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

Envestnet Asset Management Inc. decreased its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 16.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 126,828 shares of the asset manager’s stock after selling 24,610 shares during the period. Envestnet Asset Management Inc. owned about 0.06% of T. Rowe Price Group worth $14,625,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Leelyn Smith LLC increased its stake in T. Rowe Price Group by 1.5% in the second quarter. Leelyn Smith LLC now owns 20,078 shares of the asset manager’s stock worth $2,315,000 after purchasing an additional 304 shares during the period. Thoroughbred Financial Services LLC bought a new position in shares of T. Rowe Price Group during the 2nd quarter worth $467,000. Darwin Wealth Management LLC grew its position in shares of T. Rowe Price Group by 9.1% during the 2nd quarter. Darwin Wealth Management LLC now owns 2,603 shares of the asset manager’s stock worth $300,000 after buying an additional 217 shares in the last quarter. Meeder Advisory Services Inc. grew its position in shares of T. Rowe Price Group by 28.0% during the 2nd quarter. Meeder Advisory Services Inc. now owns 3,106 shares of the asset manager’s stock worth $358,000 after buying an additional 680 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its position in shares of T. Rowe Price Group by 18.9% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 119,032 shares of the asset manager’s stock worth $13,697,000 after buying an additional 18,949 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Stock Performance

T. Rowe Price Group stock opened at $109.47 on Wednesday. The stock has a 50-day moving average of $108.36 and a two-hundred day moving average of $113.13. T. Rowe Price Group, Inc. has a one year low of $87.43 and a one year high of $122.27. The stock has a market cap of $24.44 billion, a PE ratio of 13.00, a price-to-earnings-growth ratio of 1.69 and a beta of 1.41.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Friday, July 26th. The asset manager reported $2.26 EPS for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.01). T. Rowe Price Group had a net margin of 28.66% and a return on equity of 19.90%. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.79 billion. During the same quarter last year, the business posted $2.02 earnings per share. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. As a group, sell-side analysts predict that T. Rowe Price Group, Inc. will post 9 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $1.24 dividend. This represents a $4.96 annualized dividend and a dividend yield of 4.53%. The ex-dividend date is Friday, September 13th. T. Rowe Price Group’s payout ratio is 58.91%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. StockNews.com downgraded T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. 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 research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised their price objective on T. Rowe Price Group from $112.00 to $113.00 and gave the company a “hold” rating in a research report on Thursday, August 15th. Evercore ISI dropped their price objective on T. Rowe Price Group from $115.00 to $108.00 and set an “in-line” rating on the stock in a research report on Thursday, September 5th. Finally, Wells Fargo & Company started coverage on T. Rowe Price Group in a research report on Thursday, September 12th. They set an “equal weight” rating and a $109.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $113.30.

Insider Transactions at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 1,401 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $115.85, for a total value of $162,305.85. Following the completion of the transaction, the insider now directly owns 14,198 shares in the company, valued at $1,644,838.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Jessica M. Hiebler sold 1,401 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $115.85, for a total value of $162,305.85. Following the completion of the transaction, the insider now directly owns 14,198 shares in the company, valued at $1,644,838.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the vice president now owns 123,624 shares of the company’s stock, valued at $12,712,255.92. The disclosure for this sale can be found here. Insiders sold a total of 13,854 shares of company stock worth $1,443,767 over the last three months. 2.00% of the stock is currently owned by insiders.

T. Rowe Price Group Company 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.