Envestnet Portfolio Solutions Inc. Increases Stock Position in T. Rowe Price Group, Inc. $TROW

Envestnet Portfolio Solutions Inc. increased its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 143.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 161,319 shares of the asset manager’s stock after purchasing an additional 95,024 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in T. Rowe Price Group were worth $16,558,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Candriam S.C.A. grew its stake in T. Rowe Price Group by 20.4% during the 2nd quarter. Candriam S.C.A. now owns 30,931 shares of the asset manager’s stock valued at $2,985,000 after purchasing an additional 5,236 shares during the last quarter. Greenspring Advisors LLC acquired a new stake in shares of T. Rowe Price Group during the third quarter worth about $1,583,000. Allen Wealth Management LLC boosted its position in T. Rowe Price Group by 459.3% in the third quarter. Allen Wealth Management LLC now owns 13,855 shares of the asset manager’s stock valued at $1,422,000 after buying an additional 11,378 shares during the last quarter. Confluence Investment Management LLC increased its holdings in T. Rowe Price Group by 2.7% in the 3rd quarter. Confluence Investment Management LLC now owns 973,769 shares of the asset manager’s stock worth $99,948,000 after buying an additional 25,316 shares during the period. Finally, Amundi increased its holdings in T. Rowe Price Group by 16.9% in the 2nd quarter. Amundi now owns 1,607,616 shares of the asset manager’s stock worth $153,714,000 after buying an additional 232,361 shares during the period. Institutional investors own 73.39% of the company’s stock.

Insider Activity

In related news, VP Arif Husain sold 4,260 shares of T. Rowe Price Group stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $101.96, for a total value of $434,349.60. Following the sale, the vice president owned 47,102 shares of the company’s stock, valued at approximately $4,802,519.92. This trade represents a 8.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on TROW shares. Citigroup lifted their price objective on shares of T. Rowe Price Group from $105.00 to $107.00 in a research note on Monday, November 3rd. Deutsche Bank Aktiengesellschaft decreased their target price on shares of T. Rowe Price Group from $113.00 to $106.00 and set a “hold” rating for the company in a research report on Wednesday, December 17th. Zacks Research downgraded T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 9th. TD Cowen decreased their price objective on T. Rowe Price Group from $112.00 to $109.00 and set a “hold” rating for the company in a report on Wednesday, January 14th. Finally, Evercore ISI lifted their price target on T. Rowe Price Group from $115.00 to $116.00 in a research report on Monday, January 12th. Eleven analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $107.31.

T. Rowe Price Group Stock Down 1.4%

NASDAQ:TROW opened at $105.63 on Friday. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $118.32. The stock’s 50-day moving average price is $103.93 and its 200-day moving average price is $104.51. The stock has a market capitalization of $23.05 billion, a PE ratio of 11.51, a price-to-earnings-growth ratio of 2.59 and a beta of 1.52.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Friday, October 31st. The asset manager reported $2.81 earnings per share for the quarter, topping analysts’ consensus estimates of $2.55 by $0.26. The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.88 billion. T. Rowe Price Group had a return on equity of 19.95% and a net margin of 28.89%.T. Rowe Price Group’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.57 EPS. Sell-side analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th were given a dividend of $1.27 per share. The ex-dividend date was Monday, December 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 55.34%.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.