Prana Capital Management LP Invests $4.94 Million in T. Rowe Price Group, Inc. $TROW

Prana Capital Management LP acquired a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) during the third quarter, Holdings Channel reports. The institutional investor acquired 48,124 shares of the asset manager’s stock, valued at approximately $4,939,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. grew its stake in T. Rowe Price Group by 66.7% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 250 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 100 shares during the last quarter. Root Financial Partners LLC purchased a new position in shares of T. Rowe Price Group in the third quarter worth about $30,000. Vermillion & White Wealth Management Group LLC raised its stake in shares of T. Rowe Price Group by 120.0% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 319 shares of the asset manager’s stock worth $31,000 after purchasing an additional 174 shares during the last quarter. Salomon & Ludwin LLC lifted its holdings in shares of T. Rowe Price Group by 84.3% during the third quarter. Salomon & Ludwin LLC now owns 317 shares of the asset manager’s stock worth $33,000 after purchasing an additional 145 shares during the period. Finally, Quent Capital LLC acquired a new stake in shares of T. Rowe Price Group during the third quarter worth about $39,000. Hedge funds and other institutional investors own 73.39% of the company’s stock.

Wall Street Analysts Forecast Growth

TROW has been the topic of several research reports. Bank of America increased their price target on shares of T. Rowe Price Group from $85.00 to $86.00 in a report on Wednesday, January 14th. JPMorgan Chase & Co. decreased their price objective on shares of T. Rowe Price Group from $108.00 to $106.00 and set an “underweight” rating for the company in a research note on Thursday, February 5th. Keefe, Bruyette & Woods dropped their price objective on shares of T. Rowe Price Group from $115.00 to $110.00 and set a “market perform” rating on the stock in a report on Thursday, February 5th. Argus upgraded shares of T. Rowe Price Group to a “hold” rating in a research note on Thursday, February 5th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of T. Rowe Price Group in a report on Monday, December 29th. Twelve investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus 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 twelve month low of $77.85 and a twelve month high of $118.22. The stock has a market cap of $19.28 billion, a P/E ratio of 9.56, a P/E/G ratio of 3.66 and a beta of 1.54. The stock has a 50 day moving average of $98.10 and a 200 day moving average of $101.83.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Wednesday, February 4th. The asset manager reported $2.44 EPS for the quarter, missing the consensus estimate of $2.47 by ($0.03). The company had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.92 billion. T. Rowe Price Group had a return on equity of 20.29% and a net margin of 28.53%.The company’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.12 EPS. On average, research analysts predict that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Increases Dividend

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