Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

T. Rowe Price Moves On With Digitization, Shuts Tampa Center

By Zacks Investment ResearchStock MarketsMay 30, 2018 10:11PM ET
www.investing.com/analysis/t-rowe-price-moves-on-with-digitization-shuts-tampa-center-200320974
T. Rowe Price Moves On With Digitization, Shuts Tampa Center
By Zacks Investment Research   |  May 30, 2018 10:11PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

In this era of digitization, T. Rowe Price Group (NASDAQ:TROW) plans to shut down its Operations Center in Tampa, FL, instead of renewing the lease. The center will be merged with the other two sites that provide service to individual investors and retirement plan participants. Notably, the company-owned properties are situated in Owings Mills, MD, and Colorado Springs, CO.

The decision to shut down the center was taken after witnessing success in the firm’s digitalization efforts and as a response to its customers’ preference to involve digitally.

The center, which is expected to close in June 2019, presently has 400 employees. Most of them work in phone support and others in client service roles. Out of which, 30 associates, engaged with clients, will continue to be in the area and work remotely. Other 220 employees will be relocated to the company’s Maryland and Colorado offices. The company expects not to replace about 150 positions.

William J. Stromberg, president and CEO of T. Rowe Price informed that it was a difficult decision to make because of its impact on the employees. But, he feels that the employees have some time to plan the transition as the news has been shared in advance.

Stromberg further added, “While our balance sheet has never been stronger and demand for our approach to active management remains robust, we also need to thoughtfully manage our resources in an increasingly competitive environment. Enhancing our operational efficiency so that we can continue investing in our strategic priorities will enable us to further improve the client experience and grow the business for years to come."

We believe, driven by the digitalization efforts, shares of this Zacks Rank #3 (Hold) stock have gained 20.4% in the last six months, outperforming 2.7% decline recorded by the industry.


Stocks to Consider


A few better-ranked stocks in the same space are Lazard Ltd (NYSE:LAZ) , Schroders (LON:SDR) plc SHNWF and Ashmore Group PLC’s (OTC:AJMPF) . All the stocks carry a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Lazard’s Zacks Consensus Estimate for 2018 earnings has moved up 9% over the last 60 days. In a year’s time, the company’s shares have gained 21.4%.

Schroders’ Zacks Consensus Estimate for fiscal 2018 earnings has inched up 1% in the past 60 days. Shares of the company have increased 7.7% in a year's time on NYSE.

Ashmore Group’s current fiscal's earnings estimates have remained unchanged over the last 60 days. In a year’s time, the stock has rallied 2.6% on NYSE.

Will You Make a Fortune on the Shift to Electric Cars?

Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.

With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.

It's not the one you think.

See This Ticker Free >>



T. Rowe Price Group, Inc. (TROW): Free Stock Analysis Report

Lazard Ltd (LAZ): Free Stock Analysis Report

SCHRODERS PLC (SHNWF): Free Stock Analysis Report

ASHMORE GROUP (AJMPF): Free Stock Analysis Report

Original post
T. Rowe Price Moves On With Digitization, Shuts Tampa Center
 

Related Articles

T. Rowe Price Moves On With Digitization, Shuts Tampa Center

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email