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The board of directors of T. Rowe Price Group approved adding another 10 million shares to it stock repurchase plan, expanding that program to 21 million shares, the Baltimore-based money management firm announced Thursday.

The company's stock rose for the second day with shares up $1.30 each to $112.30. The stock jumped more than 3 percent Wednesday in the wake of strong first quarter earnings fueled by the cut to the federal corporate tax rate.

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Richard R. Verma, vice chairman and partner at The Asia Group, was elected to the board of T. Rowe Price Group.
Richard R. Verma, vice chairman and partner at The Asia Group, was elected to the board of T. Rowe Price Group. (Handout courtesy of T. Rowe Price Group)

At the company's annual shareholders meeting Thursday in Owings Mills, T. Rowe stockholders elected all 12 nominees to the corporate board, including a new director Richard R. Verma. A former U.S. ambassador to India, Verma is currently vice chairman and partner at The Asia Group, a strategic advisory firm to companies interested in Asia.

Stockholders also voted to approve the 2017 compensation paid to the company's named executive officers and a charter amendment eliminating a provision that limits voting of share ownership to 15 percent of the outstanding shares.

T. Rowe Price also declared a 70 cent dividend for the second quarter. It be paid June 29 to shareholders of record as of June 15.

UPDATES:

3:30 p.m. An earlier version of this story included incorrect information about the dividend. The Sun regrets the error.

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