Asset manager T. Rowe Price Group, Inc. (
) on Wednesday posted much better-than-expected third quarter
earnings, as the company saw significant investor inflows into its
The Baltimore-based company reported third quarter net income of
$247.3 million, or 94 cents per share, compared with $185.5
million, or 71 cents per share, in the year-ago period.
Revenue rose 13% from last year to $769.7 million.
On average, Wall Street analysts expected a smaller profit of 84
cents per share, on lower revenue of $767 million.
TROW noted that assets under management rose 6% on a sequential
basis to $574.4 billion. $28.4 billion of that gain was from market
appreciation, while investor inflows accounted for $4.3
T. Rowe Price Group shares rose slightly in premarket trading
The Bottom Line
Shares of T.Rowe Price Group (
) have a 2.10% dividend yield, based on last night's closing stock
price of $64.70. The stock has technical support in the $60-$62
price area. The shares are trading near all-time highs.
T. Rowe Price Group, Inc. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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