Investing
T. Rowe beats profit estimates on higher fee-based income
© Reuters. FILE PHOTO: The logo of T. Rowe Price Group is pictured at its office in Tokyo, Japan, January 13, 2017. REUTERS/Toru Hanai/File Photo
(Reuters) – T. Rowe Price Group reported a better-than-expected quarterly profit on Friday, as concerns about the economy somewhat eased from last year, boosting assets under management at the firm.
The upbeat results at the investment manager reflect the strong rebound in markets this year, bolstered by expectations that the Federal Reserve can engineer a soft landing — a scenario where growth slows enough to get inflation under control, without a recession.
The Baltimore, Maryland-based company earned $2.17 per share, excluding one-time items, in the third quarter. Analysts on average estimated $1.78 per share, according to LSEG data.
“However, our flows remain pressured, with net outflows from equity outweighing the positive net flows to fixed income, multi-asset and alternatives in this quarter,” CEO Rob Sharps said in a statement.
Total assets under management at the end of the quarter was $1.35 trillion, up 9.5% over the year earlier.
Investment advisory fees were up 1.5% at $1.46 billion in the quarter, T. Rowe said.
(This story has been corrected to fix the total assets under management figure to $1.35 trillion, not billion, in paragraph 5)
Read the full article here
-
Passive Income7 days ago
Are You Running Your Business, or Is Your Business Running You?
-
Side Hustles7 days ago
How Your Body Language Can Help Win a Disagreement
-
Side Hustles6 days ago
How to Be Unapologetically You and Why It Matters
-
Side Hustles6 days ago
With AI Magicx, It’s Like Getting an Entire Creative Team in One Money-Saving AI Tool
-
Side Hustles7 days ago
OpenAI Raises Record $6.6 Billion, Adds 50 Million New Users
-
Investing7 days ago
7 Marketing Strategies to Help Your Startup Grow and Scale
-
Investing5 days ago
Nvidia CEO Jensen Huang: Demand For Blackwell AI Is Insane
-
Side Hustles5 days ago
Mark Zuckerberg Is Now Second Richest Person in the World