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T. Rowe Price Group Inc - Stock Quote TROW

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Morningstar's T. Rowe Price Group Inc Stock Analysis

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Market Selloff Continues to Affect Flows and AUM at T. Rowe Price; Lowering FVE to $165 Per Share

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

We've lowered our fair value estimate for T. Rowe Price to $165 per share from $195 after updating our valuation model to include lower levels of assets under management, revenue, and profitability in the near term given the market selloff that started during the first quarter of 2022. Our new fair value estimate implies a price/earnings multiple of 15.6 times our 2022 earnings estimate and 14.9 times our 2023 earnings estimate. For some perspective, during the past five (10) years, the company's shares have traded at an average of 14.9 (16.6) times trailing earnings.

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T. Rowe Price Group Inc's Company Profile

Business Description

T. Rowe Price provides asset-management services for individual and institutional investors. It offers a broad range of no-load U.S. and international stock, hybrid, bond, and money market funds. At the end of March 2022, the firm had $1.552 trillion in managed assets, composed of equity (57%), balanced (29%), fixed-income (11%), and alternatives (3%) offerings. Approximately two thirds of the company's managed assets are held in retirement-based accounts, which provides T. Rowe Price with a somewhat stickier client base than most of its peers. The firm also manages private accounts, provides retirement planning advice, and offers discount brokerage and trust services. The company is primarily a U.S.-based asset manager, deriving just under 10% of its AUM from overseas.

100 East Pratt Street
Baltimore, MD, 21202
T +1 410 345-2000
Sector Financial Services
Industry Asset Management
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 7,573

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