T. Rowe Price Group's stock plummeted 5.51% during intraday trading on Wednesday, following the release of its fourth-quarter financial results.

The asset manager reported adjusted earnings per share of $2.44 for the quarter, which fell short of analyst estimates. Multiple sources confirmed the earnings miss, with the company's results coming in below the FactSet consensus estimate of $2.46 and other analyst expectations of $2.47 per share.

Despite reporting revenue that met or slightly exceeded expectations, the earnings shortfall prompted negative investor reaction, with shares declining in pre-market activity before the steeper drop during the regular trading session.