Cullen Frost Bankers Inc. Buys 1,946 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Cullen Frost Bankers Inc. lifted its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 7.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,123 shares of the asset manager’s stock after buying an additional 1,946 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in T. Rowe Price Group were worth $3,243,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of TROW. Victory Capital Management Inc. grew its position in T. Rowe Price Group by 3.8% during the second quarter. Victory Capital Management Inc. now owns 3,436,019 shares of the asset manager’s stock worth $396,207,000 after buying an additional 124,686 shares in the last quarter. Fisher Asset Management LLC grew its holdings in shares of T. Rowe Price Group by 6.6% during the fourth quarter. Fisher Asset Management LLC now owns 1,751,405 shares of the asset manager’s stock worth $188,609,000 after purchasing an additional 109,053 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of T. Rowe Price Group by 21.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,352,683 shares of the asset manager’s stock worth $145,685,000 after purchasing an additional 236,697 shares during the last quarter. First Trust Advisors LP raised its stake in T. Rowe Price Group by 1.3% in the fourth quarter. First Trust Advisors LP now owns 1,173,858 shares of the asset manager’s stock valued at $126,413,000 after purchasing an additional 15,504 shares in the last quarter. Finally, Confluence Investment Management LLC bought a new stake in T. Rowe Price Group during the first quarter valued at approximately $130,386,000. 73.39% of the stock is currently owned by institutional investors.

T. Rowe Price Group Stock Down 2.3 %

Shares of TROW stock opened at $101.69 on Friday. The stock has a fifty day moving average of $110.68 and a 200 day moving average of $113.72. The firm has a market capitalization of $22.64 billion, a price-to-earnings ratio of 12.08, a PEG ratio of 1.67 and a beta of 1.41. T. Rowe Price Group, Inc. has a 52 week low of $87.43 and a 52 week high of $122.27.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, July 26th. The asset manager reported $2.26 earnings per share for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.01). T. Rowe Price Group had a net margin of 28.66% and a return on equity of 19.90%. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same period in the previous year, the firm posted $2.02 EPS. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. Equities research analysts anticipate that T. Rowe Price Group, Inc. will post 9 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a $1.24 dividend. This represents a $4.96 annualized dividend and a dividend yield of 4.88%. The ex-dividend date is Friday, September 13th. T. Rowe Price Group’s dividend payout ratio is currently 58.91%.

Insider Activity

In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $117.00, for a total value of $234,000.00. Following the completion of the transaction, the vice president now owns 34,710 shares in the company, valued at $4,061,070. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Jessica M. Hiebler sold 1,401 shares of T. Rowe Price Group stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $115.85, for a total transaction of $162,305.85. Following the completion of the transaction, the insider now directly owns 14,198 shares in the company, valued at $1,644,838.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Dorothy C. Sawyer sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $117.00, for a total value of $234,000.00. Following the completion of the sale, the vice president now owns 34,710 shares in the company, valued at approximately $4,061,070. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on TROW shares. Evercore ISI decreased their price target on shares of T. Rowe Price Group from $115.00 to $108.00 and set an “in-line” rating on the stock in a report on Thursday. Barclays assumed coverage on T. Rowe Price Group in a research note on Tuesday, August 27th. They issued an “underweight” rating and a $99.00 target price on the stock. StockNews.com downgraded T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. upped their price objective on T. Rowe Price Group from $102.00 to $107.00 and gave the stock an “underweight” rating in a report on Tuesday, July 23rd. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $120.00 price objective (down from $121.00) on shares of T. Rowe Price Group in a report on Monday, July 29th. Four analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $113.20.

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.