...these dividend growth yields aren’t

The asset manager reported $2.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.27 by ($0.01). The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.79 billion. T. Rowe Price Group had a net margin of 29.09% and a return on equity of 19.70%. T. Rowe Price Group's quarterly revenue was up 7.6% on a year-over-year basis. During the same period last year, the firm earned $2.02 EPS.

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Friday, June 14th were issued a $1.24 dividend. This represents a $4.96 annualized dividend and a dividend yield of 4.46%. The ex-dividend date was Friday, June 14th. T. Rowe Price Group's payout ratio is presently 58.91%.

Analysts Set New Price Targets

TROW has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. boosted their target price on T. Rowe Price Group from $102.00 to $107.00 and gave the stock an "underweight" rating in a report on Tuesday. Evercore ISI decreased their price target on shares of T. Rowe Price Group from $110.00 to $107.00 and set an "in-line" rating on the stock in a research note on Tuesday, April 30th. TD Cowen upped their price objective on shares of T. Rowe Price Group from $121.00 to $123.00 and gave the stock a "hold" rating in a research report on Monday, July 8th. Morgan Stanley lifted their target price on T. Rowe Price Group from $114.00 to $125.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 17th. Finally, UBS Group boosted their target price on shares of T. Rowe Price Group from $100.00 to $109.00 and gave the stock a "sell" rating in a research note on Friday, April 12th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, T. Rowe Price Group presently has a consensus rating of "Hold" and a consensus price target of $113.50.

Get Our Latest Analysis on TROW

Insider Activity

In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of T. Rowe Price Group stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total transaction of $234,000.00. Following the transaction, the vice president now owns 34,710 shares of the company's stock, valued at approximately $4,061,070. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Robert F. Maclellan sold 3,043 shares of the stock in a transaction on Monday, April 29th. The shares were sold at an average price of $113.08, for a total value of $344,102.44. Following the transaction, the director now owns 34,635 shares of the company's stock, valued at approximately $3,916,525.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Dorothy C. Sawyer sold 2,000 shares of the company's stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $117.00, for a total value of $234,000.00. Following the completion of the transaction, the vice president now owns 34,710 shares of the company's stock, valued at $4,061,070. The disclosure for this sale can be found here. Insiders have sold 6,444 shares of company stock worth $740,408 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in TROW. Lynx Investment Advisory bought a new position in T. Rowe Price Group during the 2nd quarter worth approximately $29,000. First United Bank & Trust bought a new position in T. Rowe Price Group in the fourth quarter worth about $31,000. Park Place Capital Corp raised its stake in T. Rowe Price Group by 1,775.0% in the fourth quarter. Park Place Capital Corp now owns 300 shares of the asset manager's stock worth $32,000 after buying an additional 284 shares in the last quarter. Family Firm Inc. purchased a new stake in T. Rowe Price Group in the second quarter worth about $36,000. Finally, Versant Capital Management Inc grew its holdings in shares of T. Rowe Price Group by 660.5% during the 2nd quarter. Versant Capital Management Inc now owns 327 shares of the asset manager's stock worth $38,000 after acquiring an additional 284 shares during the period. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Price Performance

The firm's 50 day moving average is $116.57 and its 200 day moving average is $114.00. The firm has a market cap of $24.84 billion, a P/E ratio of 13.72, a price-to-earnings-growth ratio of 1.66 and a beta of 1.42.

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.

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