PDT Partners LLC Purchases Shares of 38,600 T. Rowe Price Group, Inc. $TROW

PDT Partners LLC purchased a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 38,600 shares of the asset manager’s stock, valued at approximately $4,388,000.

A number of other hedge funds have also recently made changes to their positions in TROW. SVB Wealth LLC lifted its position in T. Rowe Price Group by 77.5% in the fourth quarter. SVB Wealth LLC now owns 37,000 shares of the asset manager’s stock valued at $3,788,000 after purchasing an additional 16,155 shares during the last quarter. Generali Asset Management SPA SGR grew its holdings in shares of T. Rowe Price Group by 1,680.4% in the fourth quarter. Generali Asset Management SPA SGR now owns 17,715 shares of the asset manager’s stock worth $1,814,000 after purchasing an additional 16,720 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of T. Rowe Price Group by 3.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520,782 shares of the asset manager’s stock worth $54,489,000 after buying an additional 18,952 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in shares of T. Rowe Price Group in the fourth quarter worth $5,935,000. Finally, Norges Bank bought a new stake in T. Rowe Price Group during the 4th quarter valued at $128,283,000. 73.39% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on TROW. BMO Capital Markets raised their price target on shares of T. Rowe Price Group from $110.00 to $120.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd. Weiss Ratings raised shares of T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 2nd. Barclays lowered their price objective on shares of T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating for the company in a research note on Monday, August 3rd. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $115.00 target price (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Finally, Zacks Research cut T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Ten equities research 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 $105.67.

T. Rowe Price Group Trading Up 0.5%

Shares of T. Rowe Price Group stock opened at $112.87 on Wednesday. T. Rowe Price Group, Inc. has a 12-month low of $85.22 and a 12-month high of $122.00. The company has a market cap of $24.08 billion, a P/E ratio of 11.32, a PEG ratio of 3.72 and a beta of 1.47. The company’s fifty day simple moving average is $114.10 and its two-hundred day simple moving average is $103.02.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping the consensus estimate of $2.52 by $0.05. The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period last year, the company posted $2.24 EPS. Analysts predict that T. Rowe Price Group, Inc. will post 10.15 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group’s payout ratio is presently 52.16%.

About T. Rowe Price Group

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.