Envestnet Portfolio Solutions Inc. Boosts Stake in T. Rowe Price Group, Inc. $TROW

Key Points

• Envestnet Portfolio Solutions Inc. increased its stake in T. Rowe Price Group by 11.5%, owning 66,295 shares valued at approximately $6.4 million as of the end of the last quarter.
• Multiple institutional investors, including Vest Financial LLC and Yousif Capital Management LLC, have also raised their holdings, reflecting growing confidence in T. Rowe Price.
• Analysts have mixed opinions on T. Rowe Price, with target price adjustments ranging from $91.00 to $125.00, and varying ratings from "strong buy" to "sell".

Envestnet Portfolio Solutions Inc. grew its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 11.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 66,295 shares of the asset manager's stock after acquiring an additional 6,814 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in T. Rowe Price Group were worth $6,397,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sequoia Financial Advisors LLC raised its holdings in T. Rowe Price Group by 7.1% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,140 shares of the asset manager's stock worth $593,000 after purchasing an additional 409 shares during the period. Total Clarity Wealth Management Inc. bought a new position in T. Rowe Price Group in the 2nd quarter worth $374,000. Vest Financial LLC raised its holdings in T. Rowe Price Group by 31.1% in the 2nd quarter. Vest Financial LLC now owns 616,351 shares of the asset manager's stock worth $59,478,000 after purchasing an additional 146,382 shares during the period. Yousif Capital Management LLC raised its holdings in T. Rowe Price Group by 3.7% in the 2nd quarter. Yousif Capital Management LLC now owns 90,131 shares of the asset manager's stock worth $8,698,000 after purchasing an additional 3,187 shares during the period. Finally, Bill Few Associates Inc. raised its holdings in T. Rowe Price Group by 4.3% in the 2nd quarter. Bill Few Associates Inc. now owns 2,577 shares of the asset manager's stock worth $249,000 after purchasing an additional 107 shares during the period. Hedge funds and other institutional investors own 73.39% of the company's stock.

Wall Street Analysts Forecast Growth

TROW has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their target price on T. Rowe Price Group from $98.00 to $102.00 and gave the stock an "underweight" rating in a report on Monday, August 4th. BMO Capital Markets initiated coverage on T. Rowe Price Group in a report on Friday, October 3rd. They issued a "market perform" rating and a $108.00 target price on the stock. Morgan Stanley raised their target price on T. Rowe Price Group from $116.00 to $125.00 and gave the stock a "positive" rating in a report on Monday, October 6th. Zacks Research raised T. Rowe Price Group from a "hold" rating to a "strong-buy" rating in a report on Friday, October 10th. Finally, The Goldman Sachs Group increased their price target on T. Rowe Price Group from $91.00 to $92.00 and gave the stock a "sell" rating in a research note on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and an average target price of $106.38.

T. Rowe Price Group Stock Performance

Shares of TROW stock opened at $106.13 on Wednesday. T. Rowe Price Group, Inc. has a 52-week low of $77.85 and a 52-week high of $125.81. The firm has a market capitalization of $23.32 billion, a PE ratio of 11.86, a PEG ratio of 5.80 and a beta of 1.50. The stock has a fifty day simple moving average of $105.82 and a two-hundred day simple moving average of $98.64.

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 analysts' consensus estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.26 EPS. On average, sell-side analysts forecast that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were given a dividend of $1.27 per share. The ex-dividend date was Monday, September 15th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.8%. T. Rowe Price Group's dividend payout ratio (DPR) is presently 56.76%.

Insider Buying and Selling at T. Rowe Price Group

In other news, Director Robert F. Maclellan sold 3,090 shares of the firm's stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $105.01, for a total transaction of $324,480.90. Following the completion of the transaction, the director owned 47,335 shares in the company, valued at $4,970,648.35. This trade represents a 6.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.60% of the stock is currently owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.