Envestnet Asset Management Inc. Sells 9,350 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Envestnet Asset Management Inc. reduced its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 6.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 137,660 shares of the asset manager’s stock after selling 9,350 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.06% of T. Rowe Price Group worth $12,647,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Hexagon Capital Partners LLC boosted its stake in T. Rowe Price Group by 44.8% during the first quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager’s stock worth $34,000 after acquiring an additional 113 shares in the last quarter. Smallwood Wealth Investment Management LLC bought a new position in T. Rowe Price Group during the first quarter worth $39,000. Chilton Capital Management LLC bought a new position in T. Rowe Price Group during the first quarter worth $41,000. Ameriflex Group Inc. bought a new position in T. Rowe Price Group during the fourth quarter worth $42,000. Finally, Wayfinding Financial LLC bought a new position in T. Rowe Price Group during the first quarter worth $43,000. 73.39% of the stock is owned by institutional investors.

T. Rowe Price Group Trading Down 0.6%

Shares of NASDAQ:TROW opened at $105.77 on Friday. T. Rowe Price Group, Inc. has a 12-month low of $77.85 and a 12-month high of $125.81. The company has a market capitalization of $23.30 billion, a PE ratio of 11.99, a PEG ratio of 3.14 and a beta of 1.49. The business has a 50 day moving average of $96.63 and a two-hundred day moving average of $98.82.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, May 2nd. The asset manager reported $2.23 EPS for the quarter, beating analysts’ consensus estimates of $2.13 by $0.10. T. Rowe Price Group had a return on equity of 20.17% and a net margin of 28.38%. The business had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same period in the previous year, the business earned $2.38 earnings per share. The business’s revenue was up .8% compared to the same quarter last year. Equities research analysts predict that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 4.80%. The ex-dividend date was Friday, June 13th. T. Rowe Price Group’s payout ratio is 57.60%.

Insider Activity

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 968 shares of T. Rowe Price Group stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $96.98, for a total value of $93,876.64. Following the transaction, the insider directly owned 13,611 shares in the company, valued at approximately $1,319,994.78. This trade represents a 6.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Dorothy C. Sawyer sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total value of $190,860.00. Following the completion of the sale, the vice president directly owned 44,789 shares of the company’s stock, valued at $4,274,214.27. This represents a 4.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently commented on TROW. Bank of America lowered their target price on shares of T. Rowe Price Group from $90.00 to $85.00 and set an “underperform” rating for the company in a report on Thursday, April 3rd. Wells Fargo & Company raised their price objective on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the stock an “equal weight” rating in a report on Friday, July 11th. Cowen restated a “hold” rating on shares of T. Rowe Price Group in a report on Monday, May 5th. TD Cowen decreased their price objective on shares of T. Rowe Price Group from $112.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, April 9th. Finally, Morgan Stanley raised their price objective on shares of T. Rowe Price Group from $95.00 to $104.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 2nd. Four research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $96.64.

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.