Envestnet Asset Management Inc. grew its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 18.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,893 shares of the asset manager’s stock after purchasing an additional 7,775 shares during the period. Envestnet Asset Management Inc.’s holdings in T. Rowe Price Group were worth $4,613,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Alpha Cubed Investments LLC acquired a new position in T. Rowe Price Group during the third quarter worth $256,000. Reliance Trust Co. of Delaware acquired a new position in T. Rowe Price Group during the third quarter worth $304,000. JPMorgan Chase & Co. raised its stake in shares of T. Rowe Price Group by 1.3% in the second quarter. JPMorgan Chase & Co. now owns 11,756,348 shares of the asset manager’s stock valued at $872,439,000 after acquiring an additional 156,326 shares in the last quarter. Ffcm LLC raised its stake in shares of T. Rowe Price Group by 6.4% in the second quarter. Ffcm LLC now owns 37,660 shares of the asset manager’s stock valued at $2,795,000 after acquiring an additional 2,261 shares in the last quarter. Finally, OLD Point Trust & Financial Services N A raised its stake in shares of T. Rowe Price Group by 11.6% in the third quarter. OLD Point Trust & Financial Services N A now owns 15,334 shares of the asset manager’s stock valued at $1,390,000 after acquiring an additional 1,600 shares in the last quarter. Institutional investors own 72.21% of the company’s stock.
Several analysts have recently issued reports on TROW shares. Jefferies Group reiterated a “buy” rating and issued a $104.00 price objective (up from $96.00) on shares of T. Rowe Price Group in a research note on Tuesday, October 10th. Zacks Investment Research cut T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Wednesday, September 13th. Barclays started coverage on T. Rowe Price Group in a research note on Friday, September 8th. They issued an “underweight” rating and a $79.00 price objective on the stock. Citigroup increased their price objective on T. Rowe Price Group from $94.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, October 27th. Finally, BidaskClub upgraded T. Rowe Price Group from a “buy” rating to a “strong-buy” rating in a research note on Monday, August 14th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $89.67.
Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) opened at $102.75 on Monday. The stock has a market capitalization of $24,897.35, a price-to-earnings ratio of 20.07, a PEG ratio of 1.89 and a beta of 1.32. T. Rowe Price Group, Inc. has a 52 week low of $65.33 and a 52 week high of $104.40.
T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Thursday, October 26th. The asset manager reported $1.56 EPS for the quarter, beating the consensus estimate of $1.36 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. T. Rowe Price Group had a return on equity of 24.76% and a net margin of 33.10%. T. Rowe Price Group’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.17 earnings per share. research analysts expect that T. Rowe Price Group, Inc. will post 5.29 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Thursday, December 14th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.22%. The ex-dividend date is Wednesday, December 13th. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 37.38%.
In related news, CFO Kenneth V. Moreland sold 15,082 shares of the stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $99.44, for a total value of $1,499,754.08. Following the transaction, the chief financial officer now owns 110,182 shares of the company’s stock, valued at $10,956,498.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kenneth V. Moreland sold 13,041 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $90.43, for a total value of $1,179,297.63. Following the completion of the transaction, the chief financial officer now directly owns 135,028 shares in the company, valued at approximately $12,210,582.04. The disclosure for this sale can be found here. Insiders sold 81,705 shares of company stock worth $7,861,938 in the last three months. 3.60% of the stock is currently owned by corporate insiders.
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About T. Rowe Price Group
T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.
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