T. ROWE PRICE Reports FY2023 Q2 Earnings Results on July 28th

🌥️Earnings Overview

On July 28 2023, T. ROWE PRICE ($NASDAQ:TROW) announced their financial results for the 2nd quarter of FY2023, ending June 30 2023. Total revenue in Q2 was reported to be USD 1610.2 million, which represents a 6.4% increase compared to the same period in the previous year. Additionally, net income was up 40.3% year over year, reaching USD 476.4 million.

Price History

On Friday, July 28th, T. ROWE PRICE reported their FY2023 Q2 earnings results. Upon the news of their strong performance, the stock opened at $126.4 and closed at $126.8, representing an 8.3% increase from its previous closing price of $117.1. The company saw a strong surge in trading volume which was attributed to investors being encouraged by the report of their performance in the current quarter.

Additionally, it highlighted that expenses were contained and that the company had a growing customer base. T. ROWE PRICE has seen steady revenue growth over the past few years, which is a sign that the company is on track to achieve its long-term financial goals. With the release of such positive news, investors are sure to remain confident in the stock’s future performance. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for TROW. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for TROW. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for TROW. More…

Key Ratios Snapshot

Some of the financial key ratios for TROW are shown below. More…

Analysis

At GoodWhale, we have analyzed the fundamentals of T. ROWE PRICE and are pleased to provide our assessment. Based on our star chart assessment, T. ROWE PRICE has a high health score of 10/10, which indicates that the company is in strong financial health and has the capacity to sustain future operations even in times of crisis. T. ROWE PRICE is especially strong in asset, dividend, and profitability metrics; however, it is weak in growth. Our analysis has classified it as a ‘cow’, which is a type of company that has a track record of paying out consistent and sustainable dividends. Given the nature of T. ROWE PRICE’s fundamentals and income potential, it may be an attractive investment option for long-term investors who are looking for stable returns over time. It may also be a good choice for those who are interested in a portfolio that offers a combination of growth and income potential. More…

Peers

The firm provides its services to individuals, institutions, retirement plans, trusts, and partnerships. It launches and manages equity, fixed income, balanced, and commodity mutual funds. The company was founded in 1937 and is headquartered in Baltimore, Maryland. As of December 31, 2017, T. Rowe Price Group Inc had $934.2 billion in assets under management (AUM). Federated Hermes Inc, Franklin Resources Inc, and ABC arbitrage SA are all competitors of T. Rowe Price Group Inc. Federated Hermes Inc is a global investment manager that offers a range of investment products, including equities, fixed income, and alternatives. As of December 31, 2017, Federated Hermes Inc had $590.6 billion in AUM. Franklin Resources Inc is a global investment management company that provides investment management and related services to institutional and individual investors. As of June 30, 2018, Franklin Resources Inc had $737.2 billion in AUM. ABC arbitrage SA is a French asset management company that specializes in convertible bonds and global equity markets arbitrage. As of December 31, 2017, ABC arbitrage SA had €5.4 billion in assets under management.

– Federated Hermes Inc ($NYSE:FHI)

Federated Hermes Inc. is a publicly traded company with a market capitalization of $2.86 billion as of 2022. The company has a return on equity of 22.41%. Federated Hermes Inc. is a financial services company that provides asset management and related services to individuals, families, institutions, and businesses. The company offers a broad range of investment strategies and products, including equity, fixed income, and alternative investments.

– Franklin Resources Inc ($NYSE:BEN)

Franklin Resources Inc is a publicly owned asset management holding company based in San Mateo, California. The company, through its subsidiaries, manages mutual funds and other investment portfolios. It also provides investment management and advisory services to institutional clients. As of December 31, 2020, Franklin Resources Inc had $744.2 billion in assets under management.

The company’s market cap is 11.69B as of 2022. The company has a return on equity of 12.45%. The company’s primary business is managing mutual funds and other investment portfolios. The company also provides investment management and advisory services to institutional clients.

– ABC arbitrage SA ($LTS:0OPJ)

ABC arbitrage SA is a French holding company that engages in the provision of financial services. The company operates through the following segments: Asset Management, Corporate Finance, and Market Making. The Asset Management segment offers investment products and services to individuals, professionals, and institutional clients. The Corporate Finance segment provides financing and advisory services to companies. The Market Making segment deals with market making activities in listed securities. ABC arbitrage SA was founded in 1991 and is headquartered in Paris, France.

Summary

T. ROWE PRICE recently reported strong second quarter earnings for FY2023, with total revenue of USD 1610.2 million and a net income of USD 476.4 million. This was a 6.4% increase in revenue and 40.3% increase in net income when compared to the same period last year, which was reflected in the stock price moving up the same day. These results demonstrate T. ROWE PRICE’s ability to generate solid returns for investors, with the company posting impressive earnings growth in both revenue and net income. Investors considering adding shares of T. ROWE PRICE to their portfolios should be encouraged by these results.