Have you been eager to see how T. Rowe Price Group, Inc. (TROW - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this MD-based popular asset management firm’s earnings release this morning:
An Earnings Miss
T. Rowe Price came out with earnings per share of 76 cents, missing the Zacks Consensus Estimate of $1.13. Results included non-recurring operating charge associated with the compensation to certain clients in relation to the Dell appraisal rights matter.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for T. Rowe Price depicts optimism prior to the earnings release. The Zacks Consensus Estimate moved up around 1% over the last 7 days.
Moreover, T. Rowe Price has a decent earnings surprise history. Before posting earnings miss in Q2, the company delivered positive surprises in three out of the prior four quarters. Moreover, the company outpaced the Zacks Consensus Estimate by an average of 3.64% in the trailing four quarters.
Revenue Came Lower Than Expected
T. Rowe Price posted revenues of $1.04 billion, missing the Zacks Consensus Estimate of $1.05 billion. Also, revenues compared unfavorably with the year-ago number of $1.07 billion.
Key Stats to Note:
- Assets under management increased to $776.6 billion
- Net revenues depicted 3% year-over-year decline
- Investment advisory fees constituted 88% of net revenues
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) 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 unfavorable, 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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Zacks 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.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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Have you been eager to see how T. Rowe Price Group, Inc. (TROW - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this MD-based popular asset management firm’s earnings release this morning:
An Earnings Miss
T. Rowe Price came out with earnings per share of 76 cents, missing the Zacks Consensus Estimate of $1.13. Results included non-recurring operating charge associated with the compensation to certain clients in relation to the Dell appraisal rights matter.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for T. Rowe Price depicts optimism prior to the earnings release. The Zacks Consensus Estimate moved up around 1% over the last 7 days.
Moreover, T. Rowe Price has a decent earnings surprise history. Before posting earnings miss in Q2, the company delivered positive surprises in three out of the prior four quarters. Moreover, the company outpaced the Zacks Consensus Estimate by an average of 3.64% in the trailing four quarters.
Revenue Came Lower Than Expected
T. Rowe Price posted revenues of $1.04 billion, missing the Zacks Consensus Estimate of $1.05 billion. Also, revenues compared unfavorably with the year-ago number of $1.07 billion.
Key Stats to Note:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) 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 unfavorable, 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!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Zacks 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.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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