Envestnet Asset Management Inc. Sells 16,818 Shares of T. Rowe Price Group, Inc. $TROW

Envestnet Asset Management Inc. cut its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 12.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 120,842 shares of the asset manager’s stock after selling 16,818 shares during the period. Envestnet Asset Management Inc.’s holdings in T. Rowe Price Group were worth $11,660,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Wealthfront Advisers LLC increased its holdings in shares of T. Rowe Price Group by 109.2% in the first quarter. Wealthfront Advisers LLC now owns 69,326 shares of the asset manager’s stock valued at $6,369,000 after purchasing an additional 36,190 shares in the last quarter. Commerzbank Aktiengesellschaft FI lifted its holdings in T. Rowe Price Group by 74.1% during the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 19,905 shares of the asset manager’s stock worth $1,829,000 after buying an additional 8,473 shares in the last quarter. Cerity Partners LLC boosted its position in T. Rowe Price Group by 74.6% in the 1st quarter. Cerity Partners LLC now owns 127,758 shares of the asset manager’s stock valued at $11,737,000 after buying an additional 54,584 shares during the last quarter. PARK CIRCLE Co increased its stake in shares of T. Rowe Price Group by 20.2% in the 1st quarter. PARK CIRCLE Co now owns 64,345 shares of the asset manager’s stock valued at $5,911,000 after buying an additional 10,800 shares during the period. Finally, United Community Bank raised its position in shares of T. Rowe Price Group by 27.4% during the first quarter. United Community Bank now owns 18,118 shares of the asset manager’s stock worth $1,665,000 after acquiring an additional 3,898 shares during the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on TROW shares. Keefe, Bruyette & Woods raised their price target on T. Rowe Price Group from $115.00 to $117.00 and gave the company a “market perform” rating in a report on Monday, November 3rd. Morgan Stanley upped their target price on shares of T. Rowe Price Group from $125.00 to $126.00 and gave the company an “equal weight” rating in a research report on Monday, October 27th. Evercore ISI raised their target price on shares of T. Rowe Price Group from $115.00 to $118.00 and gave the company an “in-line” rating in a research note on Thursday, October 9th. Jefferies Financial Group boosted their price target on shares of T. Rowe Price Group from $104.00 to $106.00 and gave the stock a “hold” rating in a research note on Tuesday, October 7th. Finally, Barclays set a $101.00 price objective on shares of T. Rowe Price Group in a report on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $109.31.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock opened at $102.66 on Friday. The firm has a market capitalization of $22.40 billion, a price-to-earnings ratio of 11.47, a PEG ratio of 5.61 and a beta of 1.51. The company’s 50 day simple moving average is $104.45 and its 200 day simple moving average is $100.79. T. Rowe Price Group, Inc. has a fifty-two week low of $77.85 and a fifty-two week high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Friday, October 31st. The asset manager reported $2.81 EPS for the quarter, beating the consensus estimate of $2.55 by $0.26. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.88 billion. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The business’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.57 earnings per share. As a group, analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Monday, December 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 55.34%.

Insiders Place Their Bets

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,090 shares of the business’s stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $105.01, for a total value of $324,480.90. Following the completion of the transaction, the director directly owned 47,335 shares of the company’s stock, valued at approximately $4,970,648.35. The trade was a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.00% of the company’s stock.

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.