T. Rowe Price’s Q3 Results Blow Away Expectations; Profit up 33% as Inflows Rise (TROW)

By Dividend.com Staff,

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Asset manager T. Rowe Price Group, Inc. ( TROW ) on Wednesday posted much better-than-expected third quarter earnings, as the company saw significant investor inflows into its equities funds.

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 billion.

T. Rowe Price Group shares rose slightly in premarket trading Wednesday.

The Bottom Line
Shares of T.Rowe Price Group ( TROW ) 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. ( TROW ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 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 Nasdaq, Inc.

Created by Dividend.com

This article appears in: Investing Stocks
Referenced Stocks: TROW

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