Financial services company, T. Rowe Price Group, Inc. (TROW) reported increases to both its earnings and its revenue for its fourth quarter, but missed analysts estimates for both on Wednesday.
The Baltimore, MD based company reported fourth quarter net income of $229.9 million, or 88 cents per share, up 18% from $187.5 million, or 73 cents per share last year. On average, analysts expected to see earnings of 89 cents per share.
Revenue for the quarter was $787.3 million, up from $671.6 million last year, but falling below analysts estimate of $799.41 million.
The company reported that assets under management increased by 6% to $617.4 billion, from $576.8 billion last year. During the first quarter, investors added $52 billion to the company’s mutual funds and ETFs, which was the highest inflow since 2004.
T. Rowe Price shares were mostly flat during premarket trading Wednesday. The stock has increased 23% in the past year.
The Bottom Line
Shares of T. Rowe Price Group, Inc. (TROW) have a 1.99% yield, based on Tuesday’s closing price of $76.29.
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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