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T. Rowe Price (TROW) Q3 Earnings Beat on High Revenue
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Have you been eager to see how T. Rowe Price Group, Inc. (TROW - Free Report) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Maryland-based popular asset management firm’s earnings release this morning:
An Earnings Beat
T. Rowe Price came out with adjusted earnings per share of $1.45, beating the Zacks Consensus Estimate of $1.44. Higher revenues along with growth in assets under management were primarily responsible for this earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for T. Rowe Price depicted bullish stance prior to the earnings release. The Zacks Consensus Estimate has been revised 2.1% upward over the last seven days.
However, T. Rowe Price has a disappointing earnings surprise history. Before posting earnings beat in Q3, the company delivered positive surprises in only one quarter out of the prior four quarters. Overall, the company missed the Zacks Consensus Estimate by an average of 1.18% in the trailing four quarters.
T. Rowe Price posted net revenues of $1.22 billion in line with the Zacks Consensus Estimate. The reported figure compares favorably with the year-ago number of $1.09 billion.
Key Stats to Note:
Assets under management increased 16.6% year over year to $947.9 billion
Operating expenses depicted 9.1% year-over-year growth to $673.2 million.
Investment advisory fees constituted nearly 90% of net revenues
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #1 (Strong Buy) for T. Rowe Price. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this T. Rowe Price earnings report!
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T. Rowe Price (TROW) Q3 Earnings Beat on High Revenue
Have you been eager to see how T. Rowe Price Group, Inc. (TROW - Free Report) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Maryland-based popular asset management firm’s earnings release this morning:
An Earnings Beat
T. Rowe Price came out with adjusted earnings per share of $1.45, beating the Zacks Consensus Estimate of $1.44. Higher revenues along with growth in assets under management were primarily responsible for this earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for T. Rowe Price depicted bullish stance prior to the earnings release. The Zacks Consensus Estimate has been revised 2.1% upward over the last seven days.
However, T. Rowe Price has a disappointing earnings surprise history. Before posting earnings beat in Q3, the company delivered positive surprises in only one quarter out of the prior four quarters. Overall, the company missed the Zacks Consensus Estimate by an average of 1.18% in the trailing four quarters.
T. Rowe Price Group, Inc. Price and EPS Surprise
T. Rowe Price Group, Inc. Price and EPS Surprise | T. Rowe Price Group, Inc. Quote
Revenues Came in As Expected
T. Rowe Price posted net revenues of $1.22 billion in line with the Zacks Consensus Estimate. The reported figure compares favorably with the year-ago number of $1.09 billion.
Key Stats to Note:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #1 (Strong Buy) for T. Rowe Price. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank stocks here.)
Check back later for our full write up on this T. Rowe Price earnings report!
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>