Investment manager T. Rowe Price Group, Inc. (TROW) on Tuesday posted disappointing fourth quarter earnings results, as both profit and revenue numbers fell short of Wall Street’s expectations.
The Baltimore-based company reported fourth quarter net income of $229.9 million, or 88 cents per share, compared with $187.5 million, or 73 cents per share, in the year-ago period.
Revenue rose 17% from last year to $787.3 million.
On average, Wall Street analysts expected a higher profit of 89 cents per share, on larger revenue of $799.41 million.
T. Rowe Price shares were unchanged in premarket trading Tuesday. The stock has risen more than 20% over the past year.
The Bottom Line
Shares of T. Rowe Price currently offer a 1.88% dividend yield, based on Monday’s closing price of $72.18.
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.
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