Pallas Capital Advisors LLC Takes Position in T. Rowe Price Group, Inc. $TROW

Key Points

• Pallas Capital Advisors LLC has acquired a new stake in T. Rowe Price Group, Inc., purchasing 3,349 shares valued at approximately $323,000 during the 2nd quarter.
• The quarterly dividend of $1.27 per share, representing a yield of 4.8%, will be paid on September 29th to investors on record as of September 15th.
• T. Rowe Price Group reported earnings per share (EPS) of $2.24 for the last quarter, exceeding analyst estimates, although its revenue fell slightly year-over-year.

Pallas Capital Advisors LLC bought a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,349 shares of the asset manager's stock, valued at approximately $323,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tidal Investments LLC grew its stake in shares of T. Rowe Price Group by 8.7% during the 4th quarter. Tidal Investments LLC now owns 7,109 shares of the asset manager's stock valued at $804,000 after buying an additional 568 shares during the period. Two Sigma Advisers LP grew its stake in shares of T. Rowe Price Group by 82.5% during the 4th quarter. Two Sigma Advisers LP now owns 18,800 shares of the asset manager's stock valued at $2,126,000 after buying an additional 8,500 shares during the period. Woodline Partners LP purchased a new stake in shares of T. Rowe Price Group during the 4th quarter valued at $1,509,000. Sunbelt Securities Inc. grew its stake in shares of T. Rowe Price Group by 23.4% during the 4th quarter. Sunbelt Securities Inc. now owns 3,242 shares of the asset manager's stock valued at $369,000 after buying an additional 614 shares during the period. Finally, Toronto Dominion Bank grew its stake in shares of T. Rowe Price Group by 39.9% during the 4th quarter. Toronto Dominion Bank now owns 104,835 shares of the asset manager's stock valued at $11,856,000 after buying an additional 29,908 shares during the period. 73.39% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on TROW. Keefe, Bruyette & Woods lifted their target price on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the company a "market perform" rating in a report on Monday, August 4th. Zacks Research lowered shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a report on Monday, September 8th. Barclays reiterated an "underweight" rating and issued a $95.00 price objective (up previously from $91.00) on shares of T. Rowe Price Group in a report on Monday, August 4th. JPMorgan Chase & Co. boosted their price objective on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the stock an "underweight" rating in a report on Monday, August 4th. Finally, Morgan Stanley boosted their price objective on shares of T. Rowe Price Group from $112.00 to $116.00 and gave the stock an "equal weight" rating in a report on Monday, August 4th. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, T. Rowe Price Group has an average rating of "Reduce" and a consensus target price of $101.55.

T. Rowe Price Group Stock Performance

Shares of NASDAQ:TROW traded down $0.70 during trading on Monday, reaching $105.29. The company had a trading volume of 1,174,609 shares, compared to its average volume of 1,562,810. The firm's fifty day moving average is $106.09 and its 200 day moving average is $97.55. The firm has a market capitalization of $23.13 billion, a PE ratio of 11.76, a price-to-earnings-growth ratio of 2.75 and a beta of 1.51. T. Rowe Price Group, Inc. has a twelve month low of $77.85 and a twelve month high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.09. The company had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.72 billion. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The firm's revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.26 earnings per share. Equities analysts predict that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a dividend of $1.27 per share. The ex-dividend date is Monday, September 15th. This represents a $5.08 annualized dividend and a dividend yield of 4.8%. T. Rowe Price Group's dividend payout ratio is 56.76%.

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.