Yahoo Finance T. Rowe Price (TROW) Stock Gains 2.1% as November AUM Increases
T. Rowe Price Group, Inc.’s TROW shares have gained 2.1% since the company reported preliminary assets under management (AUM) of $1.34 trillion as of Nov 30, 2022. This reflects a 4.7% increase from the prior month’s $1.28 trillion.
Client transfers from mutual funds to other portfolios, including trusts and separate accounts, were $0.7 billion for November 2022 and $1.4 billion for the quarter-to-date period ended Nov 30, 2022.
T. Rowe Price’s total U.S. mutual funds balance was $667 billion, up 4.5% from the October 2022 level. Of the total U.S. mutual funds balance, 89% comprised investments in equity and multi-asset classes, while the remaining came from fixed income, including the money market portfolio.
T. Rowe Price’s total sub-advised and separate accounts, and other investment products were worth $673 billion, marking 4.8% growth from the prior month. Of this, equity and multi-asset products, accounting for $537 billion, were up 5.5% sequentially. Fixed-income products, including the money market, constituted $92 billion (up 2.2% sequentially), while alternative products aggregated $44 billion (up 2.3% sequentially).
Additionally, TROW registered $349 billion in target date retirement portfolios, which rose 6.7% from the previous month.
TROW remains focused on its long-term strategies for delivering outstanding investment performance. The company also assumes that focusing on fundamentals will accelerate its efforts to meet clients’ expectations.
Over the past six months, shares of T. Rowe Price have gained 12.2% compared with the industry’s increase of 15.5%.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Competitive Landscape
Franklin Resources BEN reported preliminary AUM of $1,410.6 billion for November 2022. This indicated a rise of 7% from the Oct 31, 2022, level.
For Franklin, the increase in the reported month’s AUM reflected the impacts of positive markets and the acquisition of Alcentra, partially offset by long-term net outflows.
AllianceBernstein Holding L.P.’s AB AUM of $658 billion for November 2022 represented a rise of 4.9% from $627 billion recorded at the end of the prior month. AB’s AUM increase was driven by market appreciation, partially offset by net outflows in each channel.
AllianceBernstein’s global reach and solid asset balances are likely to continue to boost top-line growth.
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