Prana Capital Management LP Acquires Shares of 32,898 T. Rowe Price Group, Inc. (NASDAQ:TROW)

Prana Capital Management LP purchased a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 32,898 shares of the asset manager's stock, valued at approximately $3,720,000.

Other institutional investors have also added to or reduced their stakes in the company. Nilsine Partners LLC boosted its position in T. Rowe Price Group by 75.5% during the 4th quarter. Nilsine Partners LLC now owns 5,509 shares of the asset manager's stock valued at $623,000 after buying an additional 2,370 shares during the period. Principal Financial Group Inc. raised its holdings in T. Rowe Price Group by 2.8% in the 3rd quarter. Principal Financial Group Inc. now owns 275,978 shares of the asset manager's stock worth $30,062,000 after purchasing an additional 7,503 shares in the last quarter. Amundi raised its holdings in T. Rowe Price Group by 30.1% in the 4th quarter. Amundi now owns 1,717,877 shares of the asset manager's stock worth $194,064,000 after purchasing an additional 397,278 shares in the last quarter. Schroder Investment Management Group raised its holdings in T. Rowe Price Group by 49.4% in the 4th quarter. Schroder Investment Management Group now owns 221,579 shares of the asset manager's stock worth $25,229,000 after purchasing an additional 73,307 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its holdings in T. Rowe Price Group by 5.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 357,556 shares of the asset manager's stock worth $40,436,000 after purchasing an additional 20,062 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock traded up $0.41 during trading hours on Friday, hitting $98.06. The stock had a trading volume of 1,493,466 shares, compared to its average volume of 1,488,587. The stock has a market capitalization of $21.60 billion, a price-to-earnings ratio of 10.71, a PEG ratio of 2.86 and a beta of 1.50. T. Rowe Price Group, Inc. has a 1-year low of $77.85 and a 1-year high of $125.81. The stock's fifty day moving average is $90.46 and its two-hundred day moving average is $105.75.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The asset manager reported $2.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.13 by $0.10. The firm had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.80 billion. T. Rowe Price Group had a return on equity of 20.83% and a net margin of 29.61%. The firm's quarterly revenue was up .8% on a year-over-year basis. During the same period last year, the company earned $2.38 EPS. As a group, sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 5.18%. The ex-dividend date of this dividend is Friday, June 13th. T. Rowe Price Group's payout ratio is 57.60%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Cowen restated a "hold" rating on shares of T. Rowe Price Group in a report on Monday, May 5th. Evercore ISI reduced their price objective on shares of T. Rowe Price Group from $104.00 to $80.00 and set an "in-line" rating for the company in a research note on Friday, April 11th. Bank of America reduced their price objective on shares of T. Rowe Price Group from $90.00 to $85.00 and set an "underperform" rating for the company in a research note on Thursday, April 3rd. StockNews.com downgraded shares of T. Rowe Price Group from a "buy" rating to a "hold" rating in a report on Sunday, February 2nd. Finally, TD Cowen dropped their price objective on shares of T. Rowe Price Group from $112.00 to $89.00 and set a "hold" rating on the stock in a report on Wednesday, April 9th. Four research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $94.09.

Insider Activity at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 968 shares of T. Rowe Price Group stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $96.98, for a total value of $93,876.64. Following the transaction, the insider now owns 13,611 shares of the company's stock, valued at $1,319,994.78. The trade was a 6.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert F. Maclellan sold 3,955 shares of T. Rowe Price Group stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $91.56, for a total transaction of $362,119.80. Following the completion of the transaction, the director now directly owns 42,979 shares in the company, valued at approximately $3,935,157.24. This trade represents a 8.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.60% of the company's stock.

T. Rowe Price Group Profile

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.