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TROW · Price T Rowe Group

50 filings

10-Q

TROW 10-Q Quarterly Reports

Price T Rowe Group - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K83

TROW filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 83 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · Jun ’19Jun ’19
  3. Deal closed8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Nov ’25Nov ’25
  1. 2026-Q3

    Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2026

    T. Rowe Price Group, Inc.'s Form 10-Q for the quarter ended September 30, 2026 reports net revenues of $2,004.9 million for the third quarter, up from $1,893.5 million a year earlier, driven by a rise in investment advisory fees to $1,796.4 million and higher average AUM of $1,887.2 billion. U.S. GAAP operating expenses were $1,235.1 million, down from $1,250.3 million, while net income attributable to T. Rowe Price Group was $612.3 million, or $2.79 diluted EPS, versus $2.87 a year earlier. The filing notes that the decline in non-operating income, which fell to $17.6 million from $238.4 million, drove the lower diluted EPS despite higher operating income. For the nine months, net income attributable to the firm rose to $1,742.5 million ($7.89 diluted EPS) from $1,641.8 million ($7.25). Ending AUM was $1,862.7 billion, with net cash outflows of $48.5 billion year-to-date offset by $135.6 billion of market appreciation. The effective fee rate without performance-based fees declined to 38.1 bps from 39.6 bps for the nine months. Cash and cash equivalents were $3,774.3 million at September 30, 2026, and the firm repurchased $497.5 million of stock in the first nine months. The filing also discloses an agreement in August 2026 to acquire F/m Investments, LLC for about $75 million plus up to $50 million in contingent consideration, expected to close in the first quarter of 2027. Management determined in April 2026 that no OHA earnout would be earned or paid at the end of 2026. KPMG LLP issued a review report on the interim statements, dated October 29, 2026.

    Oct 29, 2026
  2. 2026-Q2

    Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2026

    T. Rowe Price Group, Inc.'s Form 10-Q for the quarter ended June 30, 2026 shows net revenues of $1,907.4 million for the second quarter, up from $1,723.3 million a year earlier, driven by investment advisory fees of $1,744.8 million and average assets under management of $1,837.7 billion. U.S. GAAP net income attributable to T. Rowe Price Group was $632.0 million, or $2.88 per diluted share, compared with $505.2 million, or $2.24, in the second quarter of 2025. On a non-GAAP adjusted basis, diluted earnings per share were $2.57 versus $2.24 a year earlier. Ending assets under management were $1,893.4 billion at June 30, 2026, up $183.7 billion from March 31, 2026, with market appreciation of $190.2 billion more than offsetting net cash outflows of $6.5 billion in the quarter. For the six months ended June 30, 2026, net revenues were $3,764.4 million and U.S. GAAP net income attributable to the company was $1,130.2 million, or $5.10 per diluted share. Operating expenses rose 5.4% on a U.S. GAAP basis, with compensation costs boosted by a $126.5 million market-related change in deferred compensation liabilities in the quarter, and the firm recorded a $6.7 million restructuring charge in the quarter ($16.7 million year to date), primarily severance. The average effective fee rate without performance-based fees declined to 38.1 basis points in the quarter from 39.6 basis points a year earlier, which the filing attributes to a mix shift toward lower-fee products and asset classes. The balance sheet remained strong, with cash and cash equivalents of $3,234.3 million and investments of $4,090.2 million at June 30, 2026. Total stockholders' equity attributable to T. Rowe Price Group was $11,002.5 million. During the first half of 2026, the company repurchased $497.5 million of common stock (5.3 million shares) and paid $572.3 million in recurring dividends, with the quarterly dividend raised to $1.30 per share. The filing also reports that the earnout tied to the OHA acquisition will not be earned or paid at the end of 2026, a determination made in April 2026.

    Jul 31, 2026
  3. 2026-Q1

    Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2026

    T. Rowe Price Group, Inc.'s first-quarter 2026 Form 10-Q shows net revenues of $1,857.0 million, up from $1,763.9 million in the first quarter of 2025, driven primarily by investment advisory fees of $1,683.0 million and a $29.3 million increase in capital allocation-based income. U.S. GAAP net operating income rose to $680.5 million from $596.3 million, while net income attributable to T. Rowe Price Group was $498.2 million, or $2.23 per diluted share, compared with $490.5 million, or $2.15, a year earlier. Non-operating results were a loss of $48.3 million, compared with income of $70.7 million, largely reflecting $41.4 million of losses on consolidated investment products and $32.6 million of losses on investments used to hedge deferred compensation liabilities. On a non-GAAP adjusted basis, diluted earnings per share were $2.52, compared with $2.23. Assets under management ended the quarter at $1,709.7 billion, down $65.9 billion from December 31, 2025, reflecting market depreciation of $52.2 billion and net cash outflows of $13.7 billion. Average AUM rose 9.6% year over year to $1,775.8 billion, while the investment advisory annualized effective fee rate without performance-based fees declined to 38.4 basis points from 40.0 basis points. The company repurchased 3.7 million shares for $340.4 million and paid $289.1 million in dividends, and it recorded a $10.0 million restructuring charge tied to its ongoing expense management program. Cash and cash equivalents increased to $3,729.8 million from $3,378.2 million at year-end. The filing reports no material changes to risk factors from the 2025 Form 10-K. The company disclosed a commitment of $249 million for future OHA product launches through 2026, which it agreed in April to extend to 2030, and an OHA-related contingent earnout of up to $900 million, valued at zero at March 31, 2026. KPMG LLP reported that it was not aware of any material modifications to the interim financial information.

    Apr 30, 2026
  4. 2025-Q3

    Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2025

    T. Rowe Price Group, Inc.'s Form 10-Q for the quarter ended September 30, 2025 shows net revenues of $1,893.5 million for the third quarter, up from $1,785.6 million a year earlier, driven mainly by higher investment advisory fees on higher average assets under management. Average AUM rose to $1,723.0 billion from $1,589.5 billion, and ending AUM reached $1,767.2 billion. U.S. GAAP operating expenses increased 6.7% to $1,250.3 million, including a $28.5 million restructuring charge tied to a workforce action and an ongoing plan to reduce expense growth. U.S. GAAP operating margin was 34.0% versus 34.4% a year earlier. Net income attributable to T. Rowe Price Group rose to $646.1 million in the quarter from $603.0 million, and diluted EPS was $2.87 versus $2.64. On a non-GAAP basis, diluted EPS was $2.81 versus $2.57. For the nine months, U.S. GAAP diluted EPS was $7.25 compared with $7.23, with net revenues up 2.1% and operating margin at 31.9% versus 33.5%. Cash and cash equivalents increased to $3,634.8 million from $2,649.8 million at year-end 2024, and the company repurchased $483.8 million of stock in the first nine months. Subsequent to quarter-end, the Board approved a plan to exit two owned office buildings in Owings Mills, Maryland, which is expected to produce a non-cash charge of up to $100 million in the fourth quarter of 2025. KPMG LLP reported that it was not aware of material modifications needed to the interim financials.

    Oct 31, 2025
  5. 2025-Q2

    Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2025

    T. Rowe Price Group, Inc. reported net revenues of $1,723.3 million for the second quarter of 2025, a 0.6% decrease from $1,733.3 million in the 2024 quarter, primarily driven by lower performance-based advisory fees. U.S. GAAP operating expenses rose 6.5% to $1,245.0 million, largely due to a $66.3 million increase in deferred compensation liabilities from higher markets, and U.S. GAAP operating margin fell to 27.8% from 32.6%. Net income attributable to T. Rowe Price Group was $505.2 million, or $2.24 diluted earnings per share, up from $2.11 a year earlier, driven by higher investment gains and a lower effective tax rate. On a non-GAAP basis, diluted EPS was $2.24 versus $2.26 in the prior-year quarter. Assets under management ended the quarter at $1,676.8 billion, up $110.5 billion from March 31, 2025, with market appreciation of $125.4 billion offsetting net cash outflows of $14.9 billion. For the six months, net revenues were $3,487.2 million, up 0.1%, while investment advisory fees rose 2.0% as average AUM increased 6.3%. Investment advisory fee rates declined, with the annualized effective fee rate without performance-based fees at 39.6 basis points for the quarter versus 41.1 a year earlier, as assets shifted toward lower-fee asset classes. The balance sheet remained strong, with cash and cash equivalents of $3,058.9 million at June 30, 2025, up from $2,649.8 million at year-end 2024. During the first half, the company returned $901.0 million to stockholders through $574.9 million of dividends and $326.1 million of share repurchases, and it raised its quarterly dividend 2.4% to $1.27 per share. The company's full-year 2025 effective tax rate is estimated at 23.5% to 27.5% on a U.S. GAAP basis.

    Aug 1, 2025
  6. 2025-Q1

    Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2025

    T. Rowe Price Group, Inc. reported first-quarter 2025 net revenues of $1,763.9 million, up 0.8% from $1,750.2 million a year earlier. Investment advisory fees rose 4.0% to $1,598.4 million as average assets under management increased 9.2% to $1,620.3 billion, though the annualized effective fee rate declined to 40.3 basis points from 42.1. Capital allocation-based income fell to a $1.2 million loss from $47.1 million, reflecting lower overall market returns and a decline in accrued carried interest. U.S. GAAP net income attributable to T. Rowe Price Group fell 14.5% to $490.5 million, and diluted EPS was $2.15 versus $2.49, driven mainly by lower investment gains. On a non-GAAP basis, diluted EPS was $2.23 compared with $2.38. Ending assets under management were $1,566.3 billion, down $40.3 billion from year-end 2024, reflecting $31.7 billion of market depreciation and $8.6 billion of net cash outflows. The balance sheet remained liquid, with cash and cash equivalents of $2,836.7 million at March 31, 2025, up from $2,649.8 million at December 31, 2024. The company repurchased $217.5 million of common stock and paid $288.8 million in dividends declared, and it raised its quarterly dividend 2.4% to $1.27 per share.

    May 2, 2025
  7. 2024-Q3

    Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2024

    T. Rowe Price Group, Inc. reported its Form 10-Q for the quarter ended September 30, 2024, filed November 1, 2024. Net revenues were $1,785.6 million for the three months ended September 30, 2024, up from $1,670.7 million a year earlier, and $5,269.1 million for the nine months, up from $4,818.5 million. U.S. GAAP net income attributable to T. Rowe Price Group, Inc. was $603.0 million for the quarter ($2.64 diluted EPS) versus $453.2 million ($1.97) in the prior-year quarter. On a non-GAAP basis, adjusted diluted EPS was $2.57 for the quarter versus $2.17 a year earlier. Average assets under management rose 14.1% to $1,589.5 billion for the quarter, and ending AUM reached $1,630.9 billion, up from $1,346.5 billion at September 30, 2023. Net cash outflows were $12.2 billion for the quarter and $23.9 billion for the nine months. U.S. GAAP operating margin was 34.4% for the quarter, compared with 34.8% a year earlier, as operating expenses grew faster than net revenues, driven largely by the supplemental savings plan liability and lower capital allocation-based income. Non-operating income rose to $212.5 million from $2.8 million, reflecting stronger market returns and higher investment gains. Cash and cash equivalents increased to $3,173.5 million at September 30, 2024, from $2,066.6 million at December 31, 2023. The company paid $851.0 million in dividends and repurchased $269.1 million of common stock in the first nine months. Total stockholders' equity attributable to the company was $10,249.3 million at quarter end. The filing also records impairment charges on the trade name intangible asset of $18.8 million for the quarter and $31.1 million year to date, and an OHA contingent consideration liability reduced to zero as of September 30, 2024 because revenue targets were not expected to be met. Full-year 2024 effective tax rate guidance is 23.5% to 26.5% on a U.S. GAAP basis and 23.5% to 25.5% on a non-GAAP basis.

    Nov 1, 2024
  8. 2024-Q2

    Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2024

    T. Rowe Price Group, Inc. reported second-quarter 2024 U.S. GAAP net revenues of $1,733.3 million, up 7.6% from $1,610.2 million a year earlier, driven by a 10.8% rise in investment advisory fees as average assets under management increased 13.0% to $1,534.0 billion. U.S. GAAP operating expenses rose 8.5% to $1,168.6 million, and operating margin was 32.6% versus 33.1% in the prior-year quarter. Net income attributable to T. Rowe Price Group was $483.4 million, or $2.11 diluted EPS, compared with $2.06 a year earlier. Results on a non-GAAP basis were higher, with adjusted diluted EPS of $2.26 versus $2.02. For the six months ended June 30, 2024, net revenues were $3,483.5 million (up 10.7%) and diluted EPS was $4.60 (up 18.3%), with U.S. GAAP operating margin of 33.1%. Ending assets under management reached $1,569.1 billion, up $26.9 billion in the quarter on market appreciation of $30.6 billion, offset by net cash outflows of $3.7 billion. Cash and cash equivalents rose to $2,714.9 million from $2,066.6 million at year-end 2023, and the company returned nearly $4.1 billion to stockholders since the end of 2021 through dividends and buybacks. The quarter also included a $12.3 million impairment on the trade name intangible asset and total impairment charges of $18.0 million on definite and indefinite-lived intangibles. Management noted that the average fee rate declined due to a mix shift toward lower-fee products, and it estimated the full-year 2024 U.S. GAAP effective tax rate at 23.5% to 26.5%. KPMG LLP reported a review with no material modifications identified.

    Jul 26, 2024
  9. 2024-Q1

    Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2024

    T. Rowe Price Group, Inc. reported first-quarter 2024 net revenues of $1,750.2 million, up 13.8% from $1,537.6 million in the first quarter of 2023, driven by an 11.7% increase in investment advisory fees as average assets under management rose 12.2% to $1,484.4 billion. U.S. GAAP operating expenses rose 10.5% to $1,163.6 million, and net income attributable to T. Rowe Price increased 36.1% to $573.8 million, or $2.49 diluted earnings per share, versus $1.83 a year earlier. The filing notes that the first-quarter 2023 results included a $49.6 million reduction in the OHA contingent consideration liability, which made the comparison with 2024 less favorable on an expense basis. On a non-GAAP basis, which excludes consolidated sponsored investment products, supplemental savings plan market effects, and acquisition-related items, diluted earnings per share were $2.38, up from $1.69. Ending assets under management were $1,542.2 billion at March 31, 2024, up $97.7 billion from year-end 2023, with market appreciation of $105.7 billion partly offset by net outflows of $8.0 billion. The investment advisory effective fee rate declined to 42.1 basis points from 42.7 basis points a year earlier, reflecting a mix shift toward lower-fee vehicles. Balance sheet liquidity strengthened, with cash and cash equivalents rising to $2,416.5 million from $2,066.6 million at December 31, 2023. The company returned $365.1 million to stockholders in the quarter, including $285.0 million in dividends and $80.1 million in share repurchases, and raised its quarterly dividend to $1.24 per share from $1.22. KPMG LLP issued a review report with no material modifications identified.

    Apr 26, 2024
  10. 2023-Q3

    Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2023

    T. Rowe Price Group, Inc. reported third-quarter 2023 results with net revenues of $1,670.7 million, up 5.2% from $1,588.2 million in the third quarter of 2022, driven primarily by a $65.0 million increase in accrued carried interest and a 1.5% increase in investment advisory fees as average assets under management rose 3.4%. U.S. GAAP operating expenses rose 7.5% to $1,089.4 million, and GAAP diluted earnings per share were $1.97 versus $1.66 a year earlier. On a non-GAAP basis, diluted EPS was $2.17 versus $1.86. For the nine months ended September 30, 2023, net revenues declined 2.9% to $4,818.5 million, investment advisory fees fell 6.8%, and operating margin was 33.2% compared with 42.7% in the prior-year period, while diluted EPS rose to $5.86 from $5.54 on net investment gains. Assets under management ended the quarter at $1,346.5 billion, a decrease of $52.9 billion from June 30, 2023 but an increase of $71.8 billion from year-end 2022. Net cash outflows were $17.4 billion in the quarter and $53.5 billion year to date. Balance sheet liquidity remained strong, with cash and cash equivalents of $2,578.7 million at September 30, 2023, up from $1,755.6 million at December 31, 2022. The company repurchased 1,398 thousand shares for $151.4 million in the first nine months and paid dividends of $1.22 per share in the quarter. Management updated its full-year 2023 effective tax rate estimate to a range of 26% to 30% on a U.S. GAAP basis. During the period, the company completed its acquisition of Retiree, Inc., a fintech firm offering retirement income planning software, on terms the filing describes as not material. Its OHA-related contingent consideration liability fell to $23.0 million from $95.8 million at year-end 2022 as revenue expectations were reduced. KPMG LLP performed a review of the interim financial statements and reported no material modifications were needed.

    Oct 27, 2023
  11. 2023-Q2

    Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2023

    T. Rowe Price Group, Inc.'s Form 10-Q for the quarter ended June 30, 2023 shows U.S. GAAP net revenues of $1,610.2 million for the second quarter, up 6.4% from $1,513.0 million a year earlier, driven mainly by a $165.0 million swing in capital allocation-based income from carried interest. Investment advisory fees fell 4.4% to $1,430.8 million as average assets under management declined 3.5% to $1,357.4 million. U.S. GAAP operating expenses rose 27.5% to $1,076.7 million, largely because of an increase in the supplemental savings plan liability, and U.S. GAAP operating margin fell to 33.1% from 44.2%. Net income attributable to T. Rowe Price was $476.4 million, or $2.06 diluted EPS, versus $339.6 million, or $1.46, in the prior-year quarter. For the first half of 2023, net revenues declined 6.8% to $3,147.8 million and diluted EPS was $3.89 versus $3.88. Ending assets under management reached $1,399.4 billion, up from $1,309.7 billion a year earlier, with first-half net cash outflows of $36.1 billion offset by $160.8 billion of market appreciation. Cash and cash equivalents rose to $2,249.7 million from $1,755.6 million at December 31, 2022, and the company paid $562.4 million in dividends in the first half while repurchasing only $50.4 million of stock. The filing also reports that the company acquired Retiree, Inc. on April 20, 2023, and that its unfunded commitments to affiliated private investment funds were $125.9 million. KPMG LLP issued a review report without material modifications. The company estimates its full-year 2023 U.S. GAAP effective tax rate will be in the range of 26% to 30%.

    Jul 28, 2023
  12. 2023-Q1

    Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2023

    T. Rowe Price Group, Inc. reported net revenues of $1,537.6 million for the first quarter of 2023, down from $1,863.0 million in the first quarter of 2022. Investment advisory fees were $1,391.8 million versus $1,662.1 million, and average assets under management were $1,322.9 billion versus $1,559.9 billion. U.S. GAAP net operating income fell to $484.2 million from $877.4 million, and diluted earnings per share were $1.83 compared with $2.41 a year earlier. Non-operating income of $135.4 million, driven by net gains on investments of $93.9 million, partly offset the operating decline; the company's GAAP effective tax rate rose to 28.7% from 24.2%. Ending assets under management were $1,341.7 billion at March 31, 2023, up $67.0 billion from December 31, 2022, as market appreciation of $83.1 billion more than offset net cash outflows of $16.1 billion. Cash and cash equivalents rose to $2,094.1 million from $1,755.6 million, and total stockholders' equity attributable to T. Rowe Price Group was $9,045.4 million. The company paid $282.2 million in dividends to common stockholders during the quarter, and the quarterly dividend was raised to $1.22 per share from $1.20. Share repurchases were minimal at $2.7 million. The filing also notes the April 20, 2023 acquisition of Retiree, Inc., described as immaterial, and reports a $472.4 million commitment to fund OHA products over the next four years. A class action regarding biometric voiceprints was voluntarily dismissed by the plaintiffs in February 2023. KPMG LLP performed a review of the interim financial statements and reported no material modifications.

    May 2, 2023
  13. 2022-Q3

    Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2022

    T. Rowe Price Group, Inc. reported third-quarter 2022 results in this Form 10-Q for the period ended September 30, 2022. Net revenues fell to $1,588.2 million from $1,954.1 million a year earlier, with investment advisory fees of $1,442.0 million versus $1,813.4 million. Net income attributable to T. Rowe Price Group was $384.4 million, or $1.66 diluted earnings per share, compared with $777.2 million and $3.31 in the third quarter of 2021. For the nine months, net revenues were $4,964.2 million, net income attributable to the company was $1,291.9 million, and diluted EPS was $5.54. The filing attributes the decline to lower average assets under management of $1,347.5 billion in the quarter, market depreciation, and net investment losses. Ending assets under management were $1,230.0 billion at September 30, 2022, down from $1,612.3 billion a year earlier. Operating margin was 36.2% in the third quarter of 2022, compared with 51.0% in the 2021 quarter, and 42.7% for the nine months, compared with 49.9%. Operating expenses rose 5.8% to $1,013.6 million on a U.S. GAAP basis, while non-GAAP operating expenses rose 7.4%, reflecting the addition of Oak Hill Advisors (OHA), which was acquired on December 29, 2021 and had $56 billion of capital under management. Management continues to expect 2022 non-GAAP operating expense growth of 4% to 7%, with OHA driving nearly all of the increase. Cash and cash equivalents were $2,366.3 million at September 30, 2022, up from $1,523.1 million at December 31, 2021. The company repurchased $744.0 million of stock in the first nine months, and its quarterly dividend was raised to $1.20 per share from $1.08. KPMG LLP issued a review report on the interim statements, and the filing notes that the Inflation Reduction Act of 2022 is not expected to have a material impact.

    Oct 27, 2022
  14. 2022-Q2

    Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2022

    T. Rowe Price Group, Inc. reported second-quarter 2022 U.S. GAAP net revenues of $1,513.0 million, down from $1,929.3 million in the second quarter of 2021, and net income attributable to T. Rowe Price Group of $339.6 million versus $815.7 million a year earlier. Diluted earnings per share were $1.46 compared with $3.46. Investment advisory fees fell to $1,496.7 million as average assets under management decreased to $1,407.1 billion, and ending assets under management were $1,309.7 billion. The company attributes the decline to market depreciation of $227.4 billion in the quarter and net cash outflows of $14.7 billion, along with a $126.3 million reduction in net revenues from capital allocation-based income tied to carried interest on affiliated private investment funds. Operating expenses on a U.S. GAAP basis decreased to $844.4 million, but on an adjusted non-GAAP basis rose 1.7% to $947.3 million, reflecting higher salaries and benefits, the addition of Oak Hill Advisors (OHA) operating expenses, and technology investment. Non-operating results turned to a loss of $279.9 million, driven by net losses on investments and consolidated investment products. Adjusted non-GAAP diluted earnings per share were $1.79 versus $3.31. Management lowered its 2022 non-GAAP operating expense growth forecast to a range of 4% to 7%, from 10% to 14%, and the company returned capital through a quarterly dividend of $1.20 per share and $519.6 million in share repurchases in the first half of 2022. The balance sheet remained liquid, with cash and cash equivalents of $2,116.0 million at June 30, 2022, up from $1,523.1 million at December 31, 2021, and total stockholders' equity attributable to T. Rowe Price Group of $8,964.2 million. Accumulated goodwill and intangible assets declined through amortization, and the company disclosed an ERISA class action settlement approved by the court on July 6, 2022, which it described as not material.

    Jul 28, 2022
  15. 2022-Q1

    Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2022

    T. Rowe Price Group, Inc. reported first-quarter 2022 net revenues of $1,863.0 million, up from $1,826.8 million in the first quarter of 2021, while net income attributable to T. Rowe Price Group fell to $567.9 million from $749.4 million. Diluted earnings per share were $2.41, compared with $3.17 a year earlier. The company attributes the earnings decline primarily to lower operating income and net investment losses in the quarter, as market declines in the first quarter of 2022 contrasted with gains in the prior-year period. GAAP operating expenses rose to $985.6 million from $933.6 million, and the filing notes that the first quarter includes operating results from Oak Hill Advisors, L.P. (OHA), acquired on December 29, 2021, which had $57 billion of capital under management at March 31, 2022. Assets under management ended the quarter at $1,551.8 billion, down $136.0 billion from December 31, 2021, driven by $130.7 billion of market depreciation and $5.3 billion of net cash outflows. Average assets under management were $1,559.9 billion, and the average annualized effective fee rate was 43.2 basis points, compared with 45.4 basis points a year earlier. The company also updated its forecast for 2022 non-GAAP operating expense growth to a range of 10% to 14%, from 12% to 16%. The balance sheet showed cash and cash equivalents of $1,997.5 million at March 31, 2022, up from $1,523.1 million at year-end 2021. Stockholders' equity attributable to T. Rowe Price Group was $9,054.4 million. During the quarter the company paid $279.2 million in dividends and repurchased $320.1 million of common stock. The quarterly dividend was raised to $1.20 per share from $1.08. The filing reports no material change to ERISA class action exposure, which the company says the proposed settlement would not make material.

    Apr 28, 2022
  16. 2021-Q3

    Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2021

    T. Rowe Price Group, Inc. reported third-quarter 2021 results in its Form 10-Q filed October 28, 2021. Net revenues rose to $1,954.1 million from $1,595.8 million a year earlier, and net income attributable to T. Rowe Price was $777.2 million, compared with $643.2 million. Diluted earnings per share were $3.31, versus $2.73 in the prior-year quarter. Average assets under management grew to $1,648.7 billion, and ending assets under management were $1,612.3 billion, though the quarter saw net cash outflows of $6.4 billion and market depreciation of $4.2 billion. Operating margin was 51.0%, compared with 45.7% in the 2020 quarter. The company noted that the increase in operating expenses reflected higher compensation costs and distribution and servicing costs, along with costs tied to its expanded relationship with FIS, which assumed responsibility for retirement technology and core recordkeeping operations on August 1, 2021. On a year-to-date basis, net income attributable to T. Rowe Price was $2,342.3 million and diluted EPS was $9.94, up from $6.66. The company paid a $3.00 per share special cash dividend in July 2021 totaling $699.8 million, and it repurchased $526.6 million of stock in the first nine months. Management states that the company remains debt-free. The filing also discloses a pending acquisition of Oak Hill Advisors, L.P. (OHA), agreed on October 28, 2021, at a purchase price of up to $4.2 billion, with $3.3 billion payable at closing and up to an additional $900 million in cash tied to business milestones beginning in 2025. The company expects the deal to close in the fourth quarter of 2021. The filing also reports ongoing pressures, including a declining effective fee rate (43.6 basis points in the third quarter, versus 45.2 basis points a year earlier) and fee waivers. Management narrowed its 2021 non-GAAP operating expense growth guidance to a range of 13% to 15%, from 12% to 15%, and expects a full-year 2021 effective tax rate of 22.0% to 24.0%.

    Oct 28, 2021
  17. 2021-Q2

    Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2021

    T. Rowe Price Group, Inc.'s Form 10-Q for the quarter ended June 30, 2021 reports strong growth in revenue and earnings. Net revenues were $1,929.3 million for the three months ended June 30, 2021, up from $1,415.4 million a year earlier, and net income attributable to T. Rowe Price was $815.7 million, compared with $603.0 million. Diluted earnings per share were $3.46, versus $2.55. Average assets under management rose to $1,585.3 billion for the quarter, and ending assets under management reached $1,623.1 billion, up from $1,220.0 billion a year earlier. Investment advisory fees were the main driver, with $1,787.2 million in the quarter. The filing states that the firm remains debt-free with ample liquidity, reporting cash and cash equivalents of $3,514.9 million at June 30, 2021. Capital return was significant. The Board declared a special cash dividend of $3.00 per share, or $699.8 million, on June 14, 2021, payable July 7, 2021. The firm repurchased $308.9 million of stock in the first half of 2021, and it raised its quarterly recurring dividend to $1.08 per share from $0.90. Management updated its 2021 non-GAAP operating expense growth guidance to a range of 12% to 15%, up from 10% to 14%, and estimated the full-year 2021 effective tax rate at 22.5% to 24.5%. The filing also flags several items for investors. Operating expenses rose to $971.2 million in the quarter, driven largely by compensation. The firm announced an expanded partnership with FIS to take over retirement recordkeeping technology and core operations, with about 800 associates becoming FIS employees on August 1, 2021. The filing also notes a passive-investing trend that has negatively affected new client inflows, and it discloses a certified ERISA class action that the parties have agreed in principle to settle, which the filing states would not be material.

    Jul 29, 2021
  18. 2021-Q1

    Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2021

    T. Rowe Price Group, Inc. reported net revenues of $1,826.8 million for the quarter ended March 31, 2021, up from $1,462.6 million in the first quarter of 2020, driven by investment advisory fees of $1,687.8 million versus $1,327.8 million a year earlier. Total operating expenses rose to $933.6 million from $755.4 million, mainly reflecting a $85.9 million increase in supplemental savings plan expense from higher market returns, along with higher compensation and distribution costs. Net operating income was $893.2 million, and non-operating income swung to $102.1 million from a loss of $500.3 million, as market gains on investments replaced the significant losses of the prior-year quarter. Net income attributable to T. Rowe Price Group was $749.4 million, or $3.17 per diluted share, compared with $343.1 million, or $1.41 per diluted share. Assets under management ended the quarter at $1,518.0 billion, an increase of $47.5 billion from December 31, 2020, driven by $46.3 billion of market appreciation and $1.2 billion of net cash inflows. The company remains debt-free, with cash and cash equivalents of $2,830.1 million at March 31, 2021. During the quarter it repurchased 1.6 million shares for about $0.3 billion and paid $252.3 million in dividends to common stockholders, after raising the quarterly dividend to $1.08 per share from $0.90. The company also updated its 2021 non-GAAP operating expense growth guidance to a range of 10% to 14%, from 8% to 12%. The filing notes a pending ERISA class action over the T. Rowe Price 401(k) Plan, with a trial scheduled to begin in September 2021. Management states it cannot predict the outcome or estimate a possible loss, and believes the claims are without merit.

    Apr 29, 2021
  19. 2020-Q3

    Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2020

    T. Rowe Price Group, Inc. reported third-quarter 2020 net revenues of $1,595.8 million, up 11.9% from $1,426.7 million a year earlier, and net income attributable to T. Rowe Price Group of $643.2 million, up 17.8%. Diluted earnings per share were $2.73, compared with $2.23 in the 2019 quarter, a 22.4% increase. The filing attributes the earnings gain mainly to higher operating income and net investment gains, along with a 3.7% decline in weighted average diluted shares. Average assets under management rose 14.4% to $1,292.9 billion, and ending assets under management reached $1,310.4 billion. For the nine months ended September 30, 2020, net revenues were $4,473.8 million (up 7.8%) and diluted earnings per share were $6.66 (up 2.9%). Operating margin improved to 44.5% from 43.5%. Operating expenses rose 6.5% on a non-GAAP basis, and management narrowed its full-year 2020 non-GAAP operating expense growth guidance to 4%-6%, with 6%-9% growth estimated for 2021. The company reported net cash outflows of $5.3 billion in the third quarter, though net cash inflows were $3.4 billion for the nine months, and target date retirement products had net outflows of $5.5 billion in the quarter. The company states that it remains debt-free, with cash and cash equivalents of $2,228.2 million at September 30, 2020. It repurchased 10.8 million shares for $1.2 billion year to date and paid a quarterly dividend of $0.90 per share, up 18.4% from $0.76. The filing also describes two pending lawsuits, an ERISA class action and a Section 36(b) fee case, which management believes lack merit and for which it cannot estimate a possible loss.

    Oct 29, 2020
  20. 2020-Q2

    Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2020

    T. Rowe Price Group, Inc. reported second-quarter 2020 net revenues of $1,415.4 million, up 1.4% from $1,395.2 million a year earlier, and net income attributable to T. Rowe Price Group of $603.0 million, or $2.55 diluted earnings per share, compared with $527.5 million and $2.15 in the second quarter of 2019. Operating income fell 10.0% to $553.7 million as operating expenses rose 10.5% to $861.7 million, driven mainly by a $60.5 million increase in market-related compensation tied to the supplemental savings plan. Non-operating income of $415.1 million, largely from market gains on consolidated investment products and investments, drove the quarter's EPS gain. Assets under management ended the quarter at $1,220.0 billion, up $211.2 billion from March 31, 2020, with net cash inflows of $14.7 billion for the quarter. For the first six months of 2020, net income attributable to T. Rowe Price Group was $946.1 million, or $3.95 diluted EPS, down from $1,040.1 million and $4.23 a year earlier, as investment losses offset higher operating income. Operating income rose 9.9% to $1,260.9 million. Management stated the firm remains debt-free with ample liquidity, returned $1,453.9 million to stockholders in the first half through dividends and buybacks, and raised its full-year 2020 non-GAAP operating expense growth outlook to 3%-6%. The filing also discloses a pending ERISA class action and a Section 36(b) fee lawsuit, which management believes are without merit and cannot yet be predicted or estimated.

    Jul 29, 2020
  21. 2020-Q1

    Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2020

    T. Rowe Price Group, Inc. reported first-quarter 2020 results in this Form 10-Q, filed April 28, 2020. Net revenues rose 10.2% year over year to $1,462.6 million, driven by investment advisory fees of $1,327.8 million, up 11.2%. Average assets under management increased 11.4% to $1,162.7 billion, though the filing notes that ending assets under management fell to $1,008.8 billion, a decrease of $198.0 billion from December 31, 2019, as market depreciation reduced AUM by $192.0 billion. Management attributes the decline to the coronavirus pandemic and the sell-off in global equity and bond markets during the quarter. Net income attributable to T. Rowe Price Group fell 33.1% to $343.1 million, and diluted earnings per share declined to $1.41 from $2.09. The decline reflects non-operating losses of $500.3 million, including $330.3 million of losses on consolidated investment products and $154.6 million of net losses on investments, compared with non-operating income of $202.8 million a year earlier. Operating income rose 32.8% to $707.2 million, and operating margin was 48.4% versus 40.1%, largely because of lower supplemental savings plan compensation expense as markets fell. On a non-GAAP basis, diluted EPS was $1.87 in both periods. The company remained debt-free, with cash and cash equivalents of $1,562.4 million at quarter-end and total cash and investments in T. Rowe Price products of $4,985.4 million. It returned $1,101.7 million to stockholders in the quarter, including $887.0 million of share repurchases and $214.7 million of dividends, after raising the quarterly dividend 18.4% to $0.90 per share. Management cut its 2020 non-GAAP operating expense growth guidance to 1%-4% from 6%-9%. KPMG LLP issued a review report with no material modifications identified, and the filing describes pending ERISA and Section 36(b) fee lawsuits that management believes are without merit.

    Apr 28, 2020
  22. 2019-Q3

    Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2019

    T. Rowe Price Group, Inc.'s Form 10-Q for the quarter ended September 30, 2019 shows net revenues of $1,426.7 million for the third quarter, up from $1,394.6 million in the prior-year quarter, and net income attributable to T. Rowe Price Group of $545.9 million, compared with $583.0 million a year earlier. Diluted EPS was $2.23 versus $2.30. For the nine months, net revenues rose to $4,149.2 million from $4,067.6 million, and net income attributable to the company was $1,586.0 million versus $1,485.6 million, with diluted EPS of $6.47 versus $5.85. Operating expenses in the quarter increased to $767.6 million from $754.0 million, driven by higher salary, bonus accrual, and benefits costs and strategic investments. Assets under management ended the quarter at $1,126.3 billion, up $1.3 billion from June 30, 2019 and $164.0 billion from year-end 2018. Net cash inflows were $2.5 billion in the third quarter and $10.4 billion for the first nine months. The filing notes that the general trend toward passive investing has negatively affected new client inflows, and that the company remains debt-free with ample liquidity. Management narrowed its 2019 non-GAAP operating expense growth guidance to 4% to 5% from 4% to 7%, citing lower-than-planned distribution, product-related, and professional fee expenses. The filing also discloses ongoing litigation: an ERISA class action over the T. Rowe Price 401(k) Plan and a Section 36(b) excessive-fee complaint regarding certain U.S. mutual funds. Management characterizes both as without merit, is vigorously defending them, and states it cannot predict the outcome or estimate a possible loss. Cash and cash equivalents rose to $2,213.2 million, and the company repurchased $566.7 million of stock in the first nine months of 2019 while paying $549.9 million in dividends.

    Oct 24, 2019
  23. 2019-Q2

    Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2019

    T. Rowe Price Group, Inc.'s Form 10-Q for the quarter ended June 30, 2019 reports net income attributable to T. Rowe Price Group of $527.5 million for the second quarter, up from $448.9 million a year earlier, and diluted earnings per share of $2.15 versus $1.77. Net revenues rose to $1,395.2 million from $1,345.0 million, driven by investment advisory fees of $1,270.2 million, while operating expenses increased 4.0% to $780.1 million, primarily on higher salary, bonus accrual, supplemental savings plan and strategic investment costs. Operating margin was 44.1% in the quarter, compared with 44.2% in the prior-year quarter, and 42.2% for the six months, down from 44.1%. Assets under management ended the quarter at $1,125.0 billion, up $43.3 billion from March 31, 2019 and $162.7 billion from year-end 2018, with net cash inflows of $2.5 billion in the second quarter and $7.9 billion for the first half. Non-operating income was $124.5 million for the quarter, largely from net gains on investments and consolidated investment products, and the company reported cash and cash equivalents of $1,802.4 million at June 30, 2019. Management states the company remains debt-free, expects 2019 non-GAAP operating expense growth of 4% to 7%, and cites the ongoing industry shift toward passive investing as a headwind to new client inflows. The filing also discloses two pending lawsuits: an ERISA fiduciary duty class action filed in February 2017 and a Section 36(b) excessive fee complaint filed in April 2016. Management believes both claims are without merit and states it cannot predict their outcome or estimate a possible loss. KPMG LLP issued a review report without modification on the interim financial information.

    Jul 24, 2019
  24. 2019-Q1

    Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2019

    T. Rowe Price Group, Inc.'s Form 10-Q for the quarter ended March 31, 2019 shows net revenues of $1,327.3 million, essentially flat versus $1,328.0 million in the first quarter of 2018 (down 0.1%). Investment advisory fees rose 0.4% to $1,194.2 million, while administrative, distribution, and servicing fees fell 4.1% to $133.1 million. Operating expenses increased 6.8% to $794.8 million, driven by continued strategic investments and higher supplemental savings plan compensation as markets rebounded. Net operating income fell 8.8% to $532.5 million, and the operating margin was 40.1% versus 44.0% a year earlier. Net income attributable to T. Rowe Price Group rose 13.0% to $512.6 million, and diluted EPS increased 18.1% to $2.09, helped by $202.8 million of non-operating income, which included $100.1 million of net gains on investments and $101.9 million of net gains on consolidated investment products. On a non-GAAP basis, diluted EPS was $1.87 versus $1.74, up 7.5%. Assets under management ended the quarter at $1,081.7 billion, up $119.4 billion from December 31, 2018, with net cash inflows of $5.4 billion. The company reported that it remains debt-free, and it guided 2019 non-GAAP operating expense growth of 4% to 7%. The filing also discloses an ERISA class action over 401(k) plan fiduciary duties and a Section 36(b) suit over advisory fees on several funds. Management says it believes both claims are without merit and cannot predict the outcome or estimate any possible loss.

    Apr 24, 2019
  25. 2018-Q3

    Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2018

    T. Rowe Price Group, Inc. reported strong third-quarter 2018 results in this Form 10-Q filed October 25, 2018. Net revenues rose 12.6% year over year to $1,394.6 million, and investment advisory fees increased 15.0% to $1,263.3 million, driven by average assets under management of $1,072.4 billion, up 15.6%. U.S. GAAP net income attributable to T. Rowe Price Group was $583.0 million, or $2.30 diluted EPS, compared with $390.9 million, or $1.56, a year earlier. The results include an $88.3 million other investment income line, largely reflecting a realized gain on the sale of the company's 10% holding in Daiwa SB Investments Ltd. For the first nine months of 2018, net revenues were $4,067.6 million, up 14.3%, and net income attributable to T. Rowe Price Group was $1,485.6 million, or $5.85 diluted EPS. Results include nonrecurring tax charges of $20.8 million for U.S. tax reform and $7.9 million for Maryland tax legislation. The company stated that it expects full-year 2018 non-GAAP operating expense growth of 8% to 11%, and a full-year 2018 effective tax rate of 24% to 26%. Ending assets under management were $1,083.8 billion at September 30, 2018, with net cash inflows of $21.6 billion for the first nine months. The balance sheet remained debt-free, with cash and cash equivalents of $2,090.6 million and total permanent stockholders' equity of $6,460.5 million at September 30, 2018. The company returned $1,097.3 million to stockholders in the first nine months of 2018 through dividends and repurchases. Pending litigation includes an ERISA class action and a Section 36(b) fee complaint, both described by management as being in early stages, with no estimate of possible loss.

    Oct 25, 2018
  26. 2018-Q2

    Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2018

    T. Rowe Price Group, Inc. reported second-quarter 2018 net revenues of $1.345 billion, up from $1.186 billion in the second quarter of 2017, and net income attributable to T. Rowe Price Group of $448.9 million, compared with $373.9 million a year earlier. Diluted earnings per share were $1.77, versus $1.50. Investment advisory fees rose to $1.214 billion, while administrative, distribution, and servicing fees declined to $130.6 million. Operating expenses increased to $750.3 million, and non-operating income fell to $34.1 million from $112.0 million, largely because 2017 included realized gains on available-for-sale investments that no longer occur under the new accounting guidance. The effective tax rate was 26.9% for the quarter, including nonrecurring charges of $20.8 million for U.S. tax reform and $7.9 million for Maryland tax legislation. Assets under management ended June 30, 2018 at $1,044.1 billion, up from $991.1 billion at December 31, 2017, with net cash inflows of $18.9 billion for the first half of 2018. The company stated it remains debt-free, with cash and cash equivalents of $1.484 billion at June 30, 2018, and it returned cash to stockholders through a $348.8 million recurring dividend and $450.3 million in repurchases in the first half. The filing also notes the adoption of ASC 606 revenue recognition and ASU 2016-01 on January 1, 2018, which required prior-period recasts and changed how certain fees and investment gains are reported. The filing discloses ongoing litigation, including an ERISA class action over the T. Rowe Price 401(k) Plan and a Section 36(b) excessive-fee complaint, both described by management as early-stage and without merit in its view. Management also said it expects 2018 non-GAAP operating expense growth of 8% to 11%, and it estimates a full-year 2018 effective tax rate of 24% to 27%.

    Jul 25, 2018
  27. 2018-Q1

    Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2018

    T. Rowe Price Group, Inc.'s Form 10-Q for the quarter ended March 31, 2018 shows net revenues of $1,328.0 million, up from $1,132.6 million in the first quarter of 2017, and net income attributable to T. Rowe Price Group of $453.7 million, compared with $385.9 million a year earlier. Investment advisory fees rose to $1,189.2 million, driven by average assets under management of $1,025.5 billion versus $845.4 billion. Ending assets under management were $1,014.2 billion, with net cash inflows of $11.3 billion in the quarter. Diluted EPS was $1.77 versus $1.54. The comparison is affected by the first-quarter 2017 $50 million Dell appraisal rights insurance recovery and the adoption of ASC 606 on January 1, 2018, which required 2017 results to be recast. Operating expenses increased to $744.2 million from $610.9 million, and the operating margin was 44.0%, compared with 46.1% in the prior-year quarter. The company stated that it expects 2018 non-GAAP operating expenses to grow 8-11%, and its effective tax rate for full-year 2018 is estimated at 24% to 27%, reflecting U.S. tax reform. The company remains debt-free, held cash and cash equivalents of $1,681.4 million at March 31, 2018, and returned $488.4 million to stockholders in the quarter through $174.9 million of dividends and $313.5 million of repurchases. The filing also discloses pending litigation, including an ERISA class action over the T. Rowe Price 401(k) Plan and a Section 36(b) fee suit (Zoidis), both in early stages, which management says it believes are without merit and cannot predict the outcome of. The Dell appraisal rights matter remains unresolved following a December 2017 Delaware Supreme Court reversal and remand.

    Apr 25, 2018
  28. 2017-Q3

    Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2017

    T. Rowe Price Group, Inc.'s Form 10-Q for the quarter ended September 30, 2017 reports strong growth in the third quarter. Net revenues rose to $1,221.7 million from $1,092.9 million, and net income attributable to T. Rowe Price Group increased to $390.9 million from $327.8 million. Diluted earnings per share were $1.56, compared with $1.28 a year earlier. Investment advisory fees were $1,096.7 million, and operating margin was 44.9%, compared with 43.5% in the 2016 quarter. Average assets under management rose 15.4% to $927.4 billion, and ending assets under management reached $947.9 billion, supported by net cash inflows of $5.9 billion in the quarter and $10.3 billion for the first nine months. For the first nine months, net income attributable to T. Rowe Price Group was $1,150.7 million, compared with $835.2 million in 2016, and diluted EPS was $4.60, compared with $3.25. Results were helped by $50 million of insurance recoveries related to the Dell appraisal rights matter, which reduced operating expenses. Management now expects non-GAAP operating expenses to grow about 11% in 2017 versus 2016, up from prior guidance of about 10%, mainly because of higher variable compensation tied to market performance. The company remains debt-free, returned cash to stockholders through repurchases and dividends, and recorded $456.7 million of share repurchases in the first nine months. The filing also discloses two pending lawsuits: an ERISA fiduciary-duty class action filed in February 2017 and a Section 36(b) excessive-fee complaint filed in April 2016. Management believes both claims are without merit, but says it cannot predict the outcome or estimate a possible loss. The effective tax rate for the third quarter was 34.4%, and the company estimates a full-year 2017 rate of 35.9%.

    Oct 26, 2017
  29. 2017-Q2

    Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2017

    T. Rowe Price Group, Inc. reported its second-quarter 2017 Form 10-Q for the period ended June 30, 2017. Net revenues for the three months rose to $1,171.6 million from $1,044.7 million, and net income attributable to T. Rowe Price Group increased to $373.9 million from $203.3 million (restated for the new stock-based compensation accounting guidance). Diluted EPS was $1.50 versus $.79. The prior-year quarter included a $166.2 million nonrecurring charge related to the Dell appraisal rights matter, while the first half of 2017 included $50 million of insurance recoveries tied to that matter. Average assets under management rose to $885.9 billion in the second quarter, and ending assets under management reached $903.6 billion, with net cash inflows of $3.7 billion in the quarter and $4.4 billion for the first half. For the first six months of 2017, net income attributable to T. Rowe Price Group was $759.8 million, or $3.04 diluted EPS, compared with $507.4 million, or $1.97, a year earlier. Operating margin was 45.0% versus 34.1%, and excluding the Dell matter, 42.9% versus 42.2%. The company stated it remains debt-free, declared a quarterly dividend of $.57 per share (up 5.6%), and repurchased $447.0 million of common stock in the first half. Management expects planned operating expenses, excluding the Dell matter, to grow about 10% in 2017 versus 2016, and up to 7% in 2018 over 2017 levels. The filing also discloses two pending lawsuits: an ERISA class action filed February 14, 2017, relating to the T. Rowe Price 401(k) Plan, and a Section 36(b) fee complaint (Zoidis) filed April 27, 2016. Management believes both claims are without merit and says the litigation is at an early stage, so it cannot predict the outcome or estimate a possible loss. Appeals of the Dell appraisal ruling remain pending before the Delaware Supreme Court, and the settlement agreements provide for adjustments if the Dell fair value is reduced.

    Jul 25, 2017
  30. 2017-Q1

    Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2017

    T. Rowe Price Group, Inc. reported first-quarter 2017 results in its Form 10-Q filed April 25, 2017. Investment advisory fees rose to $991.1 million from $870.8 million in the first quarter of 2016, and net revenues increased to $1,113.6 million from $994.1 million. Net operating income was $521.7 million, compared with $410.9 million a year earlier, and net income attributable to T. Rowe Price Group was $385.9 million, or $1.54 diluted earnings per share, versus $304.1 million, or $1.18, in the prior-year quarter. The results include a $50.0 million reduction in operating expenses from insurance recoveries related to the Dell appraisal rights matter; excluding that recovery and the impact of consolidated sponsored investment portfolios, the company reports adjusted diluted earnings per share of $1.18. Assets under management ended the quarter at $861.6 billion, up $50.8 billion from December 31, 2016, driven by $0.7 billion of net cash inflows and $50.1 billion of net market appreciation and income. Sponsored U.S. mutual funds accounted for $548.3 billion of that total. The company stated it remains debt-free with ample liquidity, returned $456.7 million to stockholders in the quarter through dividends and repurchases, and declared a quarterly dividend of $.57 per share, up from $.54. Management expects planned operating expenses, excluding the Dell matter, to grow about 10% in 2017 versus 2016. The filing also discloses two pending lawsuits: an ERISA class action filed February 14, 2017, relating to the T. Rowe Price 401(k) Plan, and a Section 36(b) complaint filed April 27, 2016, alleging excessive management fees in several funds. The company describes both as without merit and intends to vigorously defend them. Income taxes payable rose to $261.4 million from $39.3 million at year-end 2016, and the first-quarter effective tax rate was 37.1%.

    Apr 25, 2017
  31. 2016-Q3

    Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2016

    T. Rowe Price Group, Inc. reported third-quarter 2016 results in this Form 10-Q for the period ended September 30, 2016. Net revenues were $1,092.9 million for the quarter, up from $1,049.0 million a year earlier, and net income attributable to T. Rowe Price Group was $327.8 million, or $1.28 diluted EPS, compared with $277.1 million, or $1.06, in the third quarter of 2015. Investment advisory fees rose to $970.5 million from $922.6 million. Ending assets under management reached $812.9 billion, up from $763.1 billion at December 31, 2015. Results were boosted by non-operating income of $88.3 million, largely from consolidating sponsored investment portfolios after new consolidation accounting guidance took effect on January 1, 2016. For the first nine months of 2016, net income attributable to T. Rowe Price Group was $835.2 million, or $3.25 diluted EPS, down from $919.8 million, or $3.45, in the prior-year period. The decline reflects a nonrecurring $166.2 million operating charge related to the Dell appraisal rights matter, which the company recorded to compensate certain clients. Total operating expenses rose to $1,961.6 million from $1,704.5 million, and operating margin for the nine months was 37.4% versus 45.9% a year earlier. Excluding the Dell charge and consolidated portfolio effects, adjusted diluted EPS for the nine months was $3.29 compared with $3.31. The company stated it remains debt-free with cash and discretionary sponsored portfolio investment holdings of $2.1 billion at September 30, 2016. Management expects 2016 expenses, excluding the Dell charge, to be about six percent higher than 2015, and expects operating expenses to grow in the mid- to high single-digit range in 2017. The company repurchased 8.0 million shares for $546.9 million in the first nine months and reported a pending Section 36(b) lawsuit over advisory fees, which management believes is without merit.

    Oct 27, 2016
  32. 2016-Q2

    Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2016

    T. Rowe Price Group, Inc. reported a weaker second quarter of 2016 in its Form 10-Q filed July 26, 2016. Net revenues were $1,044.7 million for the three months ended June 30, 2016, down from $1,072.4 million a year earlier, and net income attributable to T. Rowe Price Group fell to $195.3 million from $333.2 million. Diluted earnings per share were $0.76 versus $1.24. The decline was driven largely by a nonrecurring operating charge of $166.2 million related to the Dell appraisal rights matter, which reduced diluted EPS by $0.39 and the operating margin by nearly 16%. Average assets under management decreased to $772.7 billion in the quarter from $783.6 billion, while total assets under management ended the quarter at $776.6 billion, an increase of $12.0 billion from March 31, 2016. The adoption of Accounting Standards Update No. 2015-02 on January 1, 2016 changed the balance sheet materially. Total assets rose to $6,581.7 million at June 30, 2016 from $5,106.9 million at December 31, 2015, and redeemable non-controlling interests of $1,110.4 million now appear as a separate line, reflecting consolidated sponsored investment portfolios held by third-party investors. Operating expenses rose 34.8% in the quarter, and the company stated that its spending on investment, technology and distribution initiatives will cause operating expense growth in 2017 to exceed that of 2016. The company remains debt-free, held cash and cash equivalents of $1,275.2 million at June 30, 2016, and repurchased $244.0 million of common stock in the first half of 2016. The filing also discloses a Section 36(b) lawsuit filed April 27, 2016 alleging excessive management fees on eight named funds, which the company believes is without merit. Management expects fee waivers on money market funds to continue for the remainder of 2016, and it flagged the UK's vote to exit the European Union as a factor under evaluation for its UK operations.

    Jul 26, 2016
  33. 2016-Q1

    Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2016

    T. Rowe Price Group, Inc. filed this Form 10-Q for the quarter ended March 31, 2016. Net revenues were $994.1 million, down from $1,027.0 million in the first quarter of 2015, driven by lower investment advisory fees of $870.8 million (versus $896.5 million). Average assets under management fell to $728.1 billion from $759.0 billion, while assets under management ended the quarter at $764.6 billion, an increase of $1.5 billion from December 31, 2015. Net operating income declined to $410.9 million from $477.8 million, and the operating margin was 41.3% compared with 46.5% a year earlier, as operating expenses rose to $583.2 million from $549.2 million. Net income attributable to T. Rowe Price Group was $295.2 million, compared with $309.5 million in the prior-year quarter, while diluted earnings per share rose to $1.15 from $1.13. The filing states that higher non-operating income, including $52.3 million of realized gains on dispositions and the consolidation of certain sponsored investment portfolios, added $.11 to diluted earnings per share versus the prior year. The company adopted ASU 2015-02 on January 1, 2016, which consolidated additional sponsored portfolios and raised total assets to $6,203.9 million at March 31, 2016, including $825.1 million of redeemable non-controlling interests. The company states it remains debt-free, repurchased $206.7 million of common stock in the quarter, and paid $135.9 million in dividends.

    Apr 26, 2016
  34. 2015-Q3

    Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2015

    T. Rowe Price Group, Inc. reported third-quarter 2015 results in this Form 10-Q filed October 22, 2015. Net revenues rose 2.8% to $1,049.0 million for the quarter and 6.4% to $3,148.4 million for the first nine months, driven by investment advisory fees, which increased 3.6% in the quarter and 7.3% for the nine months. However, operating expenses grew faster, rising 11.0% in the quarter to $590.7 million, so net operating income fell 6.2% to $458.3 million and the operating margin declined to 43.7% from 47.9%. Net income was $277.1 million for the quarter (down 8.7%) and $919.8 million for the nine months (up 0.7%), with diluted EPS of $1.06 and $3.45, respectively. Assets under management ended the quarter at $725.5 billion, down from $746.8 billion at year-end 2014, as market depreciation of $20.4 billion for the nine months more than offset net cash outflows. The company remains debt-free and reported cash and sponsored investment holdings of $3.0 billion at September 30, 2015. Cash flow from operations rose to $1,371.5 million for the nine months, while the company returned substantial capital to shareholders, including a $2.00 special dividend and $820.7 million in share repurchases, and cash fell $341.7 million during the period. The filing also notes that administrative services were shifted to BNY Mellon effective August 1, 2015, with 210 associates transferred, and that the company expects the overall impact on future operating results to be not material.

    Oct 22, 2015
  35. 2015-Q2

    Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2015

    T. Rowe Price Group, Inc. filed its Form 10-Q for the quarter ended June 30, 2015. Net revenues for the second quarter were $1,072.4 million, up from $984.3 million in the 2014 quarter, and net income rose to $333.2 million from $305.8 million. Diluted earnings per share were $1.24 versus $1.13 a year earlier. For the first half of 2015, net revenues were $2,099.4 million and net income was $642.7 million, compared with $1,938.9 million and $610.1 million in the first half of 2014. The filing states the company remains debt-free and that average assets under management were $783.6 billion in the second quarter, with total assets under management ending the quarter at $773.0 billion. Cash flow and capital return were significant in the period. Net cash provided by operating activities was $886.7 million for the first half of 2015, and the company paid a $2.00 special dividend on April 23, 2015, with dividends paid totaling $794.5 million for the half. Repurchases of common stock were $353.8 million on the cash flow statement, and the company stated it has spent $385 million to repurchase 4.8 million shares in the first half. Cash and cash equivalents declined to $1,269.2 million at June 30, 2015 from $1,506.1 million at December 31, 2014. The filing also discloses a planned administrative services transition: approximately 220 associates are expected to become employees of BNY Mellon on August 1, 2015, and the company does not expect this to have a material effect on future operating results. Management reports no material changes to risk factors from the 2014 Form 10-K, and the review report from KPMG LLP identified no material modifications needed to the interim statements.

    Jul 23, 2015
  36. 2015-Q1

    Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2015

    T. Rowe Price Group, Inc. reported first-quarter 2015 net income of $309.5 million, up from $304.3 million in the first quarter of 2014, with diluted earnings per share of $1.13 versus $1.12. Net revenues rose to $1,027.0 million from $954.6 million, driven by investment advisory fees of $896.5 million, while total operating expenses increased to $549.2 million from $505.5 million. Net operating income was $477.8 million, and the operating margin was 46.5% compared with 47.0% a year earlier, as the firm continued investing in investment management, distribution, and service capabilities. Non-operating investment income fell to $26.8 million from $42.1 million. Assets under management ended the quarter at $772.7 billion, up $25.9 billion from year-end 2014, with market appreciation and income adding $24.0 billion and net cash inflows adding $1.9 billion. The company stated it remains debt-free, with cash and cash equivalents of $1,810.4 million at March 31, 2015. Total stockholders' equity was $5,002.0 million, down from $5,395.2 million at December 31, 2014, largely because of a $659.8 million dividend declaration and the $524.5 million dividend payable recorded on the balance sheet. The balance sheet reflects a special cash dividend of $2.00 per share declared in February 2015 and payable April 23, 2015. The filing also notes that regular quarterly dividends declared rose to $.52 per share in 2015 from $.44 in 2014, and that the company repurchased 1,411,049 shares under its publicly announced program during the quarter. Management expects the money market fee waivers of $13.7 million in the quarter to continue through 2015 and estimates the full-year 2015 effective tax rate at about 38.8%.

    Apr 22, 2015
  37. 2014-Q3

    Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2014

    T. Rowe Price Group, Inc. filed its Form 10-Q for the quarter ended September 30, 2014, on October 23, 2014. Net revenues for the third quarter rose to $1,020.8 million from $884.4 million a year earlier, and net income increased to $303.6 million from $270.3 million. For the first nine months of 2014, net revenues were $2,959.7 million and net income was $913.7 million, compared with $2,554.4 million and $760.0 million in the prior-year period. Diluted earnings per share were $1.12 for the quarter and $3.37 for the nine months. The operating margin was 47.9% in the third quarter, compared with 48.2% a year earlier. Assets under management reached $731.2 billion at September 30, 2014, up from $692.4 billion at December 31, 2013. Average assets under management in the third quarter were $739.5 billion, and the average annualized effective fee rate was 47.8 basis points. Net cash inflows into the U.S. mutual funds were $1.1 billion in the quarter, offset by net outflows of $1.2 billion from the other investment portfolios, while market valuations reduced assets by $7.4 billion in the quarter. The company reported no debt, with cash and cash equivalents of $1,644.5 million and total stockholders' equity of $5,227.5 million at September 30, 2014. Management noted it expects to increase funding for long-term initiatives, and it expects the money market fee waivers to continue through 2014 and into 2015. The full-year 2014 effective tax rate is estimated at about 38.4%, and property and equipment expenditures for 2014 are expected to be about $130 million. The filing also describes the SEC's July 2014 money market fund reforms, which management does not expect to have a material impact on the business.

    Oct 23, 2014
  38. 2014-Q2

    Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2014

    T. Rowe Price Group, Inc. reported its second-quarter 2014 Form 10-Q, filed July 24, 2014, showing strong growth in revenue and earnings. Net revenues for the three months ended June 30, 2014 were $984.3 million, up from $854.3 million a year earlier, and net income rose to $305.8 million from $247.8 million. Diluted earnings per share were $1.13 versus $.92. For the first half of 2014, net revenues were $1,938.9 million and net income was $610.1 million, with diluted EPS of $2.25. The filing attributes the revenue gains mainly to higher average assets under management, which reached $717.2 billion in the second quarter (up from $625.1 billion), and to a higher annualized effective fee rate of 47.8 basis points. Assets under management stood at $738.4 billion at June 30, 2014, compared with $692.4 billion at year-end 2013. Net cash inflows were $12.0 billion into sponsored U.S. mutual funds in the first half, while other investment portfolios had net outflows of $3.4 billion. The company reported no debt, cash and sponsored investment holdings of $3.5 billion, and total assets of $5,669.0 million at June 30, 2014. Operating expenses rose 12.2% in the quarter, and management expects to increase spending on long-term initiatives in coming quarters. Fee waivers on money market funds totaled $15.0 million in the quarter, and management expects them to continue through 2014. The filing also shows continued shareholder returns, with $56.9 million used to repurchase 726,000 shares in the first half and dividends declared of $.44 per share in the second quarter. Management views its legal exposure as remote, and the company adopted no new material accounting changes, though it is evaluating the impact of the revenue recognition standard effective January 1, 2017.

    Jul 24, 2014
  39. 2014-Q1

    Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2014

    T. Rowe Price Group, Inc. reported first-quarter 2014 net income of $304.3 million, or $1.12 diluted earnings per share, up from $241.9 million, or $.91 per share, in the first quarter of 2013. Net revenues rose to $954.6 million from $815.7 million, driven by investment advisory fees of $826.4 million versus $702.9 million. Operating expenses increased to $505.5 million from $443.1 million, and net operating income reached $449.1 million. Non-operating investment income was $42.1 million, which included realized gains of $32.0 million from sales of certain sponsored fund holdings. Assets under management ended the quarter at $711.4 billion, up from $692.4 billion at December 31, 2013, with net cash inflows of $8.8 billion and market valuation changes and income of $10.2 billion. Sponsored U.S. mutual funds accounted for $450.4 billion of that total. The company stated it remains debt-free, held cash and cash equivalents of $1,739.3 million at March 31, 2014, and had total stockholders' equity of $5,037.2 million. The quarterly dividend per share was $.44, compared with $.38 a year earlier. The company stated it waived $14.3 million in money market related fees in the quarter to maintain positive yields for fund investors, and expects these waivers to continue for the remainder of 2014. Management also said it expects to increase funding for long-term initiatives, including expansion into Italy and Germany, and estimates the full-year 2014 effective tax rate at about 38.3%.

    Apr 24, 2014
  40. 2013-Q3

    Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2013

    T. Rowe Price Group, Inc. reported third-quarter 2013 results in its Form 10-Q filed October 24, 2013. Net revenues rose to $884.4 million in the third quarter of 2013 from $769.7 million a year earlier, and net income increased to $270.3 million from $247.3 million. Diluted earnings per share were $1.00 versus $.94. Investment advisory fees were $768.3 million, and average assets under management were $636.3 billion. Assets under management ended the quarter at $647.2 billion, up from $576.8 billion at year-end 2012. The company stated it remains debt-free. For the first nine months of 2013, net income reached $760.0 million and diluted EPS was $2.83. Net revenues were $2,554.4 million and the operating margin was 46.9%, compared with 44.9% in the 2012 period. Net cash provided by operating activities was $1,158.3 million. Cash and cash equivalents rose to $1,693.3 million at September 30, 2013, from $879.1 million at December 31, 2012. The company repurchased $14.1 million of common stock in the nine-month period, compared with $135.2 million a year earlier. Management noted that fee waivers on money market funds continue and that it expects increased spending on long-term initiatives in coming quarters. The company also agreed on May 23, 2013 to sell its savings bank subsidiary to Jacob M. Safra for cash equal to net book value plus $500,000, with closing expected in the fourth quarter of 2013 subject to regulatory approval.

    Oct 24, 2013
  41. 2013-Q2

    Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2013

    T. Rowe Price Group, Inc. filed its Form 10-Q for the quarter ended June 30, 2013 on July 24, 2013. Second-quarter net revenues rose to $854.3 million from $736.8 million a year earlier, and net income increased to $247.8 million from $206.8 million, with diluted earnings per share of $.92 versus $.79. Investment advisory fees were $739.7 million, and average assets under management were $625.1 billion in the quarter. Assets under management ended the quarter at $614.0 billion, with the company reporting net cash outflows of $8.0 million for the quarter and market appreciation of $4.6 billion. Operating margin for the second quarter was 46.7%, compared with 44.5% in the 2012 period. For the first half of 2013, net income was $489.7 million and diluted earnings per share were $1.83. The company reported no debt, cash and cash equivalents of $1,455.9 million at June 30, 2013, and cash flow from operations of $727.9 million for the six months. The company repurchased no shares in the first half of 2013, compared with $129.2 million in the prior-year period, and dividends declared per share rose to $.38 in the quarter from $.34. The filing also discloses an agreement dated May 23, 2013 to sell the savings bank subsidiary to Jacob M. Safra for cash equal to net book value plus $500,000, with closing expected in the fourth quarter of 2013 subject to OCC approval. The company also deconsolidated certain sponsored investment portfolios during the quarter with no gain or loss recognized, and it expects to fund capital expenditures of about $125 million for 2013 from cash balances.

    Jul 24, 2013
  42. 2013-Q1

    Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2013

    T. Rowe Price Group, Inc. reported first-quarter 2013 results in its Form 10-Q filed April 24, 2013. Net income rose to $241.9 million from $197.5 million in the first quarter of 2012, and diluted earnings per share increased 21.3% to $.91 from $.75. Net revenues grew 11.9% to $815.7 million, driven by investment advisory fees of $702.9 million, up 12.8% on higher average assets under management of $601.0 billion. Operating expenses rose 7.4% to $443.1 million, lifting the operating margin to 45.7% from 43.4% a year earlier. Assets under management rose $40.6 billion during the quarter to $617.4 billion at March 31, 2013. The increase reflected $3.3 billion in net cash inflows and $37.3 billion in market valuation changes and income. Net inflows into the U.S. mutual funds were $7.6 billion, while other investment portfolios had net outflows of $4.3 billion, primarily from certain non-U.S. institutional clients. The company stated it remains debt-free, with cash and mutual fund investments of $2.5 billion at March 31, 2013. The filing notes that the company waived $10.9 million in money market advisory fees in the quarter to maintain positive yields for fund investors, and expects these waivers to continue through the rest of 2013. The company also estimates its full-year 2013 effective tax rate will be 38.3%, and expects property and equipment expenditures of about $125 million for 2013. The independent auditor, KPMG LLP, reviewed the interim statements and did not identify material modifications needed.

    Apr 24, 2013
  43. 2012-Q3

    Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2012

    T. Rowe Price Group, Inc. reported its third-quarter and first nine months of 2012 results in this Form 10-Q, filed October 24, 2012. Net revenues rose to $769.7 million for the third quarter from $679.4 million a year earlier, and net income increased to $247.3 million from $185.5 million. Diluted earnings per share were $.94, compared with $.71 in the third quarter of 2011. For the first nine months, net revenues were $2,235.2 million and net income was $651.6 million, with diluted EPS of $2.48. Investment advisory fees were the dominant revenue source at $661.4 million in the quarter, and assets under management ended the quarter at $574.4 billion, up from $541.7 billion at June 30, 2012. The third-quarter results include $31.2 million of realized gains, or $.07 per share after taxes, from selling certain sponsored mutual fund investments to seed portfolios supporting distribution outside the U.S. The company states it remains debt-free, with cash and mutual fund investments of $2.3 billion at September 30, 2012, and it expects 2012 property and equipment expenditures of about $100 million. Operating margin in the quarter was 46.6% versus 43.5% a year earlier. Management noted that money market fee waivers of $8.9 million in the quarter will likely continue into 2013. The filing also flags regulatory uncertainty. It updates risk factors on the Volcker Rule, which has prompted management to evaluate whether to keep its savings bank subsidiary, as well as possible SIFI designation for large mutual funds, money market fund reform, CFTC, AIFMD and OTC derivatives rules. Management says these changes could increase compliance costs and affect product offerings.

    Oct 24, 2012
  44. 2012-Q2

    Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2012

    T. Rowe Price Group, Inc. reported its Form 10-Q for the quarterly period ended June 30, 2012. Net revenues rose to $736.8 million in the second quarter of 2012 from $713.7 million a year earlier, and net income increased to $206.8 million from $204.7 million. Diluted earnings per share were $.79 versus $.76 in the second quarter of 2011. Investment advisory fees were $630.0 million for the quarter, and average assets under management were $538.3 billion. Operating margin was 44.5% in the second quarter of 2012, compared with 45.8% in the 2011 period, as the company continues to invest in its capabilities. For the first half of 2012, net revenues were $1,465.5 million and net income was $404.3 million, with diluted EPS of $1.54 versus $1.49. Assets under management ended the quarter at $541.7 billion, including $321.7 billion in T. Rowe Price U.S. mutual funds. Net cash inflows were $17.1 billion in the first half, offset by market valuation changes and income of $35.1 billion. Cash and cash equivalents stood at $972.3 million at June 30, 2012, and the company stated it remains debt-free. Operating cash flow was $494.5 million for the first six months, and the company repurchased $129.2 million of common stock. The filing also flags regulatory uncertainty. Management is evaluating whether to maintain its savings bank subsidiary in light of the proposed Volcker Rule, and it notes possible changes to money market fund reform, SIFI designation, and AIFMD. Management also stated that fee waivers on money market funds, totaling $7.8 million in the second quarter, are expected to continue throughout 2012.

    Jul 25, 2012
  45. 2012-Q1

    Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2012

    T. Rowe Price Group, Inc. reported its Form 10-Q for the quarter ended March 31, 2012. Net revenues rose to $728.7 million from $682.4 million in the first quarter of 2011, and net income increased to $197.5 million from $194.6 million. Diluted earnings per share were $.75 versus $.72. Operating expenses grew to $412.5 million from $370.9 million, which compressed the operating margin to 43.4% from 45.6%, as management continues to invest in firm capabilities with a long-term perspective. Assets under management reached a record $554.8 billion at March 31, 2012, up from $489.5 billion at year-end 2011, driven by $12.4 billion of net cash inflows and $52.9 billion of market valuation changes and income. Investment advisory fees rose to $623.0 million, with the average annualized fee rate unchanged at 47.3 basis points. The company waived $8.8 million in money market fees to maintain positive fund yields and expects these waivers to continue throughout 2012. The company remains debt-free, with $1,103.5 million in cash and cash equivalents and total stockholders' equity of $3,630.1 million at quarter end. No shares were repurchased in the quarter, and quarterly dividends per share rose to $.34 from $.31. Management expects the full-year 2012 effective tax rate to be about 38.3%, and property and equipment expenditures of about $100 million for the year.

    Apr 24, 2012
  46. 2011-Q3

    Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2011

    T. Rowe Price Group, Inc. reported in its Form 10-Q for the quarter ended September 30, 2011 that net income for the third quarter rose to $185.5 million from $169.1 million a year earlier, and diluted earnings per share were $.71 versus $.64. For the first nine months, net income was $584.8 million and diluted EPS was $2.20, compared with $480.6 million and $1.81 in the prior-year period. Investment advisory fees grew to $578.0 million in the third quarter from $502.5 million, driven by higher average assets under management, which rose to $490.5 billion from $416.1 billion. The quarter was marked by sharp market declines. Assets under management fell to $453.5 billion at September 30, 2011, down $67.4 billion from June 30, 2011, including $2.6 billion of net cash outflows. The company attributed the decline to market depreciation, net of income, and to investors reducing risk following the volatile third quarter. Management said advisory revenues would continue to moderate in the fourth quarter because of lower asset levels, and that money market fee waivers would continue through the rest of 2011 and into 2012. The average annualized advisory fee rate fell to 46.8 basis points from 47.9 basis points. Financially, the company remained debt-free and ended the quarter with $1,001.4 million in cash and cash equivalents. It repurchased 8.5 million shares for $470.2 million in the first nine months, paid $239.3 million in dividends, and declared a quarterly dividend of $.31 per share in the third quarter, up from $.27. Operating margin declined to 43.5% in the quarter from 44.7% a year earlier, as operating expenses rose 18.5% to $384.2 million.

    Oct 25, 2011
  47. 2011-Q2

    Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2011

    T. Rowe Price Group, Inc. reported its quarterly results for the period ended June 30, 2011 in this Form 10-Q, filed July 26, 2011. Investment advisory fees rose to $611.7 million in the second quarter from $492.0 million a year earlier, and net income increased to $204.7 million from $158.5 million. Diluted earnings per share were $.76 versus $.59. For the first half, net income was $399.3 million and diluted EPS was $1.49. Assets under management ended the quarter at $520.9 billion, up from $509.9 billion at March 31, 2011, with net inflows of $9.8 billion in the second quarter and $15.6 billion for the first half. The company's operating margin improved to 45.8% in the second quarter from 43.8% a year earlier, as net operating income grew 29% to $326.6 million. Operating expenses increased 19.4% to $387.1 million, led by compensation and related costs, which rose $33.7 million. The company stated that it remains debt-free, held cash and mutual fund investments of more than $1.8 billion at June 30, 2011, and expects a 2011 effective tax rate of 38.2%. Management also noted it voluntarily waived money market fees of $8.3 million in the quarter. The filing shows that the company repurchased 3,588,966 shares in the second quarter at an average price of $59.58, and dividends declared rose to $.31 per share from $.27. Management stated that the review by KPMG LLP identified no material modifications to the interim financial statements, and that no material change had occurred in the risk factors disclosed in the 2010 Form 10-K.

    Jul 26, 2011
  48. 2011-Q1

    Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2011

    T. Rowe Price Group, Inc. filed its Form 10-Q for the quarter ended March 31, 2011, reporting first-quarter results that improved sharply year over year. Investment advisory fees rose to $588.8 million from $471.8 million, total revenues reached $683.2 million versus $557.1 million, and net income increased to $194.6 million from $153.0 million. Diluted earnings per share were $.72, compared with $.57 in the first quarter of 2010. Net operating income was $311.5 million, and the filing states the operating margin improved to 45.6% from 42.9%. Assets under management rose $27.9 billion during the quarter to $509.9 billion at March 31, 2011, from a record $482.0 billion at December 31, 2010. The change included net cash inflows of $5.8 billion and market valuation changes and income of $22.1 billion. Net inflows into the U.S. sponsored mutual funds were $4.4 billion, and the company stated it has no debt. Cash and cash equivalents stood at $1,064.9 million at quarter end, and net cash provided by operating activities was $336.0 million. The filing also reports higher operating costs, with compensation and related costs up $35.2 million, or 16.9%, and total operating expenses rising to $370.9 million. Management expects the full-year 2011 effective tax rate to be 38.3%, up from a prior estimate of 37.8%, and projects property and equipment expenditures of about $110 million for 2011. The company's auditor, KPMG LLP, reviewed the interim statements and reported no material modifications were needed.

    Apr 21, 2011
  49. 2010-Q3

    Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2010

    T. Rowe Price Group, Inc. reported its Form 10-Q for the quarterly period ended September 30, 2010. Net revenues for the third quarter rose to $586.1 million from $498.1 million, and net income increased to $169.1 million from $132.9 million, with diluted earnings per share of $.64 versus $.50. For the first nine months of 2010, net income was $480.6 million and diluted EPS was $1.81, compared with $281.1 million and $1.07 in the prior-year period. Assets under management reached $439.7 billion at September 30, 2010, up from $391.3 billion at year-end 2009, driven by $23.4 billion of net inflows and $25.0 billion of market appreciation and income in the first nine months. The company remained debt-free, with cash and mutual fund investments of $1.5 billion at quarter-end. During the first nine months it spent $240.0 million repurchasing 5.0 million shares and $142.4 million (6.5 billion Indian rupees) for a 26% equity interest in UTI Asset Management Company, accounted for under the equity method. The Board approved a 15 million share increase to the repurchase authorization on September 8, 2010. The filing also discloses that the company decided in the fourth quarter of 2010 to make a capital contribution to certain sponsored money market mutual funds, which will result in a one-time pretax charge of approximately $17 million. Money market fee waivers are expected to continue into the fourth quarter of 2010 and 2011. The auditor, KPMG LLP, reviewed but did not audit the interim statements, and management reported no material change in internal control over financial reporting during the quarter.

    Oct 22, 2010
  50. 2010-Q2

    Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2010

    T. Rowe Price Group, Inc. reported second-quarter 2010 results in this Form 10-Q, filed July 23, 2010. Net revenues rose to $577.4 million for the three months ended June 30, 2010, from $442.2 million a year earlier, and net income increased to $158.5 million from $100.0 million. Investment advisory fees were $492.0 million versus $360.3 million, driven by higher average assets under management of $413.5 billion. Diluted earnings per share were $.59, compared with $.38 in the second quarter of 2009. For the first half of 2010, net income was $311.5 million and diluted EPS was $1.17. Assets under management ended the quarter at $391.1 billion, down from $419.0 billion at March 31, 2010, as market depreciation of $33.0 billion in the quarter outweighed net inflows of $5.1 billion. Net inflows for the first half totaled $15.4 billion. The company stated it remains debt-free, with cash and mutual fund investments of $1.4 billion at June 30, 2010. Total assets were $3.40 billion, and stockholders' equity was $2.96 billion. Capital deployment in the first half included the purchase of a 26% equity interest in UTI Asset Management Company for $142.4 million, plus $175.1 million in share repurchases (3.6 million shares), of which $20.6 million was unsettled at quarter end. Dividends declared were $.27 per share for the quarter. Operating margin improved to 43.8% in the second quarter from 34.8% a year earlier. The company also disclosed it had voluntarily waived $6.4 million in money market advisory fees during the quarter.

    Jul 23, 2010