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

Envestnet Portfolio Solutions Inc. increased its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 6.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 174,047 shares of the asset manager’s stock after buying an additional 10,077 shares during the quarter. Envestnet Portfolio Solutions Inc. owned about 0.08% of T. Rowe Price Group worth $19,787,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. State Street Corp lifted its position in T. Rowe Price Group by 0.3% during the 4th quarter. State Street Corp now owns 14,159,797 shares of the asset manager’s stock worth $1,449,680,000 after acquiring an additional 45,530 shares in the last quarter. Goldman Sachs Group Inc. grew its position in T. Rowe Price Group by 332.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock valued at $897,880,000 after acquiring an additional 6,740,172 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in T. Rowe Price Group by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,073,846 shares of the asset manager’s stock valued at $826,600,000 after acquiring an additional 143,109 shares in the last quarter. First Trust Advisors LP raised its stake in shares of T. Rowe Price Group by 12.6% during the first quarter. First Trust Advisors LP now owns 3,694,171 shares of the asset manager’s stock valued at $332,993,000 after purchasing an additional 413,317 shares during the period. Finally, Invesco Ltd. raised its stake in shares of T. Rowe Price Group by 3.9% during the fourth quarter. Invesco Ltd. now owns 3,520,858 shares of the asset manager’s stock valued at $360,465,000 after purchasing an additional 131,438 shares during the period. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $115.00 target price (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. BMO Capital Markets raised their price target on shares of T. Rowe Price Group from $110.00 to $120.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. TD Cowen lifted their price target on shares of T. Rowe Price Group from $107.00 to $108.00 and gave the stock a “hold” rating in a research note on Monday, August 3rd. Barclays cut their price objective on shares of T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating on the stock in a report on Monday, August 3rd. Finally, The Goldman Sachs Group upped their price objective on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a “sell” rating in a research report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $105.67.

T. Rowe Price Group Stock Down 2.0%

Shares of TROW opened at $111.42 on Thursday. The firm has a market cap of $23.77 billion, a price-to-earnings ratio of 11.18, a PEG ratio of 4.43 and a beta of 1.47. The business’s 50 day moving average is $113.35 and its two-hundred day moving average is $102.56. T. Rowe Price Group, Inc. has a 52-week low of $85.22 and a 52-week high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly 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 business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.24 earnings per share. On average, equities analysts expect that T. Rowe Price Group, Inc. will post 10.13 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 52.16%.

About T. Rowe Price Group

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.