Mizuho Securities USA LLC Sells 3,230 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Key Points

• Mizuho Securities USA LLC reduced its stake in T. Rowe Price Group by 15.3%, now holding 17,826 shares worth approximately $1.64 million.
• T. Rowe Price Group reported earnings per share (EPS) of $2.24 for the last quarter, exceeding expectations of $2.15, but saw a 0.6% decline in revenue year-over-year.
• The company announced a quarterly dividend of $1.27 per share, with a dividend yield of 4.8%, to be paid on September 29th to shareholders of record as of September 15th.

Mizuho Securities USA LLC trimmed its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 15.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,826 shares of the asset manager's stock after selling 3,230 shares during the quarter. Mizuho Securities USA LLC's holdings in T. Rowe Price Group were worth $1,638,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of TROW. Hexagon Capital Partners LLC increased its stake in T. Rowe Price Group by 44.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock valued at $34,000 after buying an additional 113 shares during the last quarter. Associated Banc Corp raised its stake in shares of T. Rowe Price Group by 0.5% during the 1st quarter. Associated Banc Corp now owns 24,864 shares of the asset manager's stock worth $2,284,000 after purchasing an additional 114 shares during the period. Wealthcare Capital Partners LLC raised its stake in shares of T. Rowe Price Group by 1.2% during the 1st quarter. Wealthcare Capital Partners LLC now owns 9,429 shares of the asset manager's stock worth $866,000 after purchasing an additional 115 shares during the period. Cullen Investment Group LTD. raised its stake in shares of T. Rowe Price Group by 0.9% during the 1st quarter. Cullen Investment Group LTD. now owns 13,554 shares of the asset manager's stock worth $1,245,000 after purchasing an additional 117 shares during the period. Finally, Federated Hermes Inc. raised its stake in shares of T. Rowe Price Group by 6.7% during the 1st quarter. Federated Hermes Inc. now owns 2,112 shares of the asset manager's stock worth $194,000 after purchasing an additional 133 shares during the period. Institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Stock Performance

TROW traded down $2.05 during midday trading on Friday, hitting $107.01. The stock had a trading volume of 558,828 shares, compared to its average volume of 1,807,186. The company has a market cap of $23.51 billion, a P/E ratio of 11.96, a price-to-earnings-growth ratio of 2.99 and a beta of 1.47. The business has a fifty day moving average of $100.68 and a 200 day moving average of $97.98. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its 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. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.72 billion. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%. T. Rowe Price Group's revenue for the quarter was down .6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.26 earnings per share. On average, 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be paid a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Monday, September 15th. T. Rowe Price Group's payout ratio is presently 56.76%.

Insider Activity at T. Rowe Price Group

In related news, VP Dorothy C. Sawyer sold 2,000 shares of T. Rowe Price Group stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total value of $190,860.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on TROW shares. Cowen restated a "hold" rating on shares of T. Rowe Price Group in a research note on Monday, May 5th. 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 note on Monday, August 4th. Morgan Stanley boosted their price objective on T. Rowe Price Group from $112.00 to $116.00 and gave the company an "equal weight" rating in a research note on Monday, August 4th. Wells Fargo & Company boosted their price objective on T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a research note on Friday, July 11th. Finally, JPMorgan Chase & Co. upped their price target on T. Rowe Price Group from $98.00 to $102.00 and gave the company an "underweight" rating in a research report on Monday, August 4th. Four investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company's stock. According to data from MarketBeat.com, T. Rowe Price Group presently has an average rating of "Hold" and a consensus price target of $101.09.

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.