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T. Rowe Price Group Inc TROW Stock Quote

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Economic Moat

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Capital Allocation

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T. Rowe Price Continues to Hold Its Own in a Difficult Market for Equities; No Change to FVE

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

Having taken a deeper look at our valuation model for wide-moat-rated T. Rowe Price ahead of an upcoming call with some of its strategy and financial planning executives, we noticed that the firm's second-quarter flows were not fully updated to reflect actual reported results. This led us to comment that T. Rowe Price had net outflows of $35 billion during the first half of 2022, reflective of annualized organic AUM growth of negative 4.2%, in our most recent note and company report. The reality was that the firm had $20 billion in total net outflows, reflective of annualized organic AUM growth of negative 2.4%.

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Company Profile TROW

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 August 2022, the firm had $1.339 trillion in managed assets, composed of equity (54%), balanced (30%), fixed-income (13%), 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.

Contact
100 East Pratt Street
Baltimore, MD, 21202
T +1 410 345-2000
Sector Financial Services
Industry Asset Management
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 7,771

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