T. Rowe Price Group Inc’s (TROW - Free Report) CEO William J. Stromberg has received total compensation of nearly $13.1 million for 2018, up 12.1% year over year. The increase was primarily attributable to a cash bonus of $8.2 million, up 7.9% from the prior year.
Also, Stromberg received $4.5 million in stock awards, indicating 25% increase on a year over year basis. His base salary remained at $350,000.
Along with this, T. Rowe Price increased the compensation for several other top executives.
T. Rowe Price’s impressive financial performance in 2018 amid tough operating backdrop was the key factor that led to a rise in pay packages. Last year, the company’s net revenues climbed 10.7% year over year to $5.4 billion. Further, the company’s adjusted earnings of $7.15 in the year, reflected a 32% jump from 2017.
Additionally, the company’s average assets under management (AUM) of $1 billion in 2018 reflected an improvement of 14%. The same momentum is expected to continue this year as well. The company’s total AUM witnessed 10.4% rise over the last two months, aggregating $1.07 trillion as of Feb 28. Growth in AUM, the company’s debt-free position and higher return on earnings will likely keep driving its performance in the days ahead.
Currently, T. Rowe Price carries a Zacks Rank #3 (Hold).
Shares of the company have gained around 11.4% over the past three months compared with 16.1% growth recorded by the industry.
Ares Management L.P’s (ARES - Free Report) shares have gained 14.9% in the past three months. The stock currently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Hamilton Lane Inc (HLNE - Free Report) have rallied 26.4% in three months’ time. The stock carries a Zacks Rank #2 (Buy), at present.
Shares of Focus Financial Partners Inc (FOCS - Free Report) has appreciated 33% over the past three months. The stock carries a Zacks Rank of 2 at present.
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