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T. Rowe Price Group Inc TROW Stock Quote

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Outflows and Market Losses Affect T. Rowe Price's Q3 Results; No Change to $120 FVE

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

There was little in wide-moat T. Rowe Price's third-quarter results that would alter our long-term view of the firm, and we are leaving our $120 fair value estimate in place. T. Rowe Price closed the September quarter with $1.230 trillion in managed assets, down 6.1% sequentially, 27.1% year to date, and 23.7% year over year. With an equity platform that is more heavily bent toward growth equities, much of the $79.7 billion decline in the company's managed assets during the quarter came from market losses (of $55.1 billion) and outflows (of $24.6 billion), with the equity platform accounting for more than 90% of the outflows and just over half of the market losses. At this rate, the firm will probably close out the year with organic growth in assets under management in a range of negative 2% to negative 5%, depending on whether outflows ease some in the final quarter of 2022.

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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 September 2022, the firm had $1.230 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.

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

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