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T. Rowe Price Group Inc TROW

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Morningstar’s Analysis

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Positive Flows and Market Gains Lift T. Rowe Price's AUM to Record $1.518 Trillion in First Quarter

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

There was little in wide-moat rated T. Rowe Price's first-quarter results that would alter our long-term view of the firm. We are leaving our $170 per share fair value estimate in place. T. Rowe Price closed out the March quarter with a record $1.518 trillion in managed assets, up 3.2% sequentially and 52.6% on a year-over-year basis. Net inflows of $1.2 billion during the first quarter were slightly worse than our expectations, which we had expected to be more on par with the $2.1 billion quarterly run rate we've seen from the firm the past five years. Even so, we still see the firm generating low-single-digit organic AUM growth this year as the company moves closer to the time when retiring baby boomers are less of a drag on its flows.

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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 2020, the firm had $1.470 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 7% 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, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 7,678