Prana Capital Management LP Takes Position in T. Rowe Price Group, Inc. $TROW

Prana Capital Management LP acquired a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 48,124 shares of the asset manager’s stock, valued at approximately $4,939,000.

A number of other hedge funds also recently added to or reduced their stakes in TROW. Woodline Partners LP increased its position in T. Rowe Price Group by 41.0% during the 1st quarter. Woodline Partners LP now owns 18,809 shares of the asset manager’s stock valued at $1,728,000 after purchasing an additional 5,467 shares during the period. Focus Partners Wealth lifted its position in shares of T. Rowe Price Group by 10.6% in the 1st quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager’s stock worth $1,199,000 after purchasing an additional 1,250 shares during the period. Police & Firemen s Retirement System of New Jersey boosted its stake in shares of T. Rowe Price Group by 4.2% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 33,372 shares of the asset manager’s stock valued at $3,220,000 after purchasing an additional 1,348 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of T. Rowe Price Group by 6.1% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 54,034 shares of the asset manager’s stock valued at $5,214,000 after purchasing an additional 3,120 shares in the last quarter. Finally, Creative Planning increased its holdings in T. Rowe Price Group by 0.7% during the second quarter. Creative Planning now owns 23,167 shares of the asset manager’s stock valued at $2,236,000 after buying an additional 155 shares during the period. 73.39% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on TROW. Zacks Research lowered T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 9th. BMO Capital Markets cut their price target on T. Rowe Price Group from $110.00 to $104.00 and set a “market perform” rating on the stock in a report on Thursday, February 12th. Bank of America boosted their price target on T. Rowe Price Group from $85.00 to $86.00 in a research report on Wednesday, January 14th. Barclays set a $94.00 price objective on T. Rowe Price Group in a research note on Thursday, February 5th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on T. Rowe Price Group from $106.00 to $100.00 and set a “hold” rating on the stock in a research note on Thursday, February 5th. Twelve analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, T. Rowe Price Group presently has a consensus rating of “Reduce” and an average price target of $101.69.

T. Rowe Price Group Trading Up 1.2%

Shares of TROW stock opened at $88.39 on Wednesday. T. Rowe Price Group, Inc. has a 12-month low of $77.85 and a 12-month high of $118.22. The business’s fifty day simple moving average is $98.10 and its 200-day simple moving average is $101.83. The company has a market cap of $19.28 billion, a PE ratio of 9.56, a PEG ratio of 3.66 and a beta of 1.54.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Wednesday, February 4th. The asset manager reported $2.44 earnings per share for the quarter, missing the consensus estimate of $2.47 by ($0.03). T. Rowe Price Group had a return on equity of 20.29% and a net margin of 28.53%.The business had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.92 billion. During the same quarter last year, the firm earned $2.12 earnings per share. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, equities analysts forecast that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 5.9%. The ex-dividend date of this dividend is Monday, March 16th. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.27. T. Rowe Price Group’s payout ratio is 56.22%.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.