Investment manager T. Rowe Price Group, Inc. (
) 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
T. Rowe Price shares fell 24 cents, or -0.5%, in premarket
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. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.3 out of 5 stars.
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