Envestnet Portfolio Solutions Inc. Buys 10,077 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Envestnet Portfolio Solutions increased its T. Rowe Price stake by 6.1% in the second quarter, adding 10,077 shares to own 174,047 shares valued at approximately $19.8 million. Institutional investors collectively hold 73.39% of the company.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $106.15; nine analysts rate the stock a Hold, while four rate it a Sell.
• T. Rowe Price exceeded quarterly earnings and revenue expectations, reporting $2.57 in EPS and $1.91 billion in revenue. The company declared a $1.30 quarterly dividend, equivalent to a 5.0% annualized yield.

Envestnet Portfolio Solutions Inc. boosted its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 6.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 174,047 shares of the asset manager's stock after buying an additional 10,077 shares during the period. Envestnet Portfolio Solutions Inc. owned 0.08% of T. Rowe Price Group worth $19,787,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bank & Trust Co increased its stake in shares of T. Rowe Price Group by 52.4% in the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager's stock worth $36,000 after acquiring an additional 108 shares in the last quarter. Motiv8 Investments LLC purchased a new position in shares of T. Rowe Price Group during the fourth quarter valued at approximately $35,000. Keating Financial Advisory Services Inc. purchased a new stake in shares of T. Rowe Price Group in the 2nd quarter worth approximately $39,000. Clearstead Trust LLC bought a new position in T. Rowe Price Group during the 2nd quarter valued at approximately $41,000. Finally, Silvant Capital Management LLC bought a new stake in T. Rowe Price Group in the second quarter worth $43,000. Hedge funds and other institutional investors own 73.39% of the company's stock.

Insider Buying and Selling

In other news, VP Joshua Nelson sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total value of $1,118,200.00. Following the completion of the sale, the vice president directly owned 71,328 shares of the company's stock, valued at $7,975,896.96. This trade represents a 12.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Evercore set a $118.00 price target on shares of T. Rowe Price Group in a report on Monday, August 10th. TD Cowen increased their price target 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. Zacks Research lowered T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. UBS Group set a $110.00 target price on shares of T. Rowe Price Group in a research report on Monday, August 31st. Finally, Morgan Stanley set a $116.00 price objective on shares of T. Rowe Price Group in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus price target of $106.15.

T. Rowe Price Group Price Performance

TROW stock opened at $104.57 on Thursday. The company has a market capitalization of $22.31 billion, a price-to-earnings ratio of 10.49, a PEG ratio of 3.45 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 business has a 50 day simple moving average of $111.66 and a two-hundred day simple moving average of $105.00.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share 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 analyst estimates of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. T. Rowe Price Group's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.24 earnings per share. Sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 10.16 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a $1.30 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.0%. T. Rowe Price Group's dividend payout ratio (DPR) is presently 52.16%.

T. Rowe Price Group Company Profile

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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