T. Rowe Price net surges 33 percent, beats expectations
(Reuters) - Fund manager T. Rowe Price Group (TROW.O) said on Wednesday third-quarter profit rose 33 percent, including gains from the sale of fund investments, beating Wall Street expectations.
The Baltimore asset manager reported net income of $247.3 million, or 94 cents a share, compared with $185.5 million, or 71 cents per share, a year earlier.
Analysts surveyed by Thomson Reuters I/B/E/S on average had expected 84 cents per share.
Shares in T. Rowe Price closed at $64.70 on Tuesday, up 16 percent from a year earlier. The shares have outpaced some rivals as the company has posted steady inflows to its mutual funds, and on enthusiasm for its operations in growing overseas markets.
T. Rowe Price said inflows continued in the third quarter. Net cash inflows totaled $4.3 billion, including $2.2 billion to its target-date retirement portfolios.
Total assets under management at September 30 were $574.4 billion, up from $541.7 billion at June 30. In addition to the inflows, market appreciation and investment income raised total assets by $28.4 billion.
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