Cardinal Capital Management Purchases 4,669 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Cardinal Capital Management increased its stake in T. Rowe Price Group by 7.2% by purchasing 4,669 shares, bringing its total holdings to 69,443 shares valued at approximately $6.7 million.
• T. Rowe Price Group announced a quarterly dividend of $1.27, which will be payable on September 29, translating to an annualized dividend of $5.08 and a yield of 4.8%.
• The company's latest earnings report showed an EPS of $2.24, exceeding estimates, with a return on equity of 19.77%, despite a slight year-over-year revenue decline of 0.6%.

Cardinal Capital Management boosted its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 7.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,443 shares of the asset manager's stock after buying an additional 4,669 shares during the quarter. Cardinal Capital Management's holdings in T. Rowe Price Group were worth $6,701,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in TROW. Exchange Traded Concepts LLC raised its stake in shares of T. Rowe Price Group by 27.9% during the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the asset manager's stock valued at $89,000 after acquiring an additional 212 shares during the last quarter. Wealthfront Advisers LLC raised its position in T. Rowe Price Group by 109.2% during the 1st quarter. Wealthfront Advisers LLC now owns 69,326 shares of the asset manager's stock worth $6,369,000 after purchasing an additional 36,190 shares during the last quarter. Mather Group LLC. raised its position in T. Rowe Price Group by 11.9% during the 1st quarter. Mather Group LLC. now owns 135,571 shares of the asset manager's stock worth $12,455,000 after purchasing an additional 14,371 shares during the last quarter. GAMMA Investing LLC raised its position in T. Rowe Price Group by 9,555.5% during the 1st quarter. GAMMA Investing LLC now owns 333,212 shares of the asset manager's stock worth $30,612,000 after purchasing an additional 329,761 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in T. Rowe Price Group by 12.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 213,769 shares of the asset manager's stock worth $19,575,000 after purchasing an additional 24,323 shares during the last quarter. Institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Stock Performance

Shares of NASDAQ:TROW opened at $105.29 on Tuesday. The business's 50 day simple moving average is $106.15 and its two-hundred day simple moving average is $97.58. The firm has a market cap of $23.13 billion, a P/E ratio of 11.76, a PEG ratio of 2.75 and a beta of 1.51. T. Rowe Price Group, Inc. has a 52-week low of $77.85 and a 52-week high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.09. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The business had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the prior year, the company earned $2.26 earnings per share. The company's quarterly revenue was down .6% on a year-over-year basis. On average, equities analysts forecast that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Monday, September 15th. T. Rowe Price Group's dividend payout ratio (DPR) is currently 56.76%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on TROW shares. Keefe, Bruyette & Woods raised their price objective on T. Rowe Price Group from $110.00 to $112.00 and gave the stock a "market perform" rating in a research report on Monday, August 4th. Barclays restated an "underweight" rating and set a $95.00 price target (up previously from $91.00) on shares of T. Rowe Price Group in a report on Monday, August 4th. Zacks Research lowered shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a report on Monday, September 8th. Evercore ISI reissued a "positive" rating on shares of T. Rowe Price Group in a research note on Friday, September 5th. Finally, Wells Fargo & Company lifted their target price on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $101.55.

About T. Rowe Price Group

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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