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T. Rowe Price Group Inc TROW

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Morningstar’s Analysis

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Market Gains Offset Outflows to Lift T. Rowe Price's AUM to Record $1.623 Trillion in June Quarter

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

While there was little in wide-moat-rated T. Rowe Price's second-quarter results that would alter our long-term view of the firm, we expect to raise our fair value estimate to $202 per share from $193 to account for continued improvements in the company's assets under management, as well as adjustments to our own near- to medium-term forecasts since our last update.

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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 June 2021, the firm had $1.623 trillion in managed assets, composed of equity (61%), balanced (28%), and fixed-income (11%) 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 9% 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 Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 7,804