T. Rowe Price Group, Inc. (TROW - Free Report) announced its preliminary assets under management (AUM) for June 2023. The company’s month-end AUM of $1.40 trillion represented a 3.9% increase from the previous month, on the back of favorable market conditions.
TROW experienced net outflows of $6.7 billion in June and $20 billion in second-quarter 2023.
At the end of the reported month, equity products and multi-asset products aggregated $732 billion and $453 billion, up 5% and 4.4%, respectively, on a sequential basis. Alternative products aggregated $45 billion, remaining flat sequentially.
Fixed-income products, including the money market, constituted $169 billion, marginally declining from the previous month.
Nevertheless, TROW registered $380 billion in target date retirement portfolios in June, which increased 4.7% from the previous month.
A diversified business model, focus on enhancing investment capabilities, broadening distribution reach and improving client partnerships are expected to aid TROW’s long-term growth.
However, increased dependence on investment advisory fees is concerning, as market fluctuations and a sudden slowdown in overall business activities are likely to hurt its revenues. Additionally, rising expenses might hinder bottom-line growth.
Over the past three months, shares of T. Rowe Price have gained 4.3% compared with the industry’s upside of 5.8%.
T. Rowe Price currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Competitive Landscape
Franklin Resources, Inc. (BEN - Free Report) reported a preliminary AUM balance of $1,431.5 billion for June 2023. This reflects a 1.9% increase from $1,404.2 billion recorded as of May 31.
The increase in BEN's AUM balance was primarily due to the impact of favorable markets and slight long-term net inflows.
Cohen & Steers, Inc. (CNS - Free Report) reported preliminary AUM of $80.4 billion as of Jun 30, 2023, which reflects an increase of 3.3% from the prior-month level. Market appreciation of $2.9 billion and net inflows of $36 million supported the rise, while it was partially offset by the distribution of $391 million.
CNS recorded total institutional accounts of $33.3 billion at the end of June 2023, rising 3.7% from the May-end level. Of the total institutional accounts, advisory accounts were $18.8 billion, while the rest were sub-advisory.
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T. Rowe Price Group, Inc. (TROW - Free Report) announced its preliminary assets under management (AUM) for June 2023. The company’s month-end AUM of $1.40 trillion represented a 3.9% increase from the previous month, on the back of favorable market conditions.
TROW experienced net outflows of $6.7 billion in June and $20 billion in second-quarter 2023.
At the end of the reported month, equity products and multi-asset products aggregated $732 billion and $453 billion, up 5% and 4.4%, respectively, on a sequential basis. Alternative products aggregated $45 billion, remaining flat sequentially.
Fixed-income products, including the money market, constituted $169 billion, marginally declining from the previous month.
Nevertheless, TROW registered $380 billion in target date retirement portfolios in June, which increased 4.7% from the previous month.
A diversified business model, focus on enhancing investment capabilities, broadening distribution reach and improving client partnerships are expected to aid TROW’s long-term growth.
However, increased dependence on investment advisory fees is concerning, as market fluctuations and a sudden slowdown in overall business activities are likely to hurt its revenues. Additionally, rising expenses might hinder bottom-line growth.
Over the past three months, shares of T. Rowe Price have gained 4.3% compared with the industry’s upside of 5.8%.
T. Rowe Price currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Competitive Landscape
Franklin Resources, Inc. (BEN - Free Report) reported a preliminary AUM balance of $1,431.5 billion for June 2023. This reflects a 1.9% increase from $1,404.2 billion recorded as of May 31.
The increase in BEN's AUM balance was primarily due to the impact of favorable markets and slight long-term net inflows.
Cohen & Steers, Inc. (CNS - Free Report) reported preliminary AUM of $80.4 billion as of Jun 30, 2023, which reflects an increase of 3.3% from the prior-month level. Market appreciation of $2.9 billion and net inflows of $36 million supported the rise, while it was partially offset by the distribution of $391 million.
CNS recorded total institutional accounts of $33.3 billion at the end of June 2023, rising 3.7% from the May-end level. Of the total institutional accounts, advisory accounts were $18.8 billion, while the rest were sub-advisory.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
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