Pallas Capital Advisors LLC Raises Stock Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Pallas Capital Advisors LLC raised its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 37.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,584 shares of the asset manager’s stock after purchasing an additional 977 shares during the period. Pallas Capital Advisors LLC’s holdings in T. Rowe Price Group were worth $418,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Neo Ivy Capital Management purchased a new position in T. Rowe Price Group in the 2nd quarter valued at $800,000. First Citizens Bank & Trust Co. boosted its stake in T. Rowe Price Group by 4.4% during the second quarter. First Citizens Bank & Trust Co. now owns 70,707 shares of the asset manager’s stock worth $8,153,000 after buying an additional 2,961 shares during the period. Hennion & Walsh Asset Management Inc. raised its stake in shares of T. Rowe Price Group by 20.3% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 12,559 shares of the asset manager’s stock valued at $1,448,000 after acquiring an additional 2,123 shares during the period. Bellecapital International Ltd. acquired a new position in shares of T. Rowe Price Group in the 2nd quarter worth approximately $374,000. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of T. Rowe Price Group by 0.7% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 654,139 shares of the asset manager’s stock worth $75,429,000 after acquiring an additional 4,701 shares during the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Stock Performance

NASDAQ:TROW traded up $0.16 during trading hours on Wednesday, hitting $108.67. 145,905 shares of the company’s stock traded hands, compared to its average volume of 1,279,188. The firm has a market cap of $24.27 billion, a P/E ratio of 12.89, a P/E/G ratio of 1.69 and a beta of 1.42. T. Rowe Price Group, Inc. has a twelve month low of $87.43 and a twelve month high of $122.27. The stock’s fifty day moving average price is $113.42 and its two-hundred day moving average price is $113.91.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, July 26th. The asset manager reported $2.26 earnings per share for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.01). T. Rowe Price Group had a return on equity of 19.90% and a net margin of 28.66%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.79 billion. During the same period in the prior year, the firm earned $2.02 EPS. T. Rowe Price Group’s quarterly revenue was up 7.6% on a year-over-year basis. On average, equities research analysts predict that T. Rowe Price Group, Inc. will post 8.98 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a dividend of $1.24 per share. This represents a $4.96 dividend on an annualized basis and a yield of 4.56%. The ex-dividend date is Friday, September 13th. T. Rowe Price Group’s dividend payout ratio is 58.91%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TROW. Deutsche Bank Aktiengesellschaft boosted their target price on T. Rowe Price Group from $112.00 to $113.00 and gave the company a “hold” rating in a research report on Thursday, August 15th. Evercore ISI decreased their price target on shares of T. Rowe Price Group from $110.00 to $107.00 and set an “in-line” rating for the company in a research report on Tuesday, April 30th. JPMorgan Chase & Co. increased their price objective on T. Rowe Price Group from $102.00 to $107.00 and gave the company an “underweight” rating in a research note on Tuesday, July 23rd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $120.00 price target (down previously from $121.00) on shares of T. Rowe Price Group in a research report on Monday, July 29th. Finally, TD Cowen reduced their price objective on T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating for the company in a research note on Monday, July 29th. Three equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat.com, T. Rowe Price Group presently has a consensus rating of “Hold” and an average target price of $114.67.

Insider Buying and Selling at T. Rowe Price Group

In related news, insider Jessica M. Hiebler sold 1,401 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $115.85, for a total value of $162,305.85. Following the completion of the transaction, the insider now directly owns 14,198 shares of the company’s stock, valued at $1,644,838.30. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 1,401 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $115.85, for a total transaction of $162,305.85. Following the completion of the transaction, the insider now owns 14,198 shares in the company, valued at $1,644,838.30. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Dorothy C. Sawyer sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total value of $234,000.00. Following the completion of the sale, the vice president now owns 34,710 shares in the company, valued at $4,061,070. The disclosure for this sale can be found here. Corporate insiders own 2.00% 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.