Envestnet Asset Management Inc. Trims Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Envestnet Asset Management Inc. reduced its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 16.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 126,828 shares of the asset manager’s stock after selling 24,610 shares during the quarter. Envestnet Asset Management Inc.’s holdings in T. Rowe Price Group were worth $14,625,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Massmutual Trust Co. FSB ADV raised its position in T. Rowe Price Group by 7.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 1,236 shares of the asset manager’s stock valued at $151,000 after acquiring an additional 86 shares in the last quarter. ST Germain D J Co. Inc. grew its holdings in T. Rowe Price Group by 0.3% in the first quarter. ST Germain D J Co. Inc. now owns 31,065 shares of the asset manager’s stock valued at $3,787,000 after purchasing an additional 88 shares during the period. MCF Advisors LLC grew its holdings in T. Rowe Price Group by 1.6% in the first quarter. MCF Advisors LLC now owns 5,953 shares of the asset manager’s stock valued at $726,000 after purchasing an additional 92 shares during the period. Paulson Wealth Management Inc. grew its holdings in T. Rowe Price Group by 4.9% in the first quarter. Paulson Wealth Management Inc. now owns 2,028 shares of the asset manager’s stock valued at $247,000 after purchasing an additional 95 shares during the period. Finally, Private Wealth Partners LLC grew its holdings in T. Rowe Price Group by 3.1% in the second quarter. Private Wealth Partners LLC now owns 3,300 shares of the asset manager’s stock valued at $381,000 after purchasing an additional 100 shares during the period. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the transaction, the vice president now owns 123,624 shares of the company’s stock, valued at $12,712,255.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of T. Rowe Price Group stock in a transaction on Friday, September 6th. The stock was sold at an average price of $102.83, for a total value of $1,230,772.27. Following the sale, the vice president now owns 123,624 shares in the company, valued at $12,712,255.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jessica M. Hiebler sold 484 shares of T. Rowe Price Group stock in a transaction on Friday, September 13th. The shares were sold at an average price of $104.73, for a total value of $50,689.32. Following the completion of the sale, the insider now owns 13,939 shares in the company, valued at approximately $1,459,831.47. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,854 shares of company stock valued at $1,443,767. Insiders own 2.00% of the company’s stock.

T. Rowe Price Group Stock Performance

NASDAQ TROW opened at $109.47 on Wednesday. The stock’s fifty day moving average is $108.36 and its two-hundred day moving average is $113.13. The firm has a market capitalization of $24.44 billion, a P/E ratio of 13.00, a price-to-earnings-growth ratio of 1.69 and a beta of 1.41. T. Rowe Price Group, Inc. has a fifty-two week low of $87.43 and a fifty-two week high of $122.27.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data 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). The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.79 billion. T. Rowe Price Group had a return on equity of 19.90% and a net margin of 28.66%. The business’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period last year, the firm posted $2.02 EPS. As a group, sell-side analysts forecast that T. Rowe Price Group, Inc. will post 9 EPS for the current year.

T. Rowe Price Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a dividend of $1.24 per share. This represents a $4.96 dividend on an annualized basis and a yield of 4.53%. The ex-dividend date of this dividend is Friday, September 13th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 58.91%.

Wall Street Analysts Forecast Growth

TROW has been the topic of several research analyst reports. JPMorgan Chase & Co. raised their price objective on T. Rowe Price Group from $102.00 to $107.00 and gave the company an “underweight” rating in a report on Tuesday, July 23rd. TD Cowen dropped their price objective on T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating on the stock in a report on Monday, July 29th. 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 price target on the stock. Wells Fargo & Company assumed coverage on T. Rowe Price Group in a research note on Thursday, September 12th. They issued an “equal weight” rating and a $109.00 price target on the stock. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $120.00 price target (down from $121.00) on shares of T. Rowe Price Group in a research note on Monday, July 29th. Three research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to MarketBeat.com, T. Rowe Price Group currently has a consensus rating of “Hold” and a consensus target price of $113.30.

T. Rowe Price Group 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.