Thurston Springer Miller Herd & Titak Inc. Purchases 2,590 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Thurston Springer Miller Herd & Titak Inc. boosted its stake in T. Rowe Price Group by 18.6%, acquiring an additional 2,590 shares, bringing its total holdings to 16,503 shares valued at approximately $1,592,000.
• T. Rowe Price Group reported $2.24 EPS for the last quarter, exceeding estimates, while its revenue remained stable at $1.72 billion, but down 0.6% year-over-year.
• The company announced a quarterly dividend of $1.27 per share, resulting in an annualized dividend of $5.08 and a yield of 4.8%, with a payout ratio of 56.76%.

Thurston Springer Miller Herd & Titak Inc. increased its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 18.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,503 shares of the asset manager's stock after acquiring an additional 2,590 shares during the quarter. Thurston Springer Miller Herd & Titak Inc.'s holdings in T. Rowe Price Group were worth $1,592,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Salem Investment Counselors Inc. boosted its position in shares of T. Rowe Price Group by 60.4% in the second quarter. Salem Investment Counselors Inc. now owns 77,548 shares of the asset manager's stock valued at $7,483,000 after acquiring an additional 29,211 shares during the period. Arvest Investments Inc. bought a new position in shares of T. Rowe Price Group in the second quarter valued at approximately $903,000. City Center Advisors LLC bought a new position in shares of T. Rowe Price Group in the second quarter valued at approximately $311,000. Harbor Investment Advisory LLC boosted its position in shares of T. Rowe Price Group by 2.0% in the second quarter. Harbor Investment Advisory LLC now owns 14,602 shares of the asset manager's stock valued at $1,409,000 after acquiring an additional 284 shares during the period. Finally, Kera Capital Partners Inc. bought a new position in shares of T. Rowe Price Group in the second quarter valued at approximately $219,000. 73.39% of the stock is currently owned by institutional investors.

T. Rowe Price Group Stock Down 0.1%

Shares of NASDAQ TROW opened at $105.63 on Monday. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $125.81. The firm's fifty day moving average is $105.69 and its 200 day moving average is $97.44. The company has a market cap of $23.21 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 2.76 and a beta of 1.51.

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

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend is Monday, September 15th. T. Rowe Price Group's payout ratio is presently 56.76%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Barclays restated an "underweight" rating and issued a $95.00 price objective (up from $91.00) on shares of T. Rowe Price Group in a research report on Monday, August 4th. Morgan Stanley lifted their price target on shares of T. Rowe Price Group from $112.00 to $116.00 and gave the stock an "equal weight" rating in a research note on Monday, August 4th. Wells Fargo & Company lifted their price target 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. JPMorgan Chase & Co. lifted their price target on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the stock an "underweight" rating in a research note on Monday, August 4th. Finally, Evercore ISI reissued a "positive" rating on shares of T. Rowe Price Group in a research note on Friday, September 5th. One analyst has rated the stock with a Buy rating, eight have issued a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $101.55.

T. Rowe Price Group Company 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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