Cary Street Partners Financial LLC Makes New $731,000 Investment in T. Rowe Price Group, Inc. $TROW

Cary Street Partners Financial LLC bought a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,578 shares of the asset manager’s stock, valued at approximately $731,000.

A number of other institutional investors have also recently made changes to their positions in the business. TD Waterhouse Canada Inc. increased its stake in T. Rowe Price Group by 66.7% during the second quarter. TD Waterhouse Canada Inc. now owns 250 shares of the asset manager’s stock worth $25,000 after acquiring an additional 100 shares during the last quarter. Zions Bancorporation National Association UT purchased a new position in shares of T. Rowe Price Group in the 1st quarter worth approximately $27,000. Vermillion & White Wealth Management Group LLC boosted its holdings in shares of T. Rowe Price Group by 120.0% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 319 shares of the asset manager’s stock worth $31,000 after purchasing an additional 174 shares during the period. Atlantic Union Bankshares Corp bought a new position in shares of T. Rowe Price Group during the 2nd quarter valued at approximately $35,000. Finally, Curio Wealth LLC raised its holdings in T. Rowe Price Group by 20,700.0% during the 2nd quarter. Curio Wealth LLC now owns 416 shares of the asset manager’s stock valued at $40,000 after buying an additional 414 shares during the period. Institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock opened at $103.56 on Thursday. The stock has a market cap of $22.60 billion, a price-to-earnings ratio of 11.28, a price-to-earnings-growth ratio of 3.48 and a beta of 1.53. The firm has a 50-day moving average of $102.98 and a two-hundred day moving average of $102.30. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $123.55.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Friday, October 31st. The asset manager reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.55 by $0.26. T. Rowe Price Group had a net margin of 28.89% and a return on equity of 19.95%. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the previous year, the firm posted $2.57 earnings per share. The company’s revenue was up 6.0% on a year-over-year basis. Research analysts expect that T. Rowe Price Group, Inc. will post 9.29 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 Tuesday, December 30th. Shareholders of record on Monday, December 15th will be issued a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Monday, December 15th. T. Rowe Price Group’s dividend payout ratio is currently 55.34%.

Analyst Upgrades and Downgrades

Several research firms have commented on TROW. Barclays set a $101.00 price objective on shares of T. Rowe Price Group in a research note on Monday, November 3rd. Morgan Stanley upped their price target on shares of T. Rowe Price Group from $125.00 to $126.00 and gave the company an “equal weight” rating in a report on Monday, October 27th. Weiss Ratings reissued a “hold (c)” rating on shares of T. Rowe Price Group in a research report on Wednesday, October 8th. Jefferies Financial Group raised their price objective on shares of T. Rowe Price Group from $104.00 to $106.00 and gave the stock a “hold” rating in a research note on Tuesday, October 7th. Finally, Citigroup boosted their target price on T. Rowe Price Group from $105.00 to $107.00 in a research report on Monday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $108.77.

Insider Activity

In other news, Director Robert F. Maclellan sold 3,090 shares of the firm’s stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $105.01, for a total transaction of $324,480.90. Following the transaction, the director owned 47,335 shares in the company, valued at approximately $4,970,648.35. This trade represents a 6.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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.