BALTIMORE - T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) reported third-quarter earnings that exceeded analyst expectations, while revenue fell short of estimates. The asset management firm's stock edged up 0.49% following the announcement.
For the third quarter of 2024, T. Rowe Price reported adjusted earnings per share of $2.57, surpassing the analyst consensus of $2.32 by $0.25. Revenue for the quarter came in at $1.8 billion, slightly below the consensus estimate of $1.84 billion.
T. Rowe Price's assets under management stood at $1.63 trillion as of September 30, 2024. Approximately two-thirds of these assets are retirement-related, underscoring the firm's significant presence in the retirement investment sector.
Rob Sharps, chair, CEO, and president, commented, “We are seeing encouraging signs that we are on the right path. Our active ETF franchise is expanding, we are deepening our retirement leadership position with the launch of innovative retirement solutions, and our associates are advancing our strategic initiatives. Our long-term performance is solid and we remain on track to reduce net outflows this year.”
T. Rowe Price, founded in 1937, is known for its investment excellence, retirement leadership, and independent proprietary research. The firm serves millions of clients globally, offering a range of investment capabilities including equity, fixed income, alternatives, and multi-asset strategies.
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