T. Rowe Price Profit Jumps 59%, but Narrowly Misses View (TROW)

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Investment manager T. Rowe Price Group, Inc. ( TROW ) on Friday said its second quarter profit jumped nearly 59% from last year, aided by higher fees for its services, but results still fell just short of analyst expectations.

The Baltimore-based company reported second quarter net income of $158.5 million, or 59 cents per share, compared with $100 million, or 38 cents per share, in the year-ago period.

On average, Wall Street analysts expected a slightly higher profit of 60 cents per share.

The company cited higher investment advisory fees, which reflected high assets under management, for the increased profits.

T. Rowe Price shares fell 24 cents, or -0.5%, in premarket trading Friday.

The Bottom Line
Shares of TROW have a dividend yield of 2.18%, based on last night's closing stock price of $49.44. The stock has technical support in the $43-$45 price area. If the shares can firm up, we see overhead resistance around the $55 price level. We would remain on the sidelines for now.

T. Rowe Price Group, Inc. ( TROW ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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