T. Rowe Price Group, Inc. faced notable setbacks in its first-quarter 2022 financial results, posting an adjusted earnings per share of $2.62, missing the Zacks Consensus Estimate of $2.76 and reflecting a 13% decline from the previous year. The company also reported net income of $567.9 million, down from $749.4 million, alongside $18.1 billion in net outflows from equity strategies attributed to adverse market conditions. While revenues reached $1.86 billion, surpassing expectations, rising employee expenses due to inflation present ongoing challenges, with the firm currently holding a Zacks Rank of #4 (Sell).
“T. Rowe Price · is an independent global asset management company · with $1.55 trillion in assets under management · as of March 31, 2022”
“T. Rowe Price Group, Inc. · delivered · first-quarter 2022 adjusted earnings per share · $2.62”
“T. Rowe Price Group, Inc. · missed · Zacks Consensus Estimate of adjusted earnings per share · $2.76”
“T. Rowe Price Group, Inc. · declined · adjusted earnings per share year over year · 13%”
“Net income attributable to T. Rowe Price · was · $567.9 million · compared with $749.4 million”
“T. Rowe Price · employed · 7,573 associates · up 0.6% from 2021 level”
“T. Rowe Price · repurchased · 2.1 million shares · for $320.1 million”
“T. Rowe Price · carries · Zacks Rank · #4 (Sell)”
“T. Rowe Price · reported · outflows from equity strategies · $18.1 billion”
“T. Rowe Price · provides · scholarships, mentoring, tutoring, career day programs, apprenticeships, financial education program · Money Confident Kids®”
“T. Rowe Price · was founded in · year · 1937”
“T. Rowe Price · is based in · city · Baltimore”