Envestnet Asset Management Inc. Buys 39,493 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Envestnet Asset Management increased its T. Rowe Price stake by 19.4% in the second quarter, buying 39,493 shares for a total holding of 243,228 shares valued at approximately $27.7 million. Institutional investors and hedge funds collectively own 73.39% of TROW.
• T. Rowe Price reported quarterly EPS of $2.57, exceeding the $2.52 analyst consensus, while revenue rose 10.7% year over year to $1.91 billion. The company also declared a $1.30 quarterly dividend, representing a 5.0% yield.
• Shares opened at $103.81, down 1.6%, while analysts maintained a generally cautious outlook: the stock has a consensus “Reduce” rating and an average price target of $105.92.

Envestnet Asset Management Inc. lifted its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 19.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 243,228 shares of the asset manager's stock after purchasing an additional 39,493 shares during the period. Envestnet Asset Management Inc. owned 0.11% of T. Rowe Price Group worth $27,653,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. State Street Corp increased its stake in shares of T. Rowe Price Group by 2.7% in the 2nd quarter. State Street Corp now owns 14,653,478 shares of the asset manager's stock valued at $1,665,954,000 after acquiring an additional 381,183 shares during the last quarter. Security National Bank of SO Dak boosted its position in shares of T. Rowe Price Group by 1.3% during the second quarter. Security National Bank of SO Dak now owns 15,206 shares of the asset manager's stock worth $1,729,000 after purchasing an additional 197 shares in the last quarter. Security National Bank of Sioux City Iowa IA grew its holdings in shares of T. Rowe Price Group by 39.2% in the 2nd quarter. Security National Bank of Sioux City Iowa IA now owns 24,211 shares of the asset manager's stock valued at $2,753,000 after buying an additional 6,817 shares during the period. Talon Private Wealth LLC acquired a new position in shares of T. Rowe Price Group in the 2nd quarter valued at $218,000. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of T. Rowe Price Group by 66.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 222,729 shares of the asset manager's stock valued at $25,322,000 after buying an additional 88,717 shares during the period. 73.39% of the stock is owned by institutional investors and hedge funds.

T. Rowe Price Group Trading Down 1.6%

Shares of NASDAQ TROW opened at $103.81 on Tuesday. The firm has a market cap of $22.14 billion, a PE ratio of 10.41, a PEG ratio of 3.50 and a beta of 1.46. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00. The company has a fifty day moving average price of $110.88 and a 200 day moving average price of $105.31.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.52 by $0.05. The firm had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The company's revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.24 EPS. Equities research analysts forecast that T. Rowe Price Group, Inc. will post 10.15 EPS for the current year.

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a $1.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $5.20 annualized dividend and a yield of 5.0%. T. Rowe Price Group's payout ratio is presently 52.16%.

Insider Buying and Selling

In other news, VP Joshua Nelson sold 10,000 shares of the business's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total value of $1,118,200.00. Following the sale, the vice president owned 71,328 shares of the company's stock, valued at $7,975,896.96. The trade was a 12.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.60% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on TROW shares. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $109.00 price objective on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Barclays decreased their target price on T. Rowe Price Group from $108.00 to $103.00 and set an "underweight" rating for the company in a research note on Monday, August 3rd. Zacks Research downgraded T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. The Goldman Sachs Group raised their price target on T. Rowe Price Group from $90.00 to $92.00 and gave the stock a "sell" rating in a research report on Tuesday, June 30th. Finally, TD Cowen lifted their price objective on T. Rowe Price Group from $108.00 to $110.00 and gave the company a "hold" rating in a report on Monday, August 31st. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, T. Rowe Price Group has a consensus rating of "Reduce" and a consensus price target of $105.92.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment management, advisory and related services to individual investors, retirement plans, institutions, financial intermediaries and other clients.

The company offers a broad range of investment products and strategies, including mutual funds, exchange-traded funds, separately managed accounts and institutional portfolios.

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