BALTIMORE - T. Rowe Price Group, Inc. (NASDAQ:TROW), a global asset management firm, disclosed its preliminary month-end assets under management (AUM) totaling $1.54 trillion as of March 31, 2024. The company experienced preliminary net outflows of $1.2 billion in March and $8.0 billion for the first quarter ended March 31, 2024.
The firm's AUM by asset class as of the end of March showed an increase in equity assets to $803 billion, up from $785 billion at the end of February and $744 billion at year-end 2023. Fixed income, including money market funds, reported a slight increase to $171 billion from $169 billion in February and remained relatively stable compared to $170 billion at the end of December 2023.
Multi-asset class investments increased to $520 billion, compared to $504 billion the previous month and $483 billion at the close of 2023. Alternatives held steady at $48 billion through the first quarter. The firm's target date retirement portfolios also saw growth, reaching $443 billion, up from $428 billion in February and $408 billion at the end of last year.
T. Rowe Price is scheduled to release its first quarter earnings for 2024 on April 26, 2024, at 7:00 AM ET, followed by an earnings call from 8:00 to 8:45 AM ET. The company's investor relations website will provide access to the webcast and accompanying materials.
Founded in 1937, T. Rowe Price serves millions of clients worldwide, offering a range of investment services including equity, fixed income, alternatives, and multi-asset investment capabilities. The firm is recognized for its retirement expertise and active management strategies.
This information is based on a press release statement from T. Rowe Price Group.
InvestingPro Insights
As T. Rowe Price Group, Inc. (NASDAQ:TROW) prepares to release its first quarter earnings, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, T. Rowe Price has a market capitalization of $26.76 billion, with a price-to-earnings (P/E) ratio that stands at an attractive 15.29 based on last twelve months as of Q4 2023. This is slightly lower than the adjusted P/E ratio of 15.02 during the same period, indicating a potentially undervalued stock in relation to near-term earnings growth.
The company's commitment to shareholder returns is evident through its impressive track record of dividend payments, having maintained them for 39 consecutive years. The dividend yield as of the beginning of April 2024 is 4.22%, coupled with a dividend growth of 3.33% over the last twelve months as of Q4 2023. Investors may find this particularly appealing as it suggests a stable income stream and a sign of financial strength and commitment to returning value to shareholders.
In addition to these financial metrics, two InvestingPro Tips highlight the company's promising outlook. Analysts have revised their earnings upwards for the upcoming period, hinting at potential positive surprises in the upcoming earnings report. Furthermore, the company is not only expected to be profitable this year, but it has also been profitable over the last twelve months. These insights, along with the additional 15 tips available on InvestingPro, can offer a deeper understanding of the company's potential. Investors interested in gaining more insights can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
As the market anticipates T. Rowe Price's earnings release on April 26, these InvestingPro metrics and tips provide a valuable perspective on the company's financial standing and market expectations. With analysts predicting profitability and an attractive P/E ratio, T. Rowe Price may be positioned for continued success in the investment management sector.
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