Cardinal Capital Management raised its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) by 0.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 48,771 shares of the asset manager’s stock after purchasing an additional 406 shares during the quarter. Cardinal Capital Management’s holdings in T. Rowe Price Group were worth $5,463,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of TROW. Birch Capital Management LLC raised its stake in shares of T. Rowe Price Group by 3.7% in the 2nd quarter. Birch Capital Management LLC now owns 27,852 shares of the asset manager’s stock valued at $3,120,000 after purchasing an additional 990 shares in the last quarter. Darwin Wealth Management LLC bought a new stake in T. Rowe Price Group in the second quarter valued at about $308,000. Occidental Asset Management LLC raised its stake in T. Rowe Price Group by 8.3% during the second quarter. Occidental Asset Management LLC now owns 17,692 shares of the asset manager’s stock valued at $1,982,000 after buying an additional 1,353 shares in the last quarter. Keystone Financial Planning Inc. lifted its holdings in T. Rowe Price Group by 3.2% during the 2nd quarter. Keystone Financial Planning Inc. now owns 64,124 shares of the asset manager’s stock worth $7,183,000 after buying an additional 1,965 shares during the last quarter. Finally, Northwest Investment Counselors LLC increased its holdings in shares of T. Rowe Price Group by 1.4% in the 2nd quarter. Northwest Investment Counselors LLC now owns 25,407 shares of the asset manager’s stock valued at $2,846,000 after acquiring an additional 342 shares during the last quarter. 75.85% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $111.82, for a total value of $1,338,373.58. Following the completion of the sale, the vice president now directly owns 129,436 shares of the company’s stock, valued at approximately $14,473,533.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.10% of the stock is currently owned by corporate insiders.
T. Rowe Price Group Trading Down 0.5 %
T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last released its quarterly earnings results on Friday, July 28th. The asset manager reported $2.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.29. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.60 billion. T. Rowe Price Group had a net margin of 24.73% and a return on equity of 18.30%. The firm’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.79 earnings per share. Research analysts forecast that T. Rowe Price Group, Inc. will post 7.29 EPS for the current fiscal year.
T. Rowe Price Group Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Friday, September 15th will be issued a $1.22 dividend. The ex-dividend date is Thursday, September 14th. This represents a $4.88 dividend on an annualized basis and a dividend yield of 4.48%. T. Rowe Price Group’s payout ratio is currently 72.73%.
Analysts Set New Price Targets
A number of analysts have weighed in on the stock. UBS Group increased their target price on shares of T. Rowe Price Group from $83.00 to $90.00 and gave the stock a “sell” rating in a report on Monday, July 31st. Citigroup boosted their target price on shares of T. Rowe Price Group from $98.00 to $100.00 and gave the company a “sell” rating in a research note on Friday, July 14th. The Goldman Sachs Group raised their price target on T. Rowe Price Group from $89.50 to $100.00 and gave the company a “sell” rating in a report on Monday, July 31st. StockNews.com began coverage on shares of T. Rowe Price Group in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Wells Fargo & Company boosted their target price on T. Rowe Price Group from $117.00 to $123.00 and gave the stock an “equal weight” rating in a report on Monday, July 31st. Six equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat, T. Rowe Price Group presently has a consensus rating of “Hold” and a consensus price target of $96.73.
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.
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