T. Rowe Price Group Inc. (TROW, Financial) filed Quarterly Report for the period ended 2010-09-30.
T. Rowe Price Group Inc. has a market cap of $13.51 billion; its shares were traded at around $52.7 with a P/E ratio of 23.6 and P/S ratio of 7.3. The dividend yield of T. Rowe Price Group Inc. stocks is 2%. T. Rowe Price Group Inc. had an annual average earning growth of 10.6% over the past 10 years.TROW is in the portfolios of Chuck Akre of Akre Capital Management, LLC, Bruce Kovner of Caxton Associates, Richard Aster Jr of Meridian Fund, John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Pioneer Investments, Tom Gayner of Markel Gayner Asset Management Corp, Ron Baron of Baron Funds, Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates, Paul Tudor Jones of The Tudor Group, Mario Gabelli of GAMCO Investors, Kenneth Fisher of Fisher Asset Management, LLC, Jeremy Grantham of GMO LLC, Murray Stahl of Horizon Asset Management, Chris Davis of Davis Selected Advisers, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC.
Net revenues increased $88.0 million, or 17.7%, to $586.1 million. Operating expenses of $324.2 million in the third quarter of 2010 were up $33.4 million, or 11.5% from the comparable 2009 quarter. Overall, net operating income of $261.9 million for the third quarter of 2010 was 26.3% higher than the $207.3 million earned in the 2009 quarter. The increase in our average assets under management and resulting advisory revenue increased our operating margin for the third quarter 2010 to 44.7% from 41.6% in the comparable 2009 quarter. Net income increased $36.2 million from the third quarter of 2009 to $169.1 million and diluted earnings per share on our common stock increased 28.0% to $.64 from $.50 in the 2009 quarter.
Net inflows to the sponsored mutual funds were $1.1 billion during the third quarter of 2010, including $700 million originating in our target-date retirement funds. Fund net inflows are presented net of $1.0 billion of assets transferred to our sponsored target-date retirement trusts from our target-date retirement funds during the quarter. Net inflows of $1.8 billion added to the bond funds were offset by net outflows of $.6 billion from the stock and blended asset funds and $.1 billion from the money market funds. The Short-Term Bond and Tax Free Income Funds had net inflows of $.4 billion and $.3 billion, respectively. Market appreciation and income increased our mutual fund assets under management by $24.1 billion during the third quarter of 2010.
Investment advisory revenues earned on the other investment portfolios that we manage increased $30.4 million, or 23.8%, from the third quarter of 2009, to $158.3 million. Average assets in these portfolios were $170.2 billion during the third quarter of 2010, an increase of $33.3 billion, or 24.3%, from the 2009 quarter. Ending assets at September 30, 2010 were $181.0 billion, up $23.4 billion from the end of June 2010. Net inflows of $6.9 billion in the 2010 quarter were sourced primarily from institutional investors in and outside the U.S. and third party financial intermediaries. These inflows included $1.0 billion of assets transferred from the target-date retirement funds into target-date retirement trusts. Market appreciation and income increased assets under management in these portfolios by $16.5 billion.
Net revenues increased $394.9 million, or 29.8%, to $1.7 billion. Operating expenses grew $113.0 million to $966.0 million in the first nine months of 2010, an increase of 13.2% from the comparable 2009 period. Overall, net operating income for year-to-date 2010 increased $281.9 million, or 59.7%, to $753.7 million. Our operating margin for the first nine months of 2010 was 43.8%, up from 35.6% for the 2009 period. Our net income increased $199.5 million, or 71.0% to $480.6 million from the 2009 period. Diluted earnings per share on our common stock is $1.81 for the first nine months of 2010, an increase of $.74 from $1.07 earned in the 2009 period.
Investment advisory revenues earned from the T. Rowe Price mutual funds distributed in the United States increased 35.0%, or $262.5 million, to about $1.0 billion. Year-to-date 2010 average mutual fund assets were $243.6 billion, an increase of 35.0% from the average for the comparable 2009 period. Net inflows into the mutual funds during the first nine months of 2010 were $10.4 billion, including $4.8 billion originating in our target-date retirement funds. Our bond funds had net inflows of $6.3 billion, including $1.4 billion into the New Income Fund, $1.3 billion into the Short-Term Bond Fund, $.6 billion into the Tax-Free Income Fund and $.5 billion into each of the Emerging Market Bond and International Bond Funds. Our stock and blended asset funds added $4.6 billion of net inflows. The Value Fund had net inflows of $1.2 billion, while the Mid-Cap Value, Growth Stock, and Equity Index 500 Funds each added at least $600 million for a combined total of $2.1 billion in net inflows. The money market funds had net outflows of $500 million. Higher market valuations and income increased fund assets by $15.6 billion.
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T. Rowe Price Group Inc. has a market cap of $13.51 billion; its shares were traded at around $52.7 with a P/E ratio of 23.6 and P/S ratio of 7.3. The dividend yield of T. Rowe Price Group Inc. stocks is 2%. T. Rowe Price Group Inc. had an annual average earning growth of 10.6% over the past 10 years.TROW is in the portfolios of Chuck Akre of Akre Capital Management, LLC, Bruce Kovner of Caxton Associates, Richard Aster Jr of Meridian Fund, John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Pioneer Investments, Tom Gayner of Markel Gayner Asset Management Corp, Ron Baron of Baron Funds, Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates, Paul Tudor Jones of The Tudor Group, Mario Gabelli of GAMCO Investors, Kenneth Fisher of Fisher Asset Management, LLC, Jeremy Grantham of GMO LLC, Murray Stahl of Horizon Asset Management, Chris Davis of Davis Selected Advisers, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
Investment advisory revenues increased 20.4%, or $85.2 million, to $502.5 million in the third quarter of 2010 as average assets under our management increased $74.9 billion to $416.1 billion. The average annualized fee rate earned on our assets under management was 47.9 basis points during the third quarter of 2010 down from the 48.5 basis points earned in the 2009 quarter. Money market fees of $5.2 million were voluntarily waived to maintain a positive yield for fund investors in the 2010 quarter and were greater than the $1.4 million of fees waived in the comparable 2009 period. We waived these fees beginning in 2009 and anticipate such fee waivers in the fourth quarter of 2010 and into 2011.Net revenues increased $88.0 million, or 17.7%, to $586.1 million. Operating expenses of $324.2 million in the third quarter of 2010 were up $33.4 million, or 11.5% from the comparable 2009 quarter. Overall, net operating income of $261.9 million for the third quarter of 2010 was 26.3% higher than the $207.3 million earned in the 2009 quarter. The increase in our average assets under management and resulting advisory revenue increased our operating margin for the third quarter 2010 to 44.7% from 41.6% in the comparable 2009 quarter. Net income increased $36.2 million from the third quarter of 2009 to $169.1 million and diluted earnings per share on our common stock increased 28.0% to $.64 from $.50 in the 2009 quarter.
Net inflows to the sponsored mutual funds were $1.1 billion during the third quarter of 2010, including $700 million originating in our target-date retirement funds. Fund net inflows are presented net of $1.0 billion of assets transferred to our sponsored target-date retirement trusts from our target-date retirement funds during the quarter. Net inflows of $1.8 billion added to the bond funds were offset by net outflows of $.6 billion from the stock and blended asset funds and $.1 billion from the money market funds. The Short-Term Bond and Tax Free Income Funds had net inflows of $.4 billion and $.3 billion, respectively. Market appreciation and income increased our mutual fund assets under management by $24.1 billion during the third quarter of 2010.
Investment advisory revenues earned on the other investment portfolios that we manage increased $30.4 million, or 23.8%, from the third quarter of 2009, to $158.3 million. Average assets in these portfolios were $170.2 billion during the third quarter of 2010, an increase of $33.3 billion, or 24.3%, from the 2009 quarter. Ending assets at September 30, 2010 were $181.0 billion, up $23.4 billion from the end of June 2010. Net inflows of $6.9 billion in the 2010 quarter were sourced primarily from institutional investors in and outside the U.S. and third party financial intermediaries. These inflows included $1.0 billion of assets transferred from the target-date retirement funds into target-date retirement trusts. Market appreciation and income increased assets under management in these portfolios by $16.5 billion.
Net revenues increased $394.9 million, or 29.8%, to $1.7 billion. Operating expenses grew $113.0 million to $966.0 million in the first nine months of 2010, an increase of 13.2% from the comparable 2009 period. Overall, net operating income for year-to-date 2010 increased $281.9 million, or 59.7%, to $753.7 million. Our operating margin for the first nine months of 2010 was 43.8%, up from 35.6% for the 2009 period. Our net income increased $199.5 million, or 71.0% to $480.6 million from the 2009 period. Diluted earnings per share on our common stock is $1.81 for the first nine months of 2010, an increase of $.74 from $1.07 earned in the 2009 period.
Investment advisory revenues earned from the T. Rowe Price mutual funds distributed in the United States increased 35.0%, or $262.5 million, to about $1.0 billion. Year-to-date 2010 average mutual fund assets were $243.6 billion, an increase of 35.0% from the average for the comparable 2009 period. Net inflows into the mutual funds during the first nine months of 2010 were $10.4 billion, including $4.8 billion originating in our target-date retirement funds. Our bond funds had net inflows of $6.3 billion, including $1.4 billion into the New Income Fund, $1.3 billion into the Short-Term Bond Fund, $.6 billion into the Tax-Free Income Fund and $.5 billion into each of the Emerging Market Bond and International Bond Funds. Our stock and blended asset funds added $4.6 billion of net inflows. The Value Fund had net inflows of $1.2 billion, while the Mid-Cap Value, Growth Stock, and Equity Index 500 Funds each added at least $600 million for a combined total of $2.1 billion in net inflows. The money market funds had net outflows of $500 million. Higher market valuations and income increased fund assets by $15.6 billion.
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