T Rowe Price Group Inc - TROW STOCK NEWS

T. Rowe Price (TROW) is recognizing National Black Business Month by highlighting its commitment to supplier diversity. The company aims to grow collaborations with Black small businesses and entrepreneurs, viewing supplier diversity as a business imperative essential for business and cultural growth. In Baltimore, TROW made efforts to use local resources for its new headquarters construction, partnering with the Capital Region Minority Supplier Development Council to identify certified, locally owned, diverse, and small businesses.

The company's Supplier Diversity program promotes an inclusive procurement mindset, integrating supplier diversity into business and sourcing practices. This approach aims to generate efficiency, promote innovation, develop sustainable partnerships, and increase opportunities for diverse and small businesses. T. Rowe Price encourages other corporations to invest in supplier diversity and invites diverse and small businesses to explore their initiatives through their supplier registration platform.

T. Rowe Price Group (NASDAQ-GS: TROW) reported preliminary assets under management (AUM) of $1.59 trillion as of July 31, 2024. The firm experienced net outflows of $2.0 billion for the month. Key highlights include:

- Equity AUM: $814 billion
- Fixed income (including money market): $182 billion
- Multi-asset: $541 billion
- Alternatives: $50 billion
- Target date retirement products: $464 billion

Compared to the previous quarter-end (June 30, 2024), total AUM increased from $1.569 trillion to $1.587 trillion. Year-over-year growth is evident, with AUM rising from $1.445 trillion at the end of 2023.

Saba Capital Management has entered into a standstill agreement with The New America High Income Fund (NYSE: HYB). As part of this agreement, the Fund will reorganize with and into the T. Rowe Price High Yield Fund (Nasdaq: PRHYX), pending stockholder approval.

The reorganization aims to eliminate the Fund's trading discount and reduce management fees for stockholders. Additionally, Saba will withdraw its notice to nominate individuals for election at the Fund’s 2024 Annual Meeting of Stockholders.

Paul Kazarian, Partner and Portfolio Manager of Saba, expressed satisfaction with the agreement, noting the potential benefits for stockholders.

T. Rowe Price OHA Select Private Credit Fund (OCREDIT) announced financial results and declared total distributions of $0.84 per share for Q2 2024. Key highlights include:

- Net investment income per share: $0.77
- Earnings per share: $0.68
- Net asset value per share: $27.98 (down 0.6% from Q1)
- Gross investment fundings: $412.6 million
- Net investment fundings: $293.1 million
- Debt-to-equity ratio: 0.74x

The Company's investment portfolio had a fair value of $1,649.7 million, comprised of investments in 100 portfolio companies across 21 industries. The portfolio consisted of 93.2% first lien loans and 6.8% second lien loans, with 99.5% of debt investments at floating rates.

T. Rowe Price Group (NASDAQ-GS: TROW) has announced a quarterly dividend of $1.24 per share. The dividend will be payable on September 27, 2024, to stockholders of record at the close of business on September 13, 2024. This declaration by the Board of Directors demonstrates the company's commitment to returning value to shareholders. T. Rowe Price, a well-known investment management firm, continues its tradition of regular dividend payments, which can be seen as a positive sign for investors looking for steady income from their stock holdings.

T. Rowe Price Group (NASDAQ-GS: TROW) has announced its financial results for the second quarter of 2024. The company will host a webcast on July 26, 2024, from 8:00 - 8:45 AM (Eastern Time) to discuss the results. CEO Rob Sharps, CFO Jen Dardis, and Head of Global Investments Eric Veiel will participate in the call to provide updates on business performance, review financial results, and answer questions.

Investors can access the webcast and dial-in instructions through the company's investor relations website. Supplemental materials will be available shortly before the call, and a replay will be accessible after the event. The full earnings release is available on T. Rowe Price's website at troweprice.com/newsroom.

T. Rowe Price and the International Finance (IFC) have been awarded the 2024 Sustainable Investment Award for ESG Investment Initiative of the Year, Americas by Environmental Finance. This recognition highlights their collaborative effort to enhance access to blue finance projects in emerging markets and improve standards for the blue bond market.

The partnership aims to address the critical underfunding in the blue economy, focusing on ocean conservation, clean water, and sanitation. This initiative is seen as important in tackling the 'polycrisis' of climate change, biodiversity loss, and human health issues.

The award underscores the importance of capital markets, particularly the bond market, in funding these essential areas. It also emphasizes the need for awareness and education in promoting sustainable investing in emerging markets.

Oak Hill Advisors (OHA) and One Investment Management (OneIM) have launched a partnership to invest in European private credit. The venture has up to $5 billion of initial investable capital to address European borrowers' needs. This collaboration leverages OHA's longstanding European presence and global private credit expertise with OneIM's global network and flexibility.

OHA, investing in Europe since 1992, has made over $17 billion of investments in the region. OneIM, founded in 2022, has raised approximately $7 billion in commitments. The partnership aims to provide bespoke financing solutions to European companies and private equity sponsors, capitalizing on the growing demand for private credit in the region.

T. Rowe Price Group reported its preliminary month-end assets under management (AUM) for June 2024, totaling $1.57 trillion. This represents an increase from $1.542 trillion in May 2024 and $1.445 trillion in December 2023. Despite the overall increase in AUM, the firm experienced net outflows of $2.6 billion for June 2024 and $3.7 billion for the quarter ended June 2024, which includes $1.1 billion of Manager-driven distributions. Notably, equity AUM rose to $810 billion from $790 billion in May 2024. The company will release its Q2 2024 earnings on July 26, 2024, with an earnings call scheduled for the same day.