Hsbc Holdings PLC Purchases 28,407 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Hsbc Holdings PLC increased its stake in T. Rowe Price Group by 2.6%, owning a total of 1,104,981 shares worth approximately $101.37 million after acquiring 28,407 shares in the first quarter.
• T. Rowe Price Group reported a quarterly earnings per share of $2.24, exceeding analyst expectations, although revenue was down 0.6% year over year at $1.72 billion.
• The company announced a quarterly dividend of $1.27 per share, set to be paid on September 29, with a current annualized dividend yield of 4.8%.

Hsbc Holdings PLC boosted its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 2.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,104,981 shares of the asset manager's stock after buying an additional 28,407 shares during the quarter. Hsbc Holdings PLC owned approximately 0.50% of T. Rowe Price Group worth $101,370,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Zions Bancorporation National Association UT bought a new position in shares of T. Rowe Price Group during the first quarter valued at about $27,000. Ameriflex Group Inc. bought a new stake in shares of T. Rowe Price Group in the fourth quarter worth about $42,000. Hexagon Capital Partners LLC increased its holdings in T. Rowe Price Group by 44.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock valued at $34,000 after purchasing an additional 113 shares during the period. Smallwood Wealth Investment Management LLC bought a new position in T. Rowe Price Group during the 1st quarter valued at approximately $39,000. Finally, Chilton Capital Management LLC purchased a new stake in T. Rowe Price Group in the 1st quarter worth approximately $41,000. Institutional investors own 73.39% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TROW. Keefe, Bruyette & Woods lifted 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. Morgan Stanley raised their price target on 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. Cowen reissued a "hold" rating on shares of T. Rowe Price Group in a research report on Monday, May 5th. Evercore ISI upped their price objective on shares of T. Rowe Price Group from $106.00 to $110.00 and gave the stock an "in-line" rating in a report on Monday, August 4th. Finally, Barclays reaffirmed an "underweight" rating and issued a $95.00 target price (up from $91.00) on shares of T. Rowe Price Group in a research report on Monday, August 4th. Eight equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, T. Rowe Price Group presently has an average rating of "Reduce" and an average target price of $101.09.

Insider Activity at T. Rowe Price Group

In other news, VP Dorothy C. Sawyer sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total value of $190,860.00. Following the sale, the vice president directly owned 44,789 shares of the company's stock, valued at $4,274,214.27. The trade was a 4.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.00% of the stock is currently owned by corporate insiders.

T. Rowe Price Group Stock Up 3.6%

Shares of TROW stock traded up $3.76 during mid-day trading on Friday, reaching $108.29. 1,333,258 shares of the company's stock traded hands, compared to its average volume of 1,472,118. The company's 50-day moving average price is $102.12 and its 200-day moving average price is $97.51. The company has a market cap of $23.79 billion, a P/E ratio of 12.10, a P/E/G ratio of 2.84 and a beta of 1.47. T. Rowe Price Group, Inc. has a 12 month low of $77.85 and a 12 month high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued 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 net margin of 28.72% and a return on equity of 19.77%. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same period last year, the business earned $2.26 EPS. T. Rowe Price Group's quarterly revenue was down .6% compared to the same quarter last year. Equities analysts predict that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The firm 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 dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Monday, September 15th. T. Rowe Price Group's dividend payout ratio (DPR) is presently 56.76%.

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.