Jim Cramer says Fed rate hikes create a narrow window to buy dividend stocks at a discount, but only if you can tell an accidental high yielder from a yield trap about to blow up in your face.
The Federal Reserve raised its target range on September 17, 2026, which lifted the upper bound to 4.00% from 3.75%. On the October 16, 2026 episode of Mad Money, Jim Cramer explained how he handles the selling that follows a rate hike:
“Sell-offs in the wake of the Fed raising rates, those are trickier, although they can lead to decent opportunities as long as you stay away from the high yields that become less attractive as the Fed tightens, and stick with the accidentally high yielders that might just give you the delicious bounce when the Fed’s done tightening.”
He added: “These dividend stocks are safe havens when you’re dealing with a sell-off caused by the Fed.”
Three Tests That Separate Bargains From Yield Traps
Cramer’s accidental high yielder is a quality dividend payer whose yield rose only because its share price fell. A yield trap gets its high yield from a shrinking business, or it loses its appeal as cash and bond yields rise (we laid out seven warning signs a big yield is about to be cut in a free dividend traps report). Three checks help you tell them apart:
Why the yield rose: if the price fell on macro fear, the stock fits. If earnings are falling, it does not.
Coverage. Earnings and free cash flow should cover the dividend with plenty to spare.
Balance sheet. Debt should be manageable or shrinking, so the payout never has to compete with lenders.
Verizon’s 6.3% Yield Clears the Coverage Bar
Verizon (NYSE:VZ | VZ Price Prediction) pays $0.7075 a quarter. That annualizes to $2.83, a 6.3% yield at the $44.63 share price. The stock is down 2.37% over the past month and fell 1.26% on Friday, the day Barron’s reported telecom stocks tumbling as Elon Musk pushes into the industry. It is still up 17.12% for the year, so Verizon only partly passes the price test.
Coverage is Verizon’s strength. The annual dividend equals about 57% of the low end of its 2026 adjusted EPS guidance of $4.99-$5.04. First-half free cash flow was $10.2 billion, compared with $5.9 billion in dividends, for a payout ratio of about 58%. Debt is the weak spot. Verizon has $136.5 billion of unsecured debt, and net leverage rose to 2.5x from 2.2x at the end of 2025, according to its second-quarter earnings release. The CFO said the company had paid off “substantially all of Frontier’s debt 6 months ahead of schedule” and expects to reach its target leverage range in 2027.
T. Rowe Price Shows Why the Cause of a Price Drop Matters
T. Rowe Price (NASDAQ:TROW) fits the price-drop definition better. Its shares fell 36.87% over five years, from $165.07 to $104.20, while the quarterly dividend kept growing, from $1.24 in 2024 to $1.27 in 2025 and $1.30 this year. The forward yield is 4.99%. The annual dividend equals about 53% of 2025 adjusted EPS of $9.72, and the company holds $4.4 billion of cash and discretionary investments.
Some of that share-price fall shows real damage to the business. Clients pulled a net $56.9 billion in 2025, and the effective fee rate has dropped to 38.1 bps from 40.5 bps at the end of 2024. CEO Rob Sharps said, “Fundamental active equity remains under pressure. We expect that to continue in the second half of the year.” Record assets under management of $1.89 trillion and second-quarter adjusted EPS of $2.57 keep today’s dividend well covered. Still, only part of this yield is accidental.
Fed’s Next Meeting Puts the Framework to an Early Test
The Fed’s next policy meeting, listed on the FOMC meeting calendar, will be the first real test. Cramer’s bounce depends on the Fed finishing its tightening. Until then, a 5% or 6% dividend yield has to compete with cash yields tied to a 4.00% policy rate.
Verdict: Cramer’s Framework Works
Cramer’s framework holds up, and the coverage test is what makes it work. Verizon is the safer income name: its free cash flow guidance is rising (9-10% growth), and its dividend streak runs back 19 years of raises, although its recent price dip is small. T. Rowe Price has a deeper discount and plenty of cash, but outflows mean investors should watch quarterly flow data closely. Before you call any high yield “accidental,” check whether earnings and free cash flow still cover the payout. If they do, the label fits.
Contact [email protected] for any questions or corrections.
Good forecasting starts with a willingness to admit mistakes, according to Dan Gardner, co-author of “Superforecasting: The Art and Science of Prediction.”
Key Takeaways:
Superforecasters made frequent but small updates to their predictions, avoiding both stubbornness and overreaction to new information.
Starting with category averages before examining specific details often produces better forecasts than focusing on particulars alone.
AI models already beat the general public on forecasting questions and may rival top human forecasters by 2027 or 2028.
Gardner made that case on The Angle, a podcast from T. Rowe Price Group, Inc. (TROW). Intellectual humility is “absolutely foundational to good forecasting judgment,” he told host Justin Thomson, head of the T. Rowe Price Investment Institute.
His book grew out of a forecasting tournament that U.S. intelligence officials had created after no weapons of mass destruction turned up in Iraq. Five university research teams competed to predict real-world geopolitical events, Gardner explained.
Co-author Philip Tetlock’s team, the Good Judgment Project, recruited volunteers to make those forecasts. According to Gardner, only 1% to 2% consistently ranked at the top.
Those habits can be taught, though, which makes them useful to anyone managing money. Volunteers who read one sheet of basic tips just once improved their forecasting accuracy by 10% over a full season, Gardner said.
See more: How TCAF’s Research-Based Active ETF Approach Stands Out
The first tip is to start with the base rate, or how common an outcome is across a whole category. Someone estimating the cost of a new bridge should check the average cost of bridges before studying their own project, Gardner explained.
Some active stock funds work in a similar order, starting with a broad index before adding company-level judgment. The T. Rowe Price U.S. Equity Research ETF (TSPA), for example, uses the S&P 500 as its baseline.
About 30 research analysts then decide which stocks to overweight or underweight, according to T. Rowe Price. Sector and industry weights stay close to the index, with limits on how large any single position can get.
TSPA launched in June 2021 and holds $4.7 billion in net assets as of October 20, according to the firm. Its expense ratio is 0.34%.
Small Forecasting Updates Beat Big Swings
Knowing when to change a forecast, and by how much, is a challenge Thomson said he sees in investing as well. Portfolio managers tend to fall short either by reacting to every data point or by stubbornly sticking to a view, he added.
Superforecasters updated far more often than other participants, but in small steps, Gardner said. That kept the value of older information while adding new data. Most people instead resist new evidence until it piles up, then throw out their view entirely.
Gardner pointed to economist John Maynard Keynes, once called the “consistently inconsistent Mr. Keynes” in a Life magazine profile. The jab became a point of pride for Keynes, who Gardner said was also “a fantastic investor.”
Artificial intelligence (AI) is now closing in on those skills. Large language models trailed the general public on forecasting questions in 2023 but have since passed it, Gardner noted. If that pace holds, they could match superforecasters around 2027 or 2028.
That outlook has Gardner betting on a different skill. “The value of answers is going to decline,” he said. “The value of high-quality questions is going to soar.”
For more news, information, and strategy, visit the Active ETF Content Hub.
Wall Street expects a year-over-year decline in earnings on higher revenues when T. Rowe Price (TROW - Free Report) reports results for the quarter ended September 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on October 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis financial services firm is expected to post quarterly earnings of $2.59 per share in its upcoming report, which represents a year-over-year change of -7.8%.
Revenues are expected to be $1.95 billion, up 3.2% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.02% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for T. Rowe?For T. Rowe, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.42%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination indicates that T. Rowe will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that T. Rowe would post earnings of $2.52 per share when it actually produced earnings of $2.57, delivering a surprise of +1.98%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
T. Rowe appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
T. Rowe Price (TROW - Free Report) closed the most recent trading day at $103.29, moving +1.14% from the previous trading session. The stock outperformed the S&P 500, which registered a daily gain of 0.58%. Elsewhere, the Dow saw an upswing of 0.69%, while the tech-heavy Nasdaq appreciated by 1.05%.
Coming into today, shares of the financial services firm had lost 1.96% in the past month. In that same time, the Finance sector lost 1.58%, while the S&P 500 gained 0.97%.
The upcoming earnings release of T. Rowe Price will be of great interest to investors. The company's earnings report is expected on October 29, 2026. The company is predicted to post an EPS of $2.59, indicating a 7.83% decline compared to the equivalent quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $1.95 billion, showing a 3.22% escalation compared to the year-ago quarter.
TROW's full-year Zacks Consensus Estimates are calling for earnings of $10.1 per share and revenue of $7.68 billion. These results would represent year-over-year changes of +3.91% and +4.96%, respectively.
Investors might also notice recent changes to analyst estimates for T Rowe Price. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.67% lower. T. Rowe Price is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, T. Rowe Price is currently trading at a Forward P/E ratio of 10.12. This represents a discount compared to its industry average Forward P/E of 10.5.
It is also worth noting that TROW currently has a PEG ratio of 2.98. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. TROW's industry had an average PEG ratio of 1.12 as of yesterday's close.
The Financial - Investment Management industry is part of the Finance sector. This group has a Zacks Industry Rank of 213, putting it in the bottom 14% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
In the latest trading session, T. Rowe Price (TROW - Free Report) closed at $101.37, marking a +1.76% move from the previous day. The stock's change was more than the S&P 500's daily gain of 0.33%. Meanwhile, the Dow experienced a rise of 1.08%, and the technology-dominated Nasdaq saw an increase of 0.08%.
The financial services firm's shares have seen a decrease of 2.71% over the last month, surpassing the Finance sector's loss of 3.99% and falling behind the S&P 500's gain of 1.41%.
Analysts and investors alike will be keeping a close eye on the performance of T. Rowe Price in its upcoming earnings disclosure. The company's earnings report is set to go public on October 29, 2026. The company is expected to report EPS of $2.59, down 7.83% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $1.95 billion, indicating a 3.22% upward movement from the same quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $10.1 per share and a revenue of $7.68 billion, indicating changes of +3.91% and +4.96%, respectively, from the former year.
Investors should also note any recent changes to analyst estimates for T Rowe Price. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.68% decrease. T. Rowe Price is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, T. Rowe Price is presently being traded at a Forward P/E ratio of 9.87. This expresses a discount compared to the average Forward P/E of 10.21 of its industry.
We can additionally observe that TROW currently boasts a PEG ratio of 4.33. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Financial - Investment Management industry held an average PEG ratio of 1.03.
The Financial - Investment Management industry is part of the Finance sector. This group has a Zacks Industry Rank of 183, putting it in the bottom 26% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
A dividend that keeps growing beats a fat yield that gets cut, but only if the company can actually afford to keep raising it. These five blue chips clear that bar, and one has done it every single year for…
Income investors are better served by a payout that keeps growing for decades than by a fat yield that gets cut, and these five blue chips are built for that. Each funds its dividend from recurring cash flow, keeps its payout ratio at a level it can cover, and has a long record of raising the check. At the long end of the list, Procter & Gamble (NYSE:PG | PG Price Prediction) has now raised its dividend for 70 consecutive years. Forward yields on the list run from 1.50% to 5.17%. Every name pays you to wait, and every name has the cash to keep paying.
T. Rowe Price
T. Rowe Price (NASDAQ:TROW) carries the highest yield on the list. Its annualized forward dividend of $5.20 on a share price of $100.54 works out to a forward yield of about 5.17%.
Dividend safety: The payout takes about 53% of trailing earnings per share of $9.79, which leaves real room for error. The balance sheet has $3.23 billion in cash against $11.0 billion of shareholders’ equity, with very little debt. Operating cash flow reached $966.3 million in Q1 alone, and the firm returned $629 million to shareholders through dividends and buybacks that quarter. The regular quarterly dividend has gone up every year in the record, from $0.54 in 2016 to $1.30 in 2026, and the payment history runs back to 1999.
Bull case: Assets under management hit a record $1.89 trillion in Q2, adjusted EPS of $2.57 beat the $2.52 estimate, and net income rose 25.1% year over year. ETF net inflows of $4.4 billion show the firm can win money in the products where the industry is growing. At about 10 times trailing earnings, the stock is priced as if that progress isn’t happening.
Risk: Outflows. The firm lost $6.5 billion in net client outflows in Q2, and Chief Executive Rob Sharps warned that “We expect net flows in the second half of the year to be meaningfully more challenging than the first half.” Wall Street is skeptical too: the stock has zero Buy ratings, 9 Holds and 4 Sell or Strong Sell calls.
Cisco Systems
Cisco Systems (NASDAQ:CSCO) has the lowest yield here, because the stock is up 48.04% year to date. The forward dividend of $1.68 on a price of $111.99 works out to about 1.50%. The next $0.42 payment goes out on October 21, 2026.
Dividend safety: The forward dividend uses about 39% of fiscal 2026 non-GAAP EPS of $4.33. Cisco generated $14.18 billion in operating cash flow in fiscal 2026 and paid $6.6 billion in cash dividends. It has $15.9 billion in cash and investments. In fiscal 2026 the company raised its dividend for the 15th consecutive year.
Bull case: AI now drives Cisco’s growth. Hyperscaler AI infrastructure orders totaled $9.3 billion in fiscal 2026, and management expects AI infrastructure revenue to reach about $7.5 billion in fiscal 2027. Fiscal 2027 non-GAAP EPS guidance of $5.05 to $5.11 points to strong earnings growth, and the payout grows with it. Investors here are buying dividend growth more than current yield.
Risk: Total capital returns in fiscal 2026 used up 99% of free cash flow, so buybacks leave little buffer. Product gross margin also slipped to 64.8% as lower-margin hardware made up more of sales.
Medtronic
Medtronic (NYSE:MDT) yields about 3.04%, based on its $2.88 annualized dividend and a $94.76 share price. Its latest $0.72 payment comes October 16, 2026.
Dividend safety: Medtronic has raised its dividend for 49 consecutive years. The dividend is roughly 48% of the low end of fiscal 2027 non-GAAP EPS guidance ($5.94). Free cash flow jumped 120.9% to $1.29 billion in Q1. That covered the $921 million paid in dividends, which came to roughly 71% of the quarter’s free cash flow. The chief financial officer summed it up: “We’ve got a strong balance sheet.”
Bull case: Growth has sped up. Q1 revenue rose 13.7%, Cardiac Ablation Solutions grew 88%, and management raised fiscal 2027 organic growth guidance to 7.25% to 7.75%. For about 15 times forward earnings, you get a 49-year dividend grower whose sales are growing faster than they have in years. Analysts agree: 19 rate it a Buy or Strong Buy, and none rate it a Sell.
Risk: Splitting off the Diabetes business adds complexity, and tariffs cost 80 basis points of margin in Q4 of fiscal 2026. An extra fiscal week also added about $570 million to Q1, so expect growth to slow to roughly 6% organic in Q2.
Johnson & Johnson
Johnson & Johnson (NYSE:JNJ) yields about 2.07%, based on a forward dividend of $5.36 and shares trading at $259.12. It declared its next $1.34 quarterly payment on October 13, 2026.
Dividend safety: J&J is a Dividend King with 64 consecutive years of increases, the latest a 3.1% raise. The forward dividend uses about 48% of the midpoint of updated adjusted EPS guidance ($11.10). Management expects about $21 billion in free cash flow for the full year, including more than $6 billion in Q3. Net debt is about $28 billion, which is easy to carry at that level of cash generation. The chief financial officer listed “increasing our annual dividend” as a capital allocation priority.
Here’s the bull case: the drug pipeline is replacing lost STELARA sales faster than expected. Oncology grew about 17% in Q3, TREMFYA rose 68.2%, and the company says it is on track to exceed $100 billion in annual revenue for the first time.
Risk: MedTech grew only 2.5% in Q3, and the medical device miss weighed on the stock after the report according to CNBC. On top of that, the proposed $5.5 billion talc settlement depends on 95% of remaining ovarian claimants signing on.
Procter & Gamble
P&G yields about 2.75%, based on a $4.354 forward dividend and a $158.47 share price. To collect the next $1.0885 payment, you need to own the stock before the October 23, 2026 ex-dividend date.
Dividend safety: P&G has paid a dividend for 136 consecutive years and raised it for 70 years in a row. The forward dividend takes about 63% of fiscal 2026 core EPS of $6.89. The planned $10 billion in fiscal 2027 dividends equals about 63% of last year’s $15.84 billion in free cash flow.
Bull case: P&G sells products people buy in any economy. Beauty grew 6%, and management plans to return $15 billion to shareholders in fiscal 2027. Its productivity program delivered $2.8 billion in pre-tax savings last year, which funds marketing and the dividend at the same time.
Risk: Growth is slow. Organic sales were flat in Q4, and fiscal 2027 guidance includes about $1 billion in commodity pressures. That keeps core EPS guidance to $6.89 to $7.11, so expect modest dividend raises.
Five Payouts Backed by Cash Flow
T. Rowe Price currently offers the most income, Cisco the fastest dividend growth, and Medtronic, Johnson & Johnson and P&G the longest records of raises. All five keep their payout ratios between roughly 39% and 63% and fund the dividend from recurring cash flow. Upcoming milestones include J&J’s December 8, 2026 business review and T. Rowe Price’s second-half flow numbers.
Contact [email protected] for any questions or corrections.
The firm is strengthening advisor relationships with notable growth across field sales teams, wealth leadership, and product specialists
, /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, is increasing the capacity of its U.S. Intermediaries Wealth Management business to deepen and expand advisor engagement and relationships. In today's evolving marketplace, where client needs are becoming increasingly complex and personalized, advisors are seeking more specific and targeted service. In response, T. Rowe Price is expanding its field sales coverage, growing its wealth leadership and product specialist teams, and enhancing how the firm connects advisors with thoughtfully developed resources, broad product expertise, and specialized support.
This growth underscores T. Rowe Price's ongoing commitment to aid advisors as business models and investor priorities evolve. With an expanded footprint and strategic enhancements underway, the firm intends to further support advisors and their clients with access to tailored and relevant expertise and offerings, including: tax-optimized drawdown strategies; customizable resources, including Portfolio Construction Solutions and custom model portfolios; a full range of investment products, including alternative investments, separately managed accounts (SMAs), and actively managed exchange-traded funds (ETFs); and research-rich insights, practice management guidance, and thought leadership designed to help advisors grow their businesses and strengthen client relationships.
"Financial advisors are operating in a rapidly changing marketplace," said Kevin Collins, head of T. Rowe Price U.S. Intermediaries (USI). "They're helping clients navigate more complex markets, extreme equity market concentration, and a dynamic interest rate environment, all against clients' growing needs for more tailored wealth solutions. We've built strong momentum across our Wealth business in recent years, but we see opportunity to do more. By significantly expanding our field sales coverage, growing our leadership, and continuing to enhance the products, insights, and support services we bring to market, we are better positioned to help advisors solve for the challenges they and their clients face today."
T. Rowe Price has been in the process of adding more than 50 new client-facing roles in broker-dealer and registered investment advisor (RIA) field sales, as well as to the alternatives, ETF, and model portfolio specialist teams. These additions also include two executives for new strategy-focused national account leadership roles within the wealth management channel, reporting to Co-Head of Wealth Management within USI Annie Brown: Kevin Johnson joined the firm as head of wealth research and Ryan Bauer joined as head of RIA enterprise national accounts.
Johnson is leading the firm's wealth research strategy, driving the strategic engagement with manager research teams and discretionary model teams about T. Rowe Price's range of investment strategies and capabilities. In this role, Johnson is working with manager research teams and model teams across channels and platforms to cultivate new distribution relationships. He joins T. Rowe Price with more than 30 years of industry experience, having most recently served as head of platform distribution at Allspring Global Investments.
Bauer is responsible for T. Rowe Price's strategy development and execution across its largest and most complex RIA relationships, including Enterprise RIAs. Bauer joins the firm with more than 15 years of industry experience, most recently serving for 12 years in the asset management business of Deutsche Bank, DWS Group. His background covers a range of industry distribution channels, including RIA enterprise, Outsourced Chief Investment Officer (OCIO), independent broker-dealers, and banks.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.86 trillion in client assets as of September 30, 2026, about two-thirds of which are retirement-related. Renowned for nearly 90 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
Noah (NYSE:NOAH – Get Free Report) and T. Rowe Price Group (NASDAQ:TROW – Get Free Report) are both finance companies, but which is the superior business? We will contrast the two companies based on the strength of their earnings, profitability, valuation, institutional ownership, analyst recommendations, risk and dividends.
Analyst Recommendations This is a summary of current recommendations and price targets for Noah and T. Rowe Price Group, as reported by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Noah 0 4 0 0 2.00 T. Rowe Price Group 3 10 1 0 1.86 Noah currently has a consensus price target of $9.85, indicating a potential upside of 30.81%. T. Rowe Price Group has a consensus price target of $104.69, indicating a potential upside of 0.68%. Given Noah’s stronger consensus rating and higher probable upside, equities analysts clearly believe Noah is more favorable than T. Rowe Price Group.
Insider and Institutional Ownership 42.7% of Noah shares are held by institutional investors. Comparatively, 73.4% of T. Rowe Price Group shares are held by institutional investors. 47.2% of Noah shares are held by company insiders. Comparatively, 1.6% of T. Rowe Price Group shares are held by company insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a stock will outperform the market over the long term. Dividends Noah pays an annual dividend of $0.63 per share and has a dividend yield of 8.4%. T. Rowe Price Group pays an annual dividend of $5.20 per share and has a dividend yield of 5.0%. Noah pays out 51.2% of its earnings in the form of a dividend. T. Rowe Price Group pays out 52.2% of its earnings in the form of a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings for the next several years. T. Rowe Price Group has raised its dividend for 39 consecutive years. Noah is clearly the better dividend stock, given its higher yield and lower payout ratio.
Valuation and Earnings This table compares Noah and T. Rowe Price Group”s top-line revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Noah $373.26 million 1.38 $79.92 million $1.23 6.12 T. Rowe Price Group $7.31 billion 3.03 $2.09 billion $9.97 10.43 T. Rowe Price Group has higher revenue and earnings than Noah. Noah is trading at a lower price-to-earnings ratio than T. Rowe Price Group, indicating that it is currently the more affordable of the two stocks.
Profitability This table compares Noah and T. Rowe Price Group’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Noah 22.57% 6.37% 5.38% T. Rowe Price Group 29.26% 20.91% 15.68% Risk and Volatility Noah has a beta of 0.83, indicating that its share price is 17% less volatile than the S&P 500. Comparatively, T. Rowe Price Group has a beta of 1.45, indicating that its share price is 45% more volatile than the S&P 500.
Summary T. Rowe Price Group beats Noah on 12 of the 17 factors compared between the two stocks.
About Noah (Get Free Report)
Noah Holdings Limited, together with its subsidiaries, operates as a wealth and asset management service provider with the focus on investment and asset allocation services for high net worth individuals and enterprises in Mainland of China, Hong Kong, and internationally. It operates through three segments: Wealth Management, Asset Management, and Other Services. The company offers investment products, including domestic and overseas mutual fund products, private secondary products, and other products; customized value-added financial services, such as investor education and trust services, as well as insurance brokerage services; and insurance products. It also provides onshore and offshore private equity, real estate, public securities, multi-strategy, and other investment products, as well as lending services. The company was founded in 2005 and is headquartered in Shanghai, the People's Republic of China.
(Get Free Report)
T. Rowe Price Group, Inc. is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe. It employs fundamental and quantitative analysis with a bottom-up approach. The firm utilizes in-house and external research to make its investments. It employs socially responsible investing with a focus on environmental, social, and governance issues. It makes investment in late-stage venture capital transactions and usually invests between $3 million and $5 million. The firm was previously known as T. Rowe Group, Inc. and T. Rowe Price Associates, Inc. T. Rowe Price Group, Inc. was founded in 1937 and is based in Baltimore, Maryland, with additional offices in Colorado Springs, Colorado; Owings Mills, Maryland; San Francisco, California; New York, New York; Philadelphia, Pennsylvania; Tampa, Florida; Toronto, Ontario; Hellerup, Denmark; Amsterdam, The Netherlands; Luxembourg, Grand Duchy of Luxembourg; Zurich, Switzerland; Dubai, United Arab Emirates; London, United Kingdom; Sydney, New South Wales; Hong Kong; Tokyo, Japan; Singapore; Frankfurt, Shanghai, China; Germany, Madrid, Spain, Milan, Italy, Stockholm, Sweden, Melbourne, Australia, Amsterdam, Netherlands and Washington, DC.
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BALTIMORE, Oct. 12, 2026 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) announced September month-end assets under management of $1.86 trillion.
JPMorgan just handed shareholders a 10% raise, and it barely dented what the bank actually earns. Four other companies sit in the same position, carrying payout ratios low enough to fund aggressive dividend growth for years to come.
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The best dividend raises come from companies that pay out a small piece of what they earn. JPMorgan Chase (NYSE:JPM | JPM Price Prediction) just showed how that works: it lifted its quarterly dividend from $1.50 to $1.65, a 10% increase, and the new annual rate still matches only 28.3% of trailing earnings. The five companies below all fit that pattern. Each has strong earnings and a payout ratio low enough to fund many more raises. A long streak of past increases supports the case for some of them, but the reason they’re here is how much room each has to keep advancing.
Visa: A 23% Payout Ratio Leaves Years of Raises in the Tank Visa (NYSE:V) yields only about 0.72% on its $2.68 annualized dividend at a share price of $370.97. That’s a small yield, but the dividend has a lot of room to grow. The payout uses about 22.8% of trailing diluted EPS of $11.75, and Visa’s trailing operating margin is 66.1%.
Dividend safety: Cash returns run well ahead of the dividend. In fiscal Q3, the CFO said, “we bought back $4.9 billion in stock and distributed $1.3 billion in dividends to our shareholders.” Visa ended June with $28.4 billion left in its buyback authorization. The quarterly dividend has climbed in steps from $0.21 to $0.67, and the increase from $0.59 worked out to 13.6%.
Bull case: Fiscal Q3 net revenue rose 14.4% to $11.63 billion, and non-GAAP EPS of $3.32 beat the $3.23 estimate. Value-added services revenue grew 34% in constant dollars. Management expects full-year EPS growth in the low end of mid-teens. With earnings growing that fast and the payout ratio this low, double-digit dividend increases look sustainable for years.
Risk: The shares trade at 31 times trailing earnings, so the yield will likely stay low. The interchange MDL litigation and $563 million in severance costs are still open issues.
JPMorgan Chase: A Fresh 10% Raise With Plenty of Capital Behind It At $331.49, JPMorgan’s new $6.60 annualized dividend yields about 1.99%. That rate is 28.3% of trailing EPS of $23.34. One note: trailing EPS includes a one-time gain of $4.6 billion from the Visa Class C exchange, so the payout ratio on core earnings is somewhat higher. Q2 adjusted EPS was $6.14, up 13% from a year earlier, with return on tangible common equity of 23%.
Dividend safety: Banks are judged on capital strength. JPMorgan’s CET1 ratio is 14.3%, supported by $291 billion of CET1 capital. A new $50 billion buyback program took effect July 1, 2026, after repurchases of $8.3 billion in Q1 and $6.7 billion in Q2. The quarterly dividend has risen from $1.05 in January 2024 to $1.65.
Bull case: Investment banking fees rose 30% to $3.30 billion, the highest since 2021. Equity Markets revenue jumped 86%. At 14 times trailing earnings, the stock is cheap compared with how much capital the bank generates.
Risk: Credit is getting worse at the margin. The card net charge-off rate is 3.33%, and the allowance for credit losses rose 12% to $31.4 billion. Analysts are split, with 11 holds against 13 buy or strong-buy ratings.
Lowe’s: Free Cash Flow Covers the Dividend Nearly Three Times Lowe’s (NYSE:LOW) trades at $184.13, well below its 52-week high of $289.87, so its $5 annualized dividend yields about 2.72%. The dividend is 41.3% of trailing EPS of $11.74, and the quarterly payout rose this year from $1.20 to $1.25.
Dividend safety: In the fiscal year ended January 2026, Lowe’s generated $7.65 billion in free cash flow and paid $2.64 billion in dividends. That works out to a free cash flow payout of 34.5%. In Q2 alone, it produced $3.1 billion of free cash flow. Shareholders’ equity is negative (-$7.4 billion) because of years of buybacks, which is normal for Lowe’s. The number to track is adjusted debt to EBITDA, now 3.0 times, with a target of 2.75 times by mid-2027. Management mentions the company’s “status as a dividend aristocrat“.
Bull case: Q2 adjusted EPS of $4.40 beat the $4.22 estimate. Online sales grew 15.7%, and comps were positive for a fifth consecutive quarter. Management points to $20 billion to $50 billion of deferred home-improvement demand. Once leverage hits its target, cash freed up for buybacks can also go toward larger dividend increases.
Risk: Management expects Q3 adjusted EPS to come in about 7% below last year’s, and full-year guidance was narrowed to the low end at roughly $12.25. Light DIY spending and tariffs could hold back the size of future raises.
Cisco Systems: AI Orders Are Lifting Earnings Faster Than the Dividend Cisco Systems (NASDAQ:CSCO) yields about 1.45% on its $1.68 annualized dividend at $116.22. On GAAP earnings, the payout ratio is 50.2%. Measured against the low end of fiscal 2027 non-GAAP EPS guidance of $5.05 to $5.11, it falls to 33.3%.
Dividend safety: Fiscal 2026 free cash flow came to $12.77 billion, against $6.55 billion in dividends, a 51.3% free cash flow payout. Cisco ended the year with $15.9 billion in cash and investments and $8.1 billion left on its buyback. The CFO said, “We increased our dividend for the 15th consecutive year in FY26.”
Bull case: AI infrastructure orders hits $9.3 billion in fiscal 2026. Management expects about $7.5 billion of AI infrastructure revenue in fiscal 2027, along with an operating margin of about 35%. Cisco’s raises have been about a cent a year, from $0.35 in 2020 to $0.42 today. With earnings growing much faster than that, there is room for larger increases.
Risk: Non-GAAP gross margin fell to 66.3% from 68.4% as lower-margin AI hardware became a bigger share of sales. Fiscal 2026 dividends and buybacks together used up “99% of free cash flow.”
T. Rowe Price: A 5% Yield From a Debt-Light Asset Manager T. Rowe Price (NASDAQ:TROW) is the only high-yield name on this list. At $103.46, its $5.20 annualized dividend yields about 5.03%. The dividend represents 51.9% of trailing EPS of $9.96, which is moderate for a business with little capital spending.
Dividend safety: In 2025, free cash flow of $1.48 billion covered $1.14 billion in dividends, a free cash flow payout of 77.3%. Coverage is tighter than at the other four companies, and quarterly cash flow is uneven. The quarterly dividend has gone up every year from $0.76 in 2019 to $1.30 in 2026. Book value is $51.58 per share.
Bull case: Assets under management ended Q2 at a record $1.89 trillion. Adjusted EPS of $2.57 beat estimates. The ETF business added $4.4 billion in net inflows. At 10 times trailing earnings, any sign that flows are stabilizing could lift both the stock and the case for larger raises.
Risk: Clients took out a net $6.5 billion in Q2, and the CEO said second-half flows will be “meaningfully more challenging than the first half.” The fee rate slipped to 38.1 basis points. No analyst rates the stock a buy: there are 9 holds and 4 sell or strong-sell ratings.
Five Payouts With Room to Grow All five companies pay out roughly half or less of their trailing earnings. Visa and JPMorgan have the most room relative to earnings. Lowe’s and Cisco have strong free cash flow coverage. T. Rowe Price pays the highest yield but has the least margin for error. The next round of increases will depend mostly on whether earnings keep growing, since none of these payouts is close to its limit. (For a tighter screen on companies that have already shown they can keep advancing, we ordered ten of the longest-running dividend growers by valuation in a free Dividend Kings report.)
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T. Rowe Price Group (NASDAQ:TROW – Get Free Report) and Gladstone Capital (NASDAQ:GLAD – Get Free Report) are both finance companies, but which is the better stock? We will compare the two companies based on the strength of their dividends, valuation, analyst recommendations, profitability, risk, earnings and institutional ownership.
Dividends T. Rowe Price Group pays an annual dividend of $5.20 per share and has a dividend yield of 5.0%. Gladstone Capital pays an annual dividend of $1.80 per share and has a dividend yield of 9.4%. T. Rowe Price Group pays out 52.2% of its earnings in the form of a dividend. Gladstone Capital pays out 87.4% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. T. Rowe Price Group has increased its dividend for 39 consecutive years and Gladstone Capital has increased its dividend for 4 consecutive years.
Valuation & Earnings This table compares T. Rowe Price Group and Gladstone Capital”s revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio T. Rowe Price Group $7.31 billion 3.03 $2.09 billion $9.97 10.42 Gladstone Capital $89.12 million 4.85 $58.11 million $2.06 9.28 T. Rowe Price Group has higher revenue and earnings than Gladstone Capital. Gladstone Capital is trading at a lower price-to-earnings ratio than T. Rowe Price Group, indicating that it is currently the more affordable of the two stocks.
Analyst Recommendations This is a breakdown of recent recommendations for T. Rowe Price Group and Gladstone Capital, as provided by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score T. Rowe Price Group 3 9 1 0 1.85 Gladstone Capital 0 3 2 0 2.40 T. Rowe Price Group currently has a consensus price target of $105.92, indicating a potential upside of 1.92%. Gladstone Capital has a consensus price target of $21.67, indicating a potential upside of 13.32%. Given Gladstone Capital’s stronger consensus rating and higher possible upside, analysts plainly believe Gladstone Capital is more favorable than T. Rowe Price Group.
Insider and Institutional Ownership 73.4% of T. Rowe Price Group shares are held by institutional investors. Comparatively, 10.7% of Gladstone Capital shares are held by institutional investors. 1.6% of T. Rowe Price Group shares are held by insiders. Comparatively, 3.8% of Gladstone Capital shares are held by insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a company is poised for long-term growth.
Risk and Volatility T. Rowe Price Group has a beta of 1.45, indicating that its stock price is 45% more volatile than the S&P 500. Comparatively, Gladstone Capital has a beta of 0.94, indicating that its stock price is 6% less volatile than the S&P 500.
Profitability This table compares T. Rowe Price Group and Gladstone Capital’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets T. Rowe Price Group 29.26% 20.91% 15.68% Gladstone Capital 50.48% 9.67% 5.00% Summary T. Rowe Price Group beats Gladstone Capital on 10 of the 17 factors compared between the two stocks.
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T. Rowe Price Group, Inc. is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe. It employs fundamental and quantitative analysis with a bottom-up approach. The firm utilizes in-house and external research to make its investments. It employs socially responsible investing with a focus on environmental, social, and governance issues. It makes investment in late-stage venture capital transactions and usually invests between $3 million and $5 million. The firm was previously known as T. Rowe Group, Inc. and T. Rowe Price Associates, Inc. T. Rowe Price Group, Inc. was founded in 1937 and is based in Baltimore, Maryland, with additional offices in Colorado Springs, Colorado; Owings Mills, Maryland; San Francisco, California; New York, New York; Philadelphia, Pennsylvania; Tampa, Florida; Toronto, Ontario; Hellerup, Denmark; Amsterdam, The Netherlands; Luxembourg, Grand Duchy of Luxembourg; Zurich, Switzerland; Dubai, United Arab Emirates; London, United Kingdom; Sydney, New South Wales; Hong Kong; Tokyo, Japan; Singapore; Frankfurt, Shanghai, China; Germany, Madrid, Spain, Milan, Italy, Stockholm, Sweden, Melbourne, Australia, Amsterdam, Netherlands and Washington, DC.
About Gladstone Capital (Get Free Report)
Gladstone Capital Corporation is a business development company specializing in lower middle market, growth capital, add on acquisitions, change of control, buy & build strategies, debt refinancing, debt investments in senior term loans, revolving loans, secured first and second lien term loans, senior subordinated loans, unitranche loans, junior subordinated loans, and mezzanine loans and equity investments in the form of common stock, preferred stock, limited liability company interests, or warrants. It operates as a business development company. The fund also makes private equity investments in acquisitions, buyouts and recapitalizations, and refinancing existing debts. It targets small and medium-sized companies in United States. It is industry agnostic and seeks to invest in companies engaged in the business services, light and specialty manufacturing, niche industrial products and services, specialty consumer products and services, energy services, transportation and logistics, healthcare and education services, specialty chemicals, media and communications and aerospace and defense. The fund seeks to invest between $7 million and $30 million in companies that have between $20 million and $150 million in sales and EBITDA between $3 million and $25 million. It prefers to acquire minority stakes. It seeks to exit its investments through strategic acquisitions by other industry participants or financial buyers, initial public offerings of common stock, or other capital market transactions.
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If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider T. Rowe Price (TROW - Free Report) . This company, which is in the Zacks Financial - Investment Management industry, shows potential for another earnings beat.
This financial services firm has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 4.16%.
For the last reported quarter, T. Rowe came out with earnings of $2.57 per share versus the Zacks Consensus Estimate of $2.52 per share, representing a surprise of 1.98%. For the previous quarter, the company was expected to post earnings of $2.37 per share and it actually produced earnings of $2.52 per share, delivering a surprise of 6.33%.
Price and EPS Surprise
For T. Rowe, estimates have been trending higher, thanks in part to this earnings surprise history. And when you look at the stock's positive Zacks Earnings ESP (Expected Surprise Prediction), it's a great indicator of a future earnings beat, especially when combined with its solid Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
T. Rowe currently has an Earnings ESP of +2.93%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner.
Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.
Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
In the latest close session, T. Rowe Price (TROW - Free Report) was up +1.71% at $105.83. The stock exceeded the S&P 500, which registered a gain of 0.2% for the day. At the same time, the Dow added 0.04%, and the tech-heavy Nasdaq gained 0.04%.
Coming into today, shares of the financial services firm had lost 4.87% in the past month. In that same time, the Finance sector lost 4.84%, while the S&P 500 lost 0.35%.
Analysts and investors alike will be keeping a close eye on the performance of T. Rowe Price in its upcoming earnings disclosure. The company is predicted to post an EPS of $2.61, indicating a 7.12% decline compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.96 billion, indicating a 3.51% increase compared to the same quarter of the previous year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $10.15 per share and revenue of $7.69 billion, indicating changes of +4.42% and +5.13%, respectively, compared to the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for T Rowe Price. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.04% lower. Currently, T. Rowe Price is carrying a Zacks Rank of #3 (Hold).
From a valuation perspective, T. Rowe Price is currently exchanging hands at a Forward P/E ratio of 10.26. This represents a discount compared to its industry average Forward P/E of 10.7.
It is also worth noting that TROW currently has a PEG ratio of 3.45. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As the market closed yesterday, the Financial - Investment Management industry was having an average PEG ratio of 1.
The Financial - Investment Management industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 97, positioning it in the top 40% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
There are not many dividend stocks that are better than T. Rowe Price (TROW +0.42%).
The asset management firm has increased its dividend for 40 straight years, putting it well on its way to becoming a Dividend King.
It has been an exceptional and consistent dividend stock because of its financial management. The company carries virtually no long-term debt, and has not carried debt for years. That rock-solid balance sheet gives T. Rowe Price the foundation to feed its dividend every year, with a healthy yield, without ever extending itself too far.
Currently, T. Rowe Price is paying out a super-high yield of 4.93% and its payout ratio is around 49%, which is in a nice, comfortable zone.
So, the problem with T. Rowe Price has never been its dividend. However, it has never really produced great returns.
Image source: Getty Images.
Lagging returns During the bull market of the 2010s, T. Rowe Price underperformed its peers as an active manager with higher fees compared to its passive competitors that were generating higher or competitive returns with lower fees.
The asset manager was also late to the exchange-traded fund (ETF) party. It didn't introduce its first ETFs until 2020 -- years, decades even, after its competitors did. This set T. Rowe Price back as ETFs took off and became one of the fastest-growing investment vehicles in history.
Even after it launched them, assets have been slow to roll in. Many investors, including institutions, want a three- to five-year track record at least to judge it on. It has also underperformed again during the current bull market, as the chart below shows.
TROW data by YCharts.
The stock price is up just 1% year to date. It has averaged annualized returns of just 0% over the past three years, -13% over the past five years, and roughly 5% over the past 10 years. But the math changes a bit when you reinvest the dividend.
Changing the math Over the past 10 years, T. Rowe Price has had high dividend yields in the 2% to 5% range. If you reinvested that high dividend each quarter, the total average annualized return increases significantly, from about 5% to around 9%.
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If you go back 20 years, the average annualized total return, with dividend reinvested, increases to about 7.5%, up from 3.9% without the dividend reinvested. That would make T. Rowe Price's 20-year return roughly the same as that of State Street (STT -0.44%) and better than those of all of the others on the chart except BlackRock (BLK +0.01%).
If you had invested $10,000 in T. Rowe Price stock 20 years ago, and reinvested the dividends, you would have about $96,000 today contributing $100 per month. If you did not reinvest the dividends, you would have about $57,000. That's the boost that the dividend can provide if reinvested.
Wall Street watches a company's quarterly report closely to understand as much as possible about its recent performance and what to expect going forward. Of course, one figure often stands out among the rest: earnings.
Life and the stock market are both about expectations, and rising above what is expected is often rewarded, while falling short can come with negative consequences. Investors might want to try to capture stronger returns by finding positive earnings surprises.
The ability to identify stocks that are likely to top quarterly earnings expectations can be profitable, but it's no simple task. Here at Zacks, our Earnings ESP filter helps make things easier.
The Zacks Earnings ESP, ExplainedThe Zacks Expected Surprise Prediction, or ESP, works by locking in on the most up-to-date analyst earnings revisions because they can be more accurate than estimates from weeks or even months before the actual release date. The thinking is pretty straightforward: analysts who provide earnings estimates closer to the report are likely to have more information.
Now that we understand the basic idea, let's look at how the Expected Surprise Prediction works. The ESP is calculated by comparing the Most Accurate Estimate to the Zacks Consensus Estimate, with the percentage difference between the two giving us the Zacks ESP figure.
Bringing together a positive earnings ESP alongside a Zacks Rank #3 (Hold) or better has helped stocks report a positive earnings surprise 70% of the time. Furthermore, by using these parameters, investors have seen 28.3% annual returns on average, according to our 10 year backtest.
Stocks with a #3 (Hold) ranking, which is most stocks covered at 60%, are expected to perform in-line with the broader market. But stocks that fall into the #2 (Buy) and #1 (Strong Buy) ranking, or the top 15% and top 5% of stocks, respectively, should outperform the market. Strong Buy stocks should outperform more than any other rank.
Should You Consider T. Rowe Price?The last thing we will do today, now that we have a grasp on the ESP and how powerful of a tool it can be, is to quickly look at a qualifying stock. T. Rowe Price (TROW - Free Report) holds a #3 (Hold) at the moment and its Most Accurate Estimate comes in at $2.69 a share 30 days away from its upcoming earnings release on October 30, 2026.
T. Rowe Price's Earnings ESP sits at +2.93%, which, as explained above, is calculated by taking the percentage difference between the $2.69 Most Accurate Estimate and the Zacks Consensus Estimate of $2.61. TROW is also part of a large group of stocks that boast a positive ESP. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
TROW is one of just a large database of Finance stocks with positive ESPs. Another solid-looking stock is Ares Management (ARES - Free Report) .
Ares Management, which is readying to report earnings on November 2, 2026, sits at a Zacks Rank #3 (Hold) right now. Its Most Accurate Estimate is currently $1.33 a share, and ARES is 33 days out from its next earnings report.
Ares Management's Earnings ESP figure currently stands at +0.47% after taking the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $1.32.
TROW and ARES' positive ESP metrics may signal that a positive earnings surprise for both stocks is on the horizon.
Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>
Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.
While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.
Based in Baltimore, T. Rowe Price (TROW - Free Report) is in the Finance sector, and so far this year, shares have seen a price change of 3.06%. Currently paying a dividend of $1.30 per share, the company has a dividend yield of 4.93%. In comparison, the Financial - Investment Management industry's yield is 2.78%, while the S&P 500's yield is 1.42%.
Looking at dividend growth, the company's current annualized dividend of $5.20 is up 2.4% from last year. Over the last 5 years, T. Rowe Price has increased its dividend 5 times on a year-over-year basis for an average annual increase of 5.97%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. T. Rowe's current payout ratio is 50%, meaning it paid out 50% of its trailing 12-month EPS as dividend.
Earnings growth looks solid for TROW for this fiscal year. The Zacks Consensus Estimate for 2026 is $10.15 per share, which represents a year-over-year growth rate of 4.42%.
Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. It's important to keep in mind that not all companies provide a quarterly payout.
Big, established firms that have more secure profits are often seen as the best dividend options, but it's fairly uncommon to see high-growth businesses or tech start-ups offer their stockholders a dividend. During periods of rising interest rates, income investors must be mindful that high-yielding stocks tend to struggle. With that in mind, TROW is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).
In the latest close session, T. Rowe Price (TROW - Free Report) was up +1.19% at $105.51. The stock's performance was ahead of the S&P 500's daily gain of 0.51%. Elsewhere, the Dow saw an upswing of 0.93%, while the tech-heavy Nasdaq appreciated by 0.48%.
The financial services firm's shares have seen a decrease of 7.2% over the last month, not keeping up with the Finance sector's loss of 3.64% and the S&P 500's gain of 0.74%.
The upcoming earnings release of T. Rowe Price will be of great interest to investors. It is anticipated that the company will report an EPS of $2.62, marking a 6.76% fall compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.97 billion, up 3.87% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $10.16 per share and revenue of $7.71 billion, indicating changes of +4.53% and +5.44%, respectively, compared to the previous year.
Investors should also note any recent changes to analyst estimates for T Rowe Price. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.15% upward. As of now, T. Rowe Price holds a Zacks Rank of #3 (Hold).
With respect to valuation, T. Rowe Price is currently being traded at a Forward P/E ratio of 10.26. Its industry sports an average Forward P/E of 10.85, so one might conclude that T. Rowe Price is trading at a discount comparatively.
Meanwhile, TROW's PEG ratio is currently 3.45. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Financial - Investment Management industry had an average PEG ratio of 1.02 as trading concluded yesterday.
The Financial - Investment Management industry is part of the Finance sector. This group has a Zacks Industry Rank of 156, putting it in the bottom 37% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
Asset manager dividends look safe until a bear market hits and fee revenue collapses with asset prices. The way these two giants earn their money means one of them faces a compounding threat that most income investors are not pricing…
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Retirement investors weighing BlackRock (NYSE:BLK | BLK Price Prediction) against T. Rowe Price (NASDAQ:TROW) are really asking one question: when the next drawdown hits and fee revenue falls with asset prices, which of these dividends actually holds? Asset manager economics work differently from those of a utility or staple. Revenue is a fee levied on assets under management, so a bear market compresses the top line automatically. That mechanical link makes the mix of the fee base the thing that decides survival.
Yield and Payout Coverage TROW pays a forward annualized dividend of $5.20 against a share price of $104.57. BLK pays a forward annualized dividend of $22.92 against a share price of $1,057. The raw yield contest goes to TROW by a wide margin.
TROW generated $1.75 billion of operating cash flow in 2025 against $1.14 billion in dividend payouts. BLK generated $3.93 billion in operating cash flow against $3.35 billion in dividend payouts. Both are covered on a full-year basis, but TROW has repeatedly reported negative operating cash flow in Q4, including -$18.7 million in Q4 2025 and -$281.9 million in Q4 2024, while still paying the dividend. Winner: TROW on yield, BLK on coverage cushion.
Durability of the Fee Base BLK ended Q2 2026 with a record $15.34 trillion in AUM, $192 billion of net inflows in the quarter, and $868 billion of trailing twelve-month net inflows with 10% organic base fee growth. iShares crossed $6 trillion in AUM, HPS is adding roughly $230 million in quarterly fees, and Aladdin ACV is growing 15%. As CEO Laurence Fink put it on the Q2 call, “It’s our breadth, not beta, that powers organic growth, meaning we can deliver across market environments.”
TROW is fighting the opposite current. Net client outflows totaled $56.9 billion in 2025 and another $6.5 billion in Q2 2026, while the effective fee rate slipped to 38.1 basis points from 40.5 bps in Q4 2024. CEO Rob Sharps warned that “we expect net flows in the second half of the year to be meaningfully more challenging than the first half.” A drawdown that hits equity markets would compound organic outflows in TROW’s fundamental active equity book, which still carries $900 billion of AUM. Winner: BLK, decisively.
Dividend Growth and Balance Sheet BLK raised its quarterly dividend from $5.21 in 2025 to $5.73 in 2026, roughly a 10% bump. TROW nudged its payout from $1.27 to $1.30 over the same window. Both have multi-decade streaks of higher annual dividends, but BLK’s growth rate is running several times faster right now.
Balance sheets favor BLK on scale and TROW on simplicity. BLK carries $57.6 billion of shareholder equity and $40.2 billion in retained earnings against roughly $12.7 billion in long-term debt. TROW has $11.0 billion of shareholder equity, $3.23 billion in cash, and no long-term debt on the latest annual reports. Winner: BLK on growth, TROW on debt-free simplicity.
Verdict BlackRock wins the durability contest. The mechanical hit from a market drawdown lands on both, but BLK offsets it with private markets, technology subscription revenue growing 13% year over year, and a firehose of ETF inflows. The specific risk to the BLK dividend is integration execution across HPS, GIP, and Preqin combined with a higher diluted share count from acquisition-related issuance.
TROW still suits one specific investor: someone who wants the highest current income today, accepts persistent active-equity outflows and a compressing fee rate, and will not panic if a drawdown forces flat dividend growth. The specific risk to TROW’s dividend is the compounding effect of a market decline layered on top of the $56.9 billion of 2025 outflows, which would hit revenue from both directions at once.
For a retirement portfolio that needs the check to keep arriving and growing through the next bear market, BlackRock is the more durable income stream.
Contact [email protected] for any questions or corrections.
T. ROWE PRICE EXPLORES WHAT INVESTORS CAN LEARN FROM SHELL CEO'S VIEW OF AN "ENERGY ADDITION" ERAPR Newswire
BALTIMORE, Sept. 23, 2026
Newest episode of "The Angle" from T. Rowe Price features a conversation with Wael Sawan on resilience, decision-making, capital discipline, AI, and the forces shaping global energy demand
, /PRNewswire/ -- What can investors learn from a global CEO whose career has been shaped by geopolitical disruption, operational crises, and the challenge of making decisions in uncertain markets?
In the latest episode of "The Angle from T. Rowe Price," Eric Veiel, President, Co-Head of Global Investments and Chief Investment Officer for T. Rowe Price, speaks with Wael Sawan, Chief Executive Officer of Shell plc, about the experiences and resilience that have shaped his approach to business strategy and leadership. Drawing on a personal and professional journey across regions and business cycles, Sawan reflects on how adaptability, preparation, and a willingness to challenge assumptions can help leaders navigate periods of change. Veiel and Sawan discuss several themes that may be relevant for investors assessing complex, cyclical industries, including the distinction between energy transition and "energy addition"— a period in which rising global demand requires new sources of supply to be added alongside, rather than fully replacing, traditional energy sources in the near term—the importance of disciplined capital allocation, and the need to build strategic flexibility in the face of geopolitical uncertainty. Sawan also shares how crisis protocols, diversified perspectives, and data-driven tools can support decision-making when conditions are changing quickly, as they typically do in the energy sector.
"Wael brings an intelligent and thoughtful perspective to the leadership lessons that can emerge from volatility, uncertainty, and long-term strategic change," said Veiel. "Listeners will hear his views on capital discipline, learning from mistakes, and the role of AI in improving decision-making. It's a valuable conversation for investors looking to understand how experienced leaders think through risk, opportunity, and accountability in such a dynamic sector of the global economy."
ABOUT "THE ANGLE"
"The Angle" is an award-winning podcast that brings listeners dynamic insights on the forces shaping financial markets, featuring the T. Rowe Price global investing team and special guests. Through engaging conversations, "The Angle from T. Rowe Price" aims to foster curiosity by asking better questions and delivering better insights, allowing investors to gain a deeper understanding of today's evolving market themes. In 2026, "The Angle from T. Rowe Price" was recognized by the Gramercy Institute with a Financial Content Marketing Award in the Global Asset Management – Over $10B AUM – Business to Consumer category.
Launched in 2024, "The Angle" has explored a range of topics, including artificial intelligence, health care innovation, forward-looking expectations for global markets, key market drivers from the perspectives of some of the world's leading CEOs, the key themes shaping tomorrow's energy landscape, taking a closer look at the future of AI integration at work, how consumer brands can use loyalty, scale, and technology to drive growth, and more recently what investors can learn from business transformation and the future of industrial automation.
This is the eighteenth episode of T. Rowe Price's C-suite podcast series. The series' previous episodes, also available now, have featured C-suite executives from GE Aerospace; The New York Times Company; Intuitive Surgical; NVIDIA Corporation; ExxonMobil; Carlyle; Citi; OpenAI; Eli Lilly; T-Mobile; Ford Motor Company; Northrop Grumman; Goldman Sachs; Intel; Hilton Worldwide; and Honeywell Technologies. "The Angle from T. Rowe Price" is available across multiple platforms, including Spotify and Apple Podcasts. Future episodes will be announced as they are produced. For more information on the podcast please click here.
"The Angle from T. Rowe Price" is T. Rowe Price's second podcast series. "CONFIDENT CONVERSATIONS® on Retirement," which features T. Rowe Price experts sharing their perspectives on retirement-related topics, is in its fifth season.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.90 trillion in client assets as of August 31, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
View original content to download multimedia:https://www.prnewswire.com/news-releases/t-rowe-price-explores-what-investors-can-learn-from-shell-ceos-view-of-an-energy-addition-era-302886262.html
SOURCE T. Rowe Price Group
CEO Buys, CFO Buys: Stocks that are bought by their CEO/CFOs. Insider Cluster Buys: Stocks that multiple company officers and directors have bought. Double Buys: Companies that both Gurus and Insiders are buying Triple Buys: Companies that both Gurus and Insiders are buying, and Company is buying back.
Newest episode of "The Angle" from T. Rowe Price features a conversation with Wael Sawan on resilience, decision-making, capital discipline, AI, and the forces shaping global energy demand
, /PRNewswire/ -- What can investors learn from a global CEO whose career has been shaped by geopolitical disruption, operational crises, and the challenge of making decisions in uncertain markets?
Wael Sawan, CEO of Shell Global and Eric Veiel, President, Co-Head of Global Investments and Chief Investment Officer of T. Rowe Price In the latest episode of "The Angle from T. Rowe Price," Eric Veiel, President, Co-Head of Global Investments and Chief Investment Officer for T. Rowe Price, speaks with Wael Sawan, Chief Executive Officer of Shell plc, about the experiences and resilience that have shaped his approach to business strategy and leadership. Drawing on a personal and professional journey across regions and business cycles, Sawan reflects on how adaptability, preparation, and a willingness to challenge assumptions can help leaders navigate periods of change. Veiel and Sawan discuss several themes that may be relevant for investors assessing complex, cyclical industries, including the distinction between energy transition and "energy addition"— a period in which rising global demand requires new sources of supply to be added alongside, rather than fully replacing, traditional energy sources in the near term—the importance of disciplined capital allocation, and the need to build strategic flexibility in the face of geopolitical uncertainty. Sawan also shares how crisis protocols, diversified perspectives, and data-driven tools can support decision-making when conditions are changing quickly, as they typically do in the energy sector.
"Wael brings an intelligent and thoughtful perspective to the leadership lessons that can emerge from volatility, uncertainty, and long-term strategic change," said Veiel. "Listeners will hear his views on capital discipline, learning from mistakes, and the role of AI in improving decision-making. It's a valuable conversation for investors looking to understand how experienced leaders think through risk, opportunity, and accountability in such a dynamic sector of the global economy."
ABOUT "THE ANGLE"
"The Angle" is an award-winning podcast that brings listeners dynamic insights on the forces shaping financial markets, featuring the T. Rowe Price global investing team and special guests. Through engaging conversations, "The Angle from T. Rowe Price" aims to foster curiosity by asking better questions and delivering better insights, allowing investors to gain a deeper understanding of today's evolving market themes. In 2026, "The Angle from T. Rowe Price" was recognized by the Gramercy Institute with a Financial Content Marketing Award in the Global Asset Management – Over $10B AUM – Business to Consumer category.
Launched in 2024, "The Angle" has explored a range of topics, including artificial intelligence, health care innovation, forward-looking expectations for global markets, key market drivers from the perspectives of some of the world's leading CEOs, the key themes shaping tomorrow's energy landscape, taking a closer look at the future of AI integration at work, how consumer brands can use loyalty, scale, and technology to drive growth, and more recently what investors can learn from business transformation and the future of industrial automation.
This is the eighteenth episode of T. Rowe Price's C-suite podcast series. The series' previous episodes, also available now, have featured C-suite executives from GE Aerospace; The New York Times Company; Intuitive Surgical; NVIDIA Corporation; ExxonMobil; Carlyle; Citi; OpenAI; Eli Lilly; T-Mobile; Ford Motor Company; Northrop Grumman; Goldman Sachs; Intel; Hilton Worldwide; and Honeywell Technologies. "The Angle from T. Rowe Price" is available across multiple platforms, including Spotify and Apple Podcasts. Future episodes will be announced as they are produced. For more information on the podcast please click here.
"The Angle from T. Rowe Price" is T. Rowe Price's second podcast series. "CONFIDENT CONVERSATIONS® on Retirement," which features T. Rowe Price experts sharing their perspectives on retirement-related topics, is in its fifth season.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.90 trillion in client assets as of August 31, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
SummaryI initiated a starter position in T. Rowe Price (TROW), attracted by its S&P 500 Dividend Aristocrat status and 40 years of dividend growth.TROW is expanding beyond actively managed mutual funds by acquiring F/m Investments, significantly increasing its ETF offerings, especially in fixed income.Despite persistent net outflows from mutual funds, TROW's AUM has rebounded, and the current 4.96% yield is historically attractive.I see manageable risks in the F/m acquisition and market downturns, but plan to add to my TROW position over time. RiverNorthPhotography/iStock Unreleased via Getty Images
Introduction At the beginning of September, I took a starter position in dividend growth stock T. Rowe Price (TROW). This is a dividend growth stock that I’ve been looking at for a while
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of TROW either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
I may add to my position in TROW or take a position in any of the ETFs mentioned in this article in the near future.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
There have been two recessions over the past 20 years. One, the Great Recession from 2007-2009 was one of the longest ever, while the other, the COVID-19 recession from February to April 2020, was one of the shortest, but most severe, literally stopping the nation in its tracks for several months.
The financial sector was hit particularly hard as banks saw lending dry up and, during the COVID recession, were hammered by heavy credit-loss provisions, which were a major drag on earnings. Further, investment managers saw their asset levels plummet due to tanking stock prices and outflows, which hurt their earnings.
Yet, some financial stocks survived both recessions without reducing their dividends. Here are three stocks that weathered the last two recessions while maintaining their dividends.
Image source: Getty Images.
T. Rowe Price T. Rowe Price (TROW +0.53%) might not be the first stock you think of when you think of investment managers, but it should be the first when you think of dividend stocks in the sector.
T. Rowe Price has increased its dividend for 40 years in a row, which covers not only the last two recessions but also the dot-com recession of the early 2000s, the Gulf War recession of the early 90s, and the Black Monday stock market crash in 1987.
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What makes T. Rowe Price an elite dividend stock is its clean balance sheet. The company carries virtually no debt, which means it typically has ample capital available, regardless of market conditions, to maintain its dividend.
It is currently paying out a ridiculously high yield of 4.89% at a payout ratio of 49%.
Franklin Resources Franklin Resources (BEN +1.31%) is the holding company for Franklin Templeton Investments, among other money management firms. Like T. Rowe Price, it has a long streak of increasing its dividend, doing so for 29 straight years. Currently, it pays out a high yield of 3.92% with a payout ratio of 46%.
Franklin has been able to navigate the market's ups and downs and maintain its dividend because of its balanced, diversified structure. It owns multiple investment managers across equity, fixed income, and alternative strategies, which have allowed it to float steadily, maintaining decent cash flows in any market.
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Also, Franklin, while not on the level of BlackRock, Vanguard, and others, has significantly more ETF assets than T. Rowe Price, and that has helped it outperform over the past three- to five-year period.
M&T Bank M&T Bank (MTB +0.38%) was one of the very few bank stocks that raised its dividend during the COVID recession. Most banks were cutting their dividends, while others managed to hold them in check. This was in line with Federal Reserve mandates, which temporarily banned share buybacks and capped banks' dividends at their level in the second quarter of 2020, when the pandemic hit.
M&T Bank maintained its $ 1.10-per-share payout throughout 2020 and into 2021, then raised it to $1.20 per share in Q4 2021 after the dividend cap was lifted.
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It was similarly strong during the Great Recession. The bank raised its dividend to $0.70 per share in late 2007, and maintained it at $0.70 throughout 2008 and 2009 -- the heart of the recession -- and beyond. In fact, M&T Bank kept its dividend unchanged for nine consecutive years through 2016. It finally boosted its dividend to $0.75 per share in 2017 and has raised it for the past nine years in a row.
M&T Bank was able to navigate these storms because of its conservative, risk-averse lending and underwriting, and its cautious strategy of maintaining moderate dividend payouts during the 2010s bull market. It maintained low payout ratios throughout the bull market, which gave it an ample cushion during the pandemic.
All three of these stocks would be solid bets to at least maintain their dividends if things get rocky, based on their histories.
/PRNewswire/ -- T. Rowe Price, a global asset management firm and a leader in retirement, today released findings from its sixth annual Defined Contribution
T. ROWE PRICE STUDY FINDS DC CONSULTANTS AND ADVISORS ARE MOVING FROM AI EXPLORATION TO EXECUTION, WHILE PRIVATE ASSETS AND PERSONALIZATION GAIN MOMENTUMPR News
After the Great Recession, the world got used to abnormally low interest rates. The headlines are filled with concern about rising rates right now, as the Federal Reserve looks to tamp down inflation. But, in reality, the current rate environment is pretty much returning to the pre-Great Recession norm. Still, this transition period could be tough on companies that have relied on low rates to support their revenues and profits.
To be fair, even the best-positioned finance companies are likely to feel some sting from rising rates. However, some companies are better positioned to navigate the headwind, including Realty Income (O -0.95%), Brookfield Asset Management (BAM -1.69%), and T. Rowe Price (TROW -0.26%). Here's why this trio of high-yield stocks could still be worth buying even if rates move higher.
Image source: Getty Images.
Realty Income's cost of capital sets it apart from the pack Realty Income is built from the ground up to be boring. It is the largest net-lease real estate investment trust, which means its tenants are responsible for most property-level operating costs. That reduces costs and protects the REIT from rising costs. But the real story here is about scale and financial strength.
Realty Income has an investment-grade-rated balance sheet. Its portfolio contains over 15,500 properties. And it has a market cap of roughly $55 billion. Its cost of capital will rise as interest rates rise, but the property market will eventually adjust, helping to maintain Realty Income's profitability. That said, the REIT has advantaged access to capital markets due to its size and financial strength, which allows it to maintain a lower cost of capital than many of its peers. This advantage exists regardless of the interest rate environment.
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With a yield of 5.4% and a dividend that has been increased for 31 consecutive years, there's no reason to worry that Realty Income's dividend is at risk today.
Asset managers like Brookfield and T. Rowe Price live on fees The next two companies are similar in some ways and different in others. Brookfield Asset Management and T. Rowe Price are both asset managers, collecting fees from the customers who trust them to invest on their behalf. Customers tend to be sticky, and the fees they charge don't change with interest rates. Brookfield Asset Management had over $1 trillion in assets under management at the end of the second quarter of 2026. T. Rowe Price had $1.9 trillion.
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One of the biggest differences between these two financial businesses is their target markets. Brookfield Asset Management tends to focus on institutional investors, while T. Rowe Price has a large consumer customer base. If rising rates lead to a bear market, both will likely feel the hit as assets under management decline. But T. Rowe Price has increased its dividend annually for 39 years. And while Brookfield Asset Management's history as a publicly traded entity is much shorter, the company has been in operation for over 100 years. Both have proven they know how to survive and thrive even when rates are rising.
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Brookfield Asset Management's dividend yield is currently around 4.2%. T. Rowe Price's dividend yield is 4.8%. Both are worth a deep dive, even if rates are likely to rise from current levels.
You can't avoid rising rates, but you can limit the sting If you are a dividend investor, rising rates will impact your investments. There's really no way around that fact. However, buying companies like Realty Income, Brookfield Asset Management, and T. Rowe Price can provide you with lofty yields that are likely to be well protected from rising rates. If you are using the dividends you collect to pay your bills, you should take a close look at all three of these high-yield stocks today.
T. Rowe Price (TROW - Free Report) closed the most recent trading day at $104.23, moving -1.48% from the previous trading session. The stock's change was less than the S&P 500's daily loss of 0.45%. At the same time, the Dow lost 0.63%, and the tech-heavy Nasdaq lost 0.78%.
Coming into today, shares of the financial services firm had lost 4.22% in the past month. In that same time, the Finance sector lost 2.1%, while the S&P 500 lost 1.99%.
Market participants will be closely following the financial results of T. Rowe Price in its upcoming release. The company is expected to report EPS of $2.62, down 6.76% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $1.97 billion, up 3.87% from the prior-year quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $10.16 per share and revenue of $7.71 billion. These totals would mark changes of +4.53% and +5.44%, respectively, from last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for T Rowe Price. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.29% higher. T. Rowe Price is holding a Zacks Rank of #3 (Hold) right now.
Looking at valuation, T. Rowe Price is presently trading at a Forward P/E ratio of 10.41. This signifies a discount in comparison to the average Forward P/E of 11.64 for its industry.
One should further note that TROW currently holds a PEG ratio of 3.5. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Financial - Investment Management industry currently had an average PEG ratio of 1.14 as of yesterday's close.
The Financial - Investment Management industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 169, placing it within the bottom 32% of over 250 industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
Key Takeaways T. Rowe Price's AUM rose 1.6% sequentially to $1.90 trillion despite $7.9 billion in net outflows.Fixed income, multi-asset and alternatives recorded positive net flows, partly offsetting equity redemptions.Retirement, ETFs and alternatives are broadening TROW's asset base and supporting new avenues for AUM growth.
T. Rowe Price Group, Inc. (TROW - Free Report) reported preliminary assets under management (AUM) of $1.90 trillion as of Aug. 31, 2026, reflecting a 1.6% increase from the prior month despite $7.9 billion in net outflows.
The August increase builds on TROW’s steady long-term AUM growth. Over the past five years (ended 2025), the metric grew at a 6.5% compound annual growth rate (CAGR), rising from $1.78 trillion at year-end 2025 to $1.89 trillion as of June 30, 2026. The sustained growth highlights the strength of its diversified asset base, despite continued net outflows.
The benefit of this diversification was evident in August 2026, with gains across all major asset classes. The company's equity AUM increased 1.6% sequentially to $910 billion, while fixed-income AUM, including money market products, rose 1.4% to $225 billion. The multi-asset AUM climbed 1.7% to $699 billion, and alternative assets increased 1.6% to $63 billion.
While equity outflows remain a headwind, TROW is seeing improving demand across other asset classes. Fixed income, multi-asset and alternatives each recorded positive net flows in the second quarter, partly offsetting continued equity redemptions. Management expects sustained fixed-income net flows and continued momentum in alternatives, which could further improve the company’s overall flow mix.
TROW’s retirement franchise is also supporting its asset base, particularly through its target-date funds. These portfolios totaled $622 billion as of June 30, 2026, representing nearly 33% of total AUM. In August, target-date retirement portfolios reached $631 billion, up 1.8% from the prior month. Meanwhile, its active exchange-traded fund (ETF) business is gaining traction, generating $4.4 billion in net inflows during the second quarter and surpassing $30 billion in AUM. Growth in these areas is broadening TROW’s asset base beyond traditional active equity products.
The company is also expanding its alternatives capabilities to capture growing demand for private-market investments. TROW launched the T. Rowe Price Goldman Sachs Private Markets Fund in July 2026, while Oak Hill Advisors continues to strengthen its alternatives and credit platform. The expansion complements positive alternatives flows and provides another avenue to attract assets as the company works to offset equity outflows.
Although continued equity redemptions and private credit concerns may pressure near-term growth, TROW’s diversified asset base, improving flows across several asset classes and expansion into retirement, ETFs and alternatives provide multiple avenues to support AUM growth.
AUM Performance of T. Rowe Price’s PeersLazard, Inc. (LAZ - Free Report) has witnessed steady AUM growth, with a 2.8% CAGR during 2016-2025. The growth momentum strengthened in the first half of 2026, with AUM rising 15% year over year to $285 billion as of June 30, 2026, supported by market appreciation and $7.4 billion in net inflows.
The momentum continued in August, with preliminary AUM rising 1.2% sequentially to $290.3 billion despite $1.8 billion in net outflows. Expansion in quantitative strategies, active ETFs and private markets, including the increased stake in Elaia Partners, should further support LAZ’s AUM growth.
Franklin Templeton, Inc. (BEN - Free Report) has witnessed steady AUM growth, with a 3.1% CAGR during fiscal 2021-2025. The growth momentum strengthened in 2026, with AUM reaching a record $1.79 trillion as of June 30, 2026, supported by improving long-term net flows and favorable market conditions.
The positive trend continued for BEN, with $14 billion in long-term net inflows during August, lifting preliminary AUM 1.9% to a record $1.83 trillion. Expansion in alternatives, private markets and digital assets should further support AUM growth.
TROW’s Price Performance & Zacks RankOver the past six months, shares of T. Rowe Price have gained 21.6% compared with the industry’s rise of 14.8%.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BALTIMORE, Sept. 11, 2026 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) announced August month-end assets under management of $1.90 trillion. Net outflows for August 2026 were $7.9 billion.
Four dividend stocks are hitting their ex-date deadlines this week, and for one of them, the window to collect the next payment slams shut at today's closing bell. Here is what the coverage numbers actually say before you decide to…
Four income names are lining up ex-dividend windows this week, and the earliest one closes at today’s session. Anyone hoping to collect the next payment has to be on the shareholder register before the ex-date, which for Gaming & Leisure Properties on September 11, 2026 means the buy-by deadline is today. The other three, an asset manager, a business development company and a regulated utility, all go ex on September 15, 2026.
A quick thing to note: the ex-dividend date is the first day a stock trades without the right to the upcoming payment, so buying on or after the ex-date means missing this payout. Own the shares before the ex-date, get paid on the payment date.
Gaming & Leisure Properties (GLPI): Buy By Today Gaming & Leisure Properties (NASDAQ:GLPI | GLPI Price Prediction) is the most urgent name on the list. The gaming REIT declared a $0.82 quarterly dividend with a September 25, 2026 payment date, on a 7.59% dividend yield. The ex-date lands on September 11, so the last day to buy for this payment is today’s regular session.
For a REIT, coverage is read on AFFO, not EPS. GLPI reported Q2 2026 AFFO of $304.0M, or $1.03 per diluted share, up 10.1% year over year, comfortably above the $0.82 payout. Management raised full-year 2026 AFFO guidance to $4.10 to $4.12 per share and reported leverage of 4.8x, below the 5.0x to 5.5x target range. The yield is elevated in part because the stock has drifted lower: shares are down 7.41% over the past year and down 3.73% year to date, but AFFO coverage is intact.
T. Rowe Price (TROW): Buy By Monday, September 14 T. Rowe Price Group (NASDAQ:TROW) goes ex on September 15, 2026, with a $1.30 quarterly dividend payable September 29. The yield is 4.68%, and the last day to buy for this payment is Monday, September 14.
Coverage for an asset manager is a straight EPS read. TROW posted trailing diluted EPS of $9.96 against an annualized forward dividend of $5.20, leaving substantial cushion. Q2 2026 adjusted diluted EPS came in at $2.57 on record ending AUM of $1.89 trillion, though net client outflows of $6.5B remain the overhang on the equity story. Shares are down 5.68% over the past month, keeping the yield healthy.
Ares Capital (ARCC): Buy By Monday, September 14 Ares Capital (NASDAQ:ARCC), the largest publicly traded BDC, has an ex-date of September 15, 2026, with a $0.48 quarterly dividend payable September 30. The yield sits at 9.75%. Buy by Monday, September 14 to collect it.
For BDCs, coverage runs off net investment income. ARCC reported Q2 2026 core EPS of $0.47 against the $0.48 payout, meaning NII covered roughly, but not fully, the regular dividend this quarter. Net investment income rose to $359M from $342M year over year, but GAAP net income fell to $0.24 per share on $183M of net unrealized portfolio losses, and non-accruals ticked up to 2.4% of amortized cost from 1.8%. NAV per share slipped to $19.35 from $19.94 at year-end 2025. Coverage is tight and worth watching.
Xcel Energy (XEL): Buy By Monday, September 14 Xcel Energy (NASDAQ:XEL) rounds out the group with an ex-date of September 15, 2026, a $0.5925 quarterly dividend and an October 20, 2026 payment date. The yield is 3.02%, thinner than the others but paired with the lowest volatility profile of the four (beta 0.399).
Trailing diluted EPS came in at $3.62 compared with a $2.325 annual dividend, which seems to fit inside the company’s stated 45% to 55% target payout range. Management reaffirmed 2026 ongoing EPS guidance of $4.04 to $4.16. The real overhang is wildfire liability: Smokehouse Creek Fire estimated losses of $503M against roughly $80M of remaining insurance, $640M in Marshall Wildfire settlements, and a negative Moody’s outlook on Xcel unsecured debt. Shares are still up 9.64% over the past year.
Closing Read Chasing a single dividend is not an income strategy. If the ex-date passes without shares in hand, the payment goes to the prior owner, full stop. The GLPI window closes today and the other three close Monday, September 14. Whether any of these fit a portfolio is a separate question from the calendar deadline, and the coverage reads above matter more than the yield headline.
Contact [email protected] for any questions or corrections.
California State Teachers Retirement System lifted its position in T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) by 10,632.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,287,275 shares of the asset manager’s stock after purchasing an additional 44,865,323 shares during the quarter. California State Teachers Retirement System owned 21.23% of T. Rowe Price Group worth $5,148,710,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wedmont Private Capital bought a new position in shares of T. Rowe Price Group during the 2nd quarter worth about $265,000. Kintra Wealth LLC raised its position in T. Rowe Price Group by 31.7% in the second quarter. Kintra Wealth LLC now owns 77,486 shares of the asset manager’s stock worth $8,624,000 after purchasing an additional 18,664 shares in the last quarter. Nilsine Partners LLC grew its stake in shares of T. Rowe Price Group by 3.2% in the 2nd quarter. Nilsine Partners LLC now owns 4,083 shares of the asset manager’s stock valued at $464,000 after purchasing an additional 127 shares during the period. Saudi Central Bank raised its holdings in shares of T. Rowe Price Group by 89.1% in the 2nd quarter. Saudi Central Bank now owns 15,233 shares of the asset manager’s stock worth $1,732,000 after buying an additional 7,178 shares in the last quarter. Finally, BAM Wealth Management LLC raised its holdings in shares of T. Rowe Price Group by 23.1% in the 2nd quarter. BAM Wealth Management LLC now owns 4,141 shares of the asset manager’s stock worth $471,000 after buying an additional 778 shares in the last quarter. 73.39% of the stock is owned by institutional investors.
Insider Buying and Selling In other T. Rowe Price Group news, VP Joshua Nelson sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total value of $1,118,200.00. Following the completion of the sale, the vice president owned 71,328 shares in the company, valued at approximately $7,975,896.96. This trade represents a 12.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by corporate insiders.
T. Rowe Price Group Stock Performance Shares of TROW opened at $107.74 on Thursday. The stock has a fifty day moving average price of $114.30 and a two-hundred day moving average price of $104.26. T. Rowe Price Group, Inc. has a 52-week low of $85.22 and a 52-week high of $122.00. The company has a market cap of $22.98 billion, a price-to-earnings ratio of 10.81, a PEG ratio of 3.62 and a beta of 1.46. T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping analysts’ consensus estimates of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter in the previous year, the firm earned $2.24 earnings per share. The business’s revenue was up 10.7% on a year-over-year basis. As a group, research analysts predict that T. Rowe Price Group, Inc. will post 10.16 EPS for the current fiscal year.
T. Rowe Price Group Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a dividend of $1.30 per share. The ex-dividend date is Tuesday, September 15th. This represents a $5.20 annualized dividend and a yield of 4.8%. T. Rowe Price Group’s dividend payout ratio is 52.16%.
Wall Street Analysts Forecast Growth Several brokerages recently commented on TROW. UBS Group set a $110.00 price target on T. Rowe Price Group in a research note on Monday, August 31st. Evercore set a $118.00 target price on shares of T. Rowe Price Group in a research note on Monday, August 10th. Barclays lowered their target price on shares of T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating on the stock in a report on Monday, August 3rd. TD Cowen increased their target price on shares of T. Rowe Price Group from $108.00 to $110.00 and gave the stock a “hold” rating in a research report on Monday, August 31st. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $109.00 price target on shares of T. Rowe Price Group in a report on Monday, August 3rd. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, T. Rowe Price Group currently has an average rating of “Reduce” and an average price target of $106.15.
Check Out Our Latest Stock Report on T. Rowe Price Group
(Free Report)
T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment management, advisory and related services to individual investors, retirement plans, institutions, financial intermediaries and other clients.
The company offers a broad range of investment products and strategies, including mutual funds, exchange-traded funds, separately managed accounts and institutional portfolios.
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T. Rowe Price (TROW - Free Report) closed at $107.74 in the latest trading session, marking a -1.54% move from the prior day. This change lagged the S&P 500's 0.48% loss on the day. Meanwhile, the Dow experienced a drop of 0.77%, and the technology-dominated Nasdaq saw a decrease of 0.64%.
Prior to today's trading, shares of the financial services firm had lost 3.81% lagged the Finance sector's loss of 0.68% and the S&P 500's loss of 0.97%.
The investment community will be paying close attention to the earnings performance of T. Rowe Price in its upcoming release. The company is predicted to post an EPS of $2.62, indicating a 6.76% decline compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $1.97 billion, indicating a 3.87% growth compared to the corresponding quarter of the prior year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $10.16 per share and revenue of $7.71 billion, indicating changes of +4.53% and +5.44%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for T Rowe Price. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.29% higher. Right now, T. Rowe Price possesses a Zacks Rank of #3 (Hold).
Looking at valuation, T. Rowe Price is presently trading at a Forward P/E ratio of 10.77. This expresses a discount compared to the average Forward P/E of 12.05 of its industry.
Meanwhile, TROW's PEG ratio is currently 3.62. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Financial - Investment Management industry stood at 1.2 at the close of the market yesterday.
The Financial - Investment Management industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 103, which puts it in the top 42% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Key Takeaways T. Rowe Price appears more compelling than KKR at the current levels, based on value and income.KKR offers stronger earnings growth prospects, with 2026 earnings expected to rise 20.7%.TROW trades at a lower P/E and offers a higher dividend yield after six dividend hikes in five years. T. Rowe Price (TROW - Free Report) and KKR & Co. Inc. (KKR - Free Report) are well-positioned to benefit from the asset management industry’s favorable yet rapidly evolving backdrop in 2026. Strong capital markets, robust demand for private-market investments and expanding retail access to alternatives continue to support fundraising and assets under management (AUM) growth. At the same time, geopolitical uncertainty, volatile interest rates, stretched valuations and emerging private-credit risks remain key concerns.
Against this backdrop, both TROW and KKR are leveraging their diversified alternative-investment platforms and strong fundraising capabilities. So, which of these asset management stocks currently offers greater upside potential? To answer that, we need to examine their fundamentals more closely.
The Case for KKRKKR has been expanding its platform through acquisitions to enhance its investment capabilities and drive asset growth. In May 2026, the company acquired Arctos Partners, an investment firm managing approximately $16 billion in AUM, expanding its capabilities across sports investing, GP solutions and secondaries. In July 2025, KKR acquired a majority stake in HealthCare Royalty Partners, adding nearly $3 billion to its AUM and expanding its healthcare-focused investment capabilities. These initiatives have supported KKR's efforts to scale its alternative investment platform, diversify revenue streams and accelerate AUM growth, positioning the company well for long-term expansion.
Building on these initiatives, KKR's AUM balance has grown steadily over the years, reflecting the strength of its diversified investment platform. The company's expanding presence across private equity, credit, infrastructure, real estate and insurance has supported AUM growth, while fundraising and capital deployment activity have been healthy. A growing perpetual capital base and continued expansion of investment capabilities are expected to support future asset growth. Management's goal of reaching at least $1 trillion in AUM by 2030 further underscores confidence in the company's long-term growth prospects.
Organic growth also remains a key strength for KKR. The company continues to benefit from the expansion of its traditional private equity and third-party businesses while adding capabilities across infrastructure, real estate, growth and core investing strategies. These efforts have increased deal activity and broadened KKR's revenue base over time. Continued expansion across these investment platforms is expected to support revenue growth and earnings generation over the long term.
Nevertheless, an elevated expense base remains a headwind for KKR. Higher commission, reinsurance and employee compensation expenses have increased costs, while continued fundraising activity is expected to drive higher placement fees. This could pressure the company's near-term earnings growth.
The Case for TROWT. Rowe Price’s diversified AUM across asset classes, client types and geographies supports earnings through different market environments. AUM rose from $1.78 trillion at the end of 2025 to $1.89 trillion as of June 30, 2026, as $138 billion in market appreciation more than offset $20.2 billion in first-half net outflows. Fixed income, multi-asset and alternatives each generated positive net flows for the quarter ending June 30, 2026, partly offsetting continued equity outflows. Management expects consistent and sustained fixed-income net flows, and continued momentum in alternatives, providing additional avenues to diversify the firm’s flow profile.
The company continues to expand its investment capabilities through partnerships, acquisitions and internally developed products. Its collaboration with Goldman Sachs advanced in July 2026 with the launch of the T. Rowe Price Goldman Sachs Private Markets Fund, while a second public-private equity interval fund is expected later in 2026. As the company is committed to diversifying its revenue streams and meeting customer needs, we believe that such endeavors will likely support its long-term prospects.
The company’s focus on fortifying its business by enhancing investment capabilities, broadening distribution reach and investing in new product offerings will support revenue growth. In March 2026, it introduced the T. Rowe Price OHA Flexible Credit Income Fund (OFLEX) in partnership with OHA to expand its alternative credit offerings. In 2023, it also launched T. Rowe Price OHA Select Private Credit Fund (OCREDIT) to provide private credit investment solutions for income-oriented individual investors. The company's shifting focus toward international growth funds is also expected to help increase both its revenues and investment management margin.
Nonetheless, the company’s bottom-line growth continues to suffer from high costs, driven by ongoing investments in technology, distribution and employee compensation.
How Do Earnings Estimates Compare for TROW & KKR?The Zacks Consensus Estimate for TROW’s 2026 sales and earnings implies a year-over-year rise of 4.3% and 5.5%, respectively. Earnings estimates for 2026 have been revised upward over the past month.
Estimate Revision Trend
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for KKR’s 2026 sales and earnings implies a year-over-year rise of 29.4% and 20.7%, respectively. Earnings estimates for 2026 have been revised upward over the past month.
Estimate Revision Trend
Image Source: Zacks Investment Research
TROW & KKR: Price Performance, Valuations & Other ComparisonsOver the past year, KKR shares have declined 21.8%, while TROW shares have gained 3.8% against the industry’s fall of 8.7%.
Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, TROW is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 11.02X, while KKR is currently trading at a forward 12-month P/E multiple of 16.8X. TROW stock is cheaper than KKR.
Price-to-Earnings F12M
Image Source: Zacks Investment Research
Meanwhile, both T. Rowe Price and KKR reward their shareholders handsomely. TROW raised its dividend six times over the past five years. It has a dividend yield of 4.7%. Similarly, KKR raised its dividend five times over the past five years. It has a dividend yield of 0.7%.
TROW or KKR: Which Stock Offers More Value?While KKR offers stronger earnings growth prospects and significant long-term opportunities to expand its alternative-asset platform, T. Rowe Price appears to offer a more compelling value proposition at current levels. TROW trades at a discount compared with KKR, offering investors a more attractive entry point. Its higher dividend yield, coupled with six dividend hikes over the past five years, enhances its appeal for income-focused investors.
TROW also benefits from a diversified AUM base, an expanding presence in alternatives and continued efforts to strengthen its private-market capabilities. Although persistent net outflows and elevated operating expenses remain key concerns, initiatives to broaden its product lineup, expand distribution and deepen its exposure to higher-growth investment categories should support its longer-term prospects.
KKR, meanwhile, remains well-positioned to capitalize on growing demand for alternative investments. Its robust earnings-growth outlook, expanding AUM base and diversified investment platform make it an attractive growth-oriented investment. However, its relatively higher valuation and lower dividend yield make the stock less compelling from a value and income standpoint at present.
Considering valuation, shareholder returns, diversification and income potential, T. Rowe Price appears to offer better value than KKR at current levels. TROW’s lower earnings multiple and substantially higher dividend yield provide a more favorable risk-reward proposition, while its strategic expansion into alternatives and private markets offers additional avenues for long-term growth.
At present, both TROW and KKR carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Bank of Nova Scotia purchased a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 302,391 shares of the asset manager’s stock, valued at approximately $34,379,000. Bank of Nova Scotia owned 0.14% of T. Rowe Price Group as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. TD Private Client Wealth LLC lifted its holdings in T. Rowe Price Group by 91.8% during the fourth quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock valued at $26,000 after purchasing an additional 123 shares in the last quarter. DV Equities LLC acquired a new stake in shares of T. Rowe Price Group in the fourth quarter valued at about $32,000. Motiv8 Investments LLC purchased a new stake in shares of T. Rowe Price Group during the fourth quarter worth about $35,000. Bank & Trust Co raised its position in shares of T. Rowe Price Group by 52.4% during the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock worth $36,000 after purchasing an additional 108 shares during the last quarter. Finally, Keating Financial Advisory Services Inc. purchased a new position in T. Rowe Price Group in the 2nd quarter valued at about $39,000. Hedge funds and other institutional investors own 73.39% of the company’s stock.
T. Rowe Price Group Price Performance TROW opened at $111.51 on Monday. The company’s 50 day simple moving average is $113.94 and its two-hundred day simple moving average is $102.84. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00. The firm has a market capitalization of $23.79 billion, a price-to-earnings ratio of 11.18, a price-to-earnings-growth ratio of 3.70 and a beta of 1.47.
T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same period in the prior year, the business earned $2.24 earnings per share. The business’s revenue was up 10.7% compared to the same quarter last year. On average, equities analysts anticipate that T. Rowe Price Group, Inc. will post 10.14 earnings per share for the current fiscal year. T. Rowe Price Group Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.7%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio is presently 52.16%.
Wall Street Analyst Weigh In Several research firms recently issued reports on TROW. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $115.00 price objective (down from $120.00) on shares of T. Rowe Price Group in a report on Monday, August 3rd. Weiss Ratings raised T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, July 2nd. TD Cowen raised their target price on T. Rowe Price Group from $107.00 to $108.00 and gave the company a “hold” rating in a research report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $109.00 price target on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Finally, Evercore set a $118.00 price objective on T. Rowe Price Group in a report on Monday, August 10th. Ten research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $105.67.
Get Our Latest Stock Report on T. Rowe Price Group
T. Rowe Price Group Company Profile (Free Report)
T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.
The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.
Read More Five stocks we like better than T. Rowe Price Group VIG, VYM, and VYMI: Which Vanguard Dividend ETF Is Right for You? 3 Closed-End Funds to Maximize Dividend Payments Rocket Lab’s Sell-Off Is Fading—Is It Finally Safe to Buy? $27 Billion in Buybacks: 3 Stocks Betting Their Strong Runs Aren’t Over Want to see what other hedge funds are holding TROW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report).
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Allworth Financial LP purchased a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,376 shares of the asset manager’s stock, valued at approximately $725,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Greenspring Advisors LLC acquired a new stake in T. Rowe Price Group during the 2nd quarter valued at approximately $1,757,000. B. Metzler seel. Sohn & Co. AG acquired a new position in shares of T. Rowe Price Group in the 2nd quarter valued at approximately $1,512,000. Virtus Advisers LLC acquired a new position in shares of T. Rowe Price Group in the 2nd quarter valued at approximately $209,000. Silvant Capital Management LLC purchased a new position in shares of T. Rowe Price Group during the 2nd quarter valued at approximately $43,000. Finally, Mystic Asset Management Inc. purchased a new position in shares of T. Rowe Price Group during the 2nd quarter valued at approximately $218,000. Hedge funds and other institutional investors own 73.39% of the company’s stock.
T. Rowe Price Group Price Performance Shares of TROW opened at $111.51 on Monday. The business’s fifty day moving average price is $113.94 and its 200 day moving average price is $102.84. T. Rowe Price Group, Inc. has a 12-month low of $85.22 and a 12-month high of $122.00. The stock has a market capitalization of $23.79 billion, a PE ratio of 11.18, a price-to-earnings-growth ratio of 3.70 and a beta of 1.47.
T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last released its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping analysts’ consensus estimates of $2.52 by $0.05. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The firm’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.24 earnings per share. As a group, research analysts anticipate that T. Rowe Price Group, Inc. will post 10.14 earnings per share for the current fiscal year. T. Rowe Price Group Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a $1.30 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $5.20 annualized dividend and a dividend yield of 4.7%. T. Rowe Price Group’s payout ratio is 52.16%.
Wall Street Analysts Forecast Growth TROW has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $115.00 price target (down from $120.00) on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Barclays cut their price target on shares of T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating on the stock in a report on Monday, August 3rd. Weiss Ratings raised shares of T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, July 2nd. Zacks Research lowered shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Finally, The Goldman Sachs Group boosted their target price on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a research report on Tuesday, June 30th. Ten investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $105.67.
Check Out Our Latest Analysis on T. Rowe Price Group
T. Rowe Price Group Company Profile (Free Report)
T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.
The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.
Featured Stories Five stocks we like better than T. Rowe Price Group VIG, VYM, and VYMI: Which Vanguard Dividend ETF Is Right for You? 3 Closed-End Funds to Maximize Dividend Payments Rocket Lab’s Sell-Off Is Fading—Is It Finally Safe to Buy? $27 Billion in Buybacks: 3 Stocks Betting Their Strong Runs Aren’t Over Want to see what other hedge funds are holding TROW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report).
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Bank of New York Mellon Corp purchased a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,477,560 shares of the asset manager’s stock, valued at approximately $167,984,000. Bank of New York Mellon Corp owned approximately 0.69% of T. Rowe Price Group at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. State of Wyoming bought a new stake in shares of T. Rowe Price Group during the second quarter worth $474,000. Stoneridge Investment Partners LLC acquired a new stake in T. Rowe Price Group in the second quarter worth $1,043,000. Clearstead Trust LLC acquired a new stake in T. Rowe Price Group during the 2nd quarter worth $41,000. Bridgewater Advisors Inc. acquired a new stake in shares of T. Rowe Price Group during the second quarter worth about $476,000. Finally, Vest Financial LLC lifted its stake in T. Rowe Price Group by 3.9% in the second quarter. Vest Financial LLC now owns 548,644 shares of the asset manager’s stock valued at $62,375,000 after buying an additional 20,743 shares in the last quarter. 73.39% of the stock is owned by institutional investors.
T. Rowe Price Group Stock Performance Shares of NASDAQ TROW opened at $111.51 on Monday. T. Rowe Price Group, Inc. has a 12 month low of $85.22 and a 12 month high of $122.00. The company has a market capitalization of $23.79 billion, a P/E ratio of 11.18, a P/E/G ratio of 3.70 and a beta of 1.47. The stock has a 50 day moving average of $113.94 and a 200-day moving average of $102.84.
T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last announced its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, topping analysts’ consensus estimates of $2.52 by $0.05. The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.24 earnings per share. Analysts predict that T. Rowe Price Group, Inc. will post 10.14 EPS for the current fiscal year. T. Rowe Price Group Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $1.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $5.20 annualized dividend and a dividend yield of 4.7%. T. Rowe Price Group’s payout ratio is presently 52.16%.
Analyst Upgrades and Downgrades Several research analysts have recently weighed in on the company. Zacks Research cut T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Morgan Stanley set a $116.00 price target on shares of T. Rowe Price Group in a research report on Wednesday, July 29th. Evercore set a $118.00 price target on shares of T. Rowe Price Group in a research note on Monday, August 10th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $115.00 price objective (down from $120.00) on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Finally, The Goldman Sachs Group boosted their price objective on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a research note on Tuesday, June 30th. Ten analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $105.67.
Get Our Latest Research Report on TROW
(Free Report)
T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.
The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.
Further Reading Five stocks we like better than T. Rowe Price Group VIG, VYM, and VYMI: Which Vanguard Dividend ETF Is Right for You? 3 Closed-End Funds to Maximize Dividend Payments Rocket Lab’s Sell-Off Is Fading—Is It Finally Safe to Buy? $27 Billion in Buybacks: 3 Stocks Betting Their Strong Runs Aren’t Over
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Key Takeaways TROW's F/m Investments acquisition boosts fixed-income AUM nearly 9% and more than doubles ETF AUM.F/m Investments adds 20 ETFs and customized municipal, liquidity and SMA strategies to TROW's platform.TROW can leverage its $1.87T AUM base and distribution network to expand F/m Investments products. T. Rowe Price Group, Inc. (TROW - Free Report) is stepping up efforts to diversify its investment platform and capture growing demand for exchange-traded funds (ETFs), separately managed accounts (SMAs) and customized fixed-income strategies. Expanding these businesses should help TROW broaden its client base, strengthen relationships with advisers and institutional investors, and gradually reduce its dependence on traditional actively managed mutual funds.
Against this backdrop, T. Rowe Price has agreed to acquire F/m Investments LLC, a fixed-income asset manager and ETF specialist with approximately $19 billion in assets under management (AUM) as of July 31, 2026. The transaction, expected to close in early 2027 subject to customary conditions, should deepen TROW's fixed-income capabilities and accelerate growth of its ETF and SMA franchises. Financial terms were not disclosed.
How Will the Deal Strengthen TROW?The acquisition is expected to increase T. Rowe Price's fixed-income AUM by nearly 9% and more than double its fixed-income ETF AUM. More importantly, it gives TROW additional scale in investment vehicles that are gaining traction among advisers, institutions and high-net-worth investors.
The timing appears favorable. TROW's fixed-income AUM, including money market assets, increased to $222 billion as of June 30, 2026, from $212 billion at 2025-end. Adding F/m Investments’ assets while fixed income is already showing positive momentum could help TROW capitalize on stronger client demand and improve its ability to attract incremental flows.
The deal should also accelerate TROW's ETF expansion. In June 2026, the company said that AUM across its active ETF franchise had exceeded $25 billion. Its lineup included 10 fixed-income and 22 equity ETFs, alongside multi-asset products. F/m Investments’ 20 ETFs, covering U.S. Treasuries, Treasury Inflation-Protected Securities, corporate bonds and municipal securities, should significantly broaden this platform.
The strategic value of the acquisition extends beyond the additional assets. T. Rowe Price can combine F/m Investments’ specialized product-development capabilities with its larger investment infrastructure and distribution network. With $1.87 trillion in total client assets as of July 31, 2026, TROW has considerable scope to distribute these products across intermediary, institutional, retirement and wealth-management channels.
Its sizable retirement franchise further enhances that opportunity. Roughly two-thirds of TROW's assets are retirement-related, providing a broad existing client base through which newer ETF, SMA and fixed-income solutions could potentially gain adoption. The transaction also fits TROW's wider push to deepen its fixed-income platform. Early in 2026, the company entered the collateralized loan obligation market with a $403.6-million debut CLO. Together, the CLO initiative and F/m Investments acquisition indicate that TROW is expanding beyond traditional fixed-income products toward specialized strategies with stronger growth potential.
Overall, the F/m Investments acquisition should strengthen TROW's competitive position by adding scale, broadening its product mix and supporting faster ETF and SMA growth. While successful integration and sustained investor demand will determine the ultimate financial contribution, TROW's strong distribution capabilities and improving fixed-income momentum make the deal strategically compelling.
Other Firms Competing for Crypto-Related ExposureMajor banks like Goldman Sachs (GS - Free Report) and JPMorgan (JPM - Free Report) are expanding crypto-related capabilities even if they have not yet launched proprietary ETFs.
Goldman Sachs has been expanding its crypto exposure primarily through institutional-facing trading and structured products rather than retail offerings. The bank operates a digital asset trading desk that provides clients with access to bitcoin and ether through cash-settled derivatives, options and non-deliverable forwards. Goldman Sachs has also been active in crypto-linked structured notes, allowing investors to gain tailored exposure while managing downside risks.
JPMorgan has taken a broader, infrastructure-led approach to crypto and blockchain. The bank offers crypto trading services to institutional clients and has built out custody capabilities, while also piloting on-chain settlement and tokenized deposits through its blockchain unit, Onyx. JPMorgan has launched blockchain-based platforms for wholesale payments and repo transactions, enabling faster and more efficient settlement using tokenized assets.
TROW Price Performance & Zacks RankOver the past three months, shares of T. Rowe Price have gained 8.5% compared with the industry’s rise of 6.6%.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
, /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW), a global investment management firm, today announced an agreement to acquire F/m Investments LLC, the fixed income asset manager and ETF specialist with approximately $19 billion in assets under management as of July 31, 2026, across exchange-traded funds (ETFs), institutional separate accounts, and both taxable and municipal separately managed accounts (SMAs).
The acquisition is expected to deepen T. Rowe Price's fixed income capabilities, accelerate growth across its ETF franchise, and broaden its liquidity, cash management, and customized fixed income offerings. The transaction also reflects T. Rowe Price's disciplined approach to acquisitions and partnerships that strengthen its investment capabilities and expand scalable solutions for clients.
Founded in 2019 and headquartered in Washington, D.C., F/m Investments is an asset manager focused on delivering precise, transparent, and accessible fixed income solutions and is an affiliate of 1251 Capital Group, Inc. Its US Benchmark Series, the first standardized suite of single-security U.S. Treasury ETFs, is designed to provide maturity-specific exposure to U.S. Treasury securities through an ETF structure.
F/m's suite of 20 ETFs covers the fixed income landscape from Treasuries and TIPS to corporate bonds and municipal securities. F/m also has been a driver of innovation in the ETF industry through the launch of the first dual-share class ETF and the filing of a first-of-its-kind SEC application for tokenized ETF shares. In addition, F/m provides customized municipal bond and liquidity solutions to institutional and high-net-worth clients.
"F/m Investments is a strong strategic and cultural fit with T. Rowe Price," said Arif Husain, T. Rowe Price's Head of Global Fixed Income and a member of the firm's Management Committee. "The acquisition reflects a thoughtful, disciplined approach to expanding our capabilities in areas where we see durable client demand, clear strategic alignment, and the opportunity to create long-term value. F/m brings unique ETF product development capabilities that will complement T. Rowe Price's active fixed income lineup across our Intermediary, Institutional, Retirement, and Wealth platforms."
At closing, the acquisition is expected to increase T. Rowe Price's fixed income assets under management by nearly 9%, more than doubling its fixed income ETF assets under management and expanding its fixed income SMA business.
"We started F/m because fixed income investments were too hard for investors to use. To continue to innovate and provide client value at scale, we needed a partner with relevant expertise, deep resources, and a shared vision. T. Rowe Price has been clear that the way we work is the thing they're investing in," said Alexander Morris, CEO and Co-Founder of F/m Investments. "Our mission will remain the same. We are excited to align our approach with T. Rowe Price's scale to better serve clients for years to come."
Upon closing, F/m will operate as "F/m Investments, a T. Rowe Price Company," retaining its brand, leadership, investment approach, and day-to-day operating model. Alexander Morris will report to Arif Husain, and F/m employees will become T. Rowe Price associates. This structure preserves what has made F/m successful while extending its fixed income capabilities across T. Rowe Price's platforms.
The transaction is expected to close in early 2027, subject to customary filings and closing conditions. Financial terms were not disclosed.
Dechert LLP served as legal counsel to T. Rowe Price.
Oppenheimer & Co. Inc. acted as exclusive financial advisor to F/m Investments, and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to the majority owners of F/m Investments.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.87 trillion in client assets as of July 31, 2026, about two-thirds of which are retirement-related. Renowned for nearly 90 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amid evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
ABOUT F/m INVESTMENTS
F/m Investments is a fixed income investment advisory firm managing approximately $19 billion across ETFs, mutual funds, and separately managed accounts as of July 31, 2026. Creator of the US Benchmark Series, the first complete suite of single-security U.S. Treasury ETFs, F/m builds products designed to achieve client objectives — precisely, transparently, and with ease. Founded in 2019, F/m is headquartered in Washington, D.C.
ABOUT 1251 CAPITAL GROUP
1251 Capital Group is a financial services holding company with a permanent capital base and a long-term investment horizon. 1251 partners with high-quality businesses and management teams in the asset management and insurance sectors to help accelerate growth and build enduring franchises. The firm provides strategic resources, industry expertise and operating support while empowering its affiliates to maintain their independent and entrepreneurial cultures.
OTHER MATTERS
Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this press release, words or phrases generally written in the future tense and/or preceded by words such as "will," "may," "could," "expect," "believe," "anticipate," "intend," "plan," "seek," "estimate," "preliminary," or other similar words are forward-looking statements. Various forward-looking statements in this press release relate to the acquisition by T. Rowe Price of F/m Investments, including regarding expected scale and distribution opportunities, operating efficiencies and results, growth, client and stockholder benefits, key assumptions, timing of closing of the transaction, revenue realization, financial benefits or returns, and integration costs.
Forward-looking statements involve a number of known and unknown risks, uncertainties, and other important factors, some of which are listed below, that could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Important transaction-related and other risk factors that may cause such differences include: (i) the occurrence of any event, change, or other circumstances that could give rise to the termination of the purchase agreement; (ii) the transaction closing conditions may not be satisfied in a timely manner or at all, including due to the failure to obtain regulatory and client approvals; and (iii) anticipated benefits of the transaction, including the realization of revenue, accretion, financial benefits or returns, and expense and other synergies, may not be fully realized or may take longer to realize than expected.
Readers are cautioned that any forward-looking information provided by or on behalf of T. Rowe Price or F/m Investments is not a guarantee of future performance. Actual results may differ materially from those in forward-looking information because of various factors including, but not limited to, those discussed above and in Item 1A, Risk Factors, included in T. Rowe Price's Form 10-K Annual Report for 2025.
Any forward-looking statements speak only as of the date on which they are made, and neither T. Rowe Price nor F/m Investments undertakes an obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events.
BlackRock Inc. acquired a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 23,996,119 shares of the asset manager’s stock, valued at approximately $2,728,119,000. BlackRock Inc. owned 11.25% of T. Rowe Price Group as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. TD Private Client Wealth LLC lifted its position in T. Rowe Price Group by 91.8% during the fourth quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock worth $26,000 after buying an additional 123 shares during the period. DV Equities LLC purchased a new stake in T. Rowe Price Group in the 4th quarter valued at about $32,000. Motiv8 Investments LLC purchased a new stake in T. Rowe Price Group in the 4th quarter valued at about $35,000. Bank & Trust Co increased its stake in shares of T. Rowe Price Group by 52.4% during the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 108 shares during the last quarter. Finally, TD Waterhouse Canada Inc. increased its stake in shares of T. Rowe Price Group by 92.0% during the 4th quarter. TD Waterhouse Canada Inc. now owns 386 shares of the asset manager’s stock valued at $40,000 after acquiring an additional 185 shares during the last quarter. 73.39% of the stock is currently owned by institutional investors and hedge funds.
T. Rowe Price Group Price Performance NASDAQ TROW opened at $112.23 on Thursday. The firm has a market capitalization of $23.94 billion, a P/E ratio of 11.26, a P/E/G ratio of 4.29 and a beta of 1.47. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00. The business’s 50-day simple moving average is $113.83 and its 200-day simple moving average is $102.76.
T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last issued its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.52 by $0.05. The business had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.24 EPS. On average, equities research analysts expect that T. Rowe Price Group, Inc. will post 10.13 EPS for the current fiscal year. T. Rowe Price Group Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.6%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group’s payout ratio is currently 52.16%.
Analyst Ratings Changes TROW has been the topic of several research analyst reports. BMO Capital Markets raised their target price on shares of T. Rowe Price Group from $110.00 to $120.00 and gave the stock a “market perform” rating in a research report on Monday, August 3rd. Zacks Research lowered shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Barclays cut their price target on shares of T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating on the stock in a research note on Monday, August 3rd. Evercore set a $118.00 price target on shares of T. Rowe Price Group in a report on Monday, August 10th. Finally, The Goldman Sachs Group boosted their price objective on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a “sell” rating in a research note on Tuesday, June 30th. Ten investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, T. Rowe Price Group presently has an average rating of “Reduce” and a consensus target price of $105.67.
Check Out Our Latest Research Report on TROW
T. Rowe Price Group Company Profile (Free Report)
T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.
The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.
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Every month, we screen for high-yield dividend growth stocks with safety, growth and consistency as part of the screening process. This process often results in several REITs making the top of the list thanks to the structure requiring paying out most of their earnings. With that, we have a new REIT name making the list this month, one that has now been growing its dividend for the last few years, again.
Key Takeaways T. Rowe Price is expanding AI across investment, distribution and enterprise operations to drive growth.More than 130 AI solutions were deployed by June 30, with employee adoption exceeding 70%.TROW aims to turn AI adoption into better client outcomes and stronger investment capabilities. T. Rowe Price Group (TROW - Free Report) is expanding the use of artificial intelligence (AI) across its investment, distribution and enterprise operations as it looks to boost productivity, enhance investment capabilities and support long-term growth.
In sync with this, last week, TROW announced AI leadership changes as it looks to expand the use of AI across the company. T. Rowe Price has dedicated teams focused on investment applications, distribution, engineering and risk management, while integrating AI into research, portfolio analysis, sales and client-service workflows.
Within its investment organization, the company created an Investment AI Solutions organization led by Vinit Agrawal to develop AI capabilities across asset classes. The unit will focus on agentic AI products, education, strategic partnerships and research to support investment professionals. TROW has also introduced Chat TRP, formerly known as Investor Copilot, and is exploring agentic AI, which can execute multistep tasks with greater autonomy. By combining these capabilities with proprietary research and institutional knowledge, TROW aims to improve the efficiency of investment professionals without compromising differentiated human judgment.
AI adoption is also gaining traction across distribution. TROW’s Global Distribution AI Strategy and Transformation team, led by Sal Dhanani, is focused on improving client experiences, sales effectiveness and employee capabilities, while T. Rowe Price Labs evaluates emerging technologies and helps scale promising applications. Dedicated AI risk and governance functions are intended to support responsible deployment and regulatory readiness.
During the second-quarter 2026 earnings call, management noted that TROW had deployed more than 130 AI solutions by the end of June 30, 2026, with adoption exceeding 70% of employees. The scale of deployment suggests that AI is increasingly becoming embedded in the company’s day-to-day operations rather than remaining confined to pilot programs.
From a financial standpoint, broader AI adoption could strengthen operating leverage. Automating repetitive tasks, accelerating research and data analysis, and enabling employees to focus on higher-value activities may improve productivity and help contain expense growth over time.
For TROW, however, widespread adoption alone will not determine success. The key will be translating AI use into measurable productivity gains, better client outcomes and stronger investment capabilities. If the company can do so while maintaining effective governance and investment discipline, AI could become a meaningful competitive advantage and an important component of TROW’s broader efficiency and growth strategy.
AI Adoption by Other Financial FirmsPagaya Technologies’ (PGY - Free Report) business fundamentally revolves around artificial intelligence (AI)-powered decisioning and underwriting, which helps partners (banks and fintech originators) approve and fund credit more efficiently than traditional models. PGY’s AI analyzes massive datasets to price risk and approve non-traditional credit that legacy systems might decline. This model increases approval rates and expands the total volume of credit that partners can offer to consumers.
Beyond its core underwriting platform, Pagaya is also expanding its broader AI capabilities to enhance risk management, automation, portfolio optimization, and data-driven decision-making across the credit ecosystem.
Robinhood Markets’ (HOOD - Free Report) Robinhood has rapidly expanded its adoption of artificial intelligence, making it a central part of both its internal operations and customer-facing products. In May 2026, Robinhood took its AI strategy further by launching agentic trading, allowing customers to connect AI agents that can analyze portfolios and place trades through dedicated accounts with safety controls.
Overall, HOOD’s AI adoption shows a shift from using AI mainly to improve efficiency toward making AI an integral part of investing and financial decision-making.
TROW Price Performance & Zacks RankOver the past year, shares of T. Rowe Price have gained 9.1% against the industry’s decline of 5.5%.
Price Performance
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Editor’s note: “Microsoft, TSM, and Cisco Are Breaking the AI Bubble Narrative” was previously published in July 2026 with the title “The AI Capex Bear Case Just Lost Its Best Argument.” It has since been updated to include the most relevant information available.
When the first American railroads began reporting revenue in the 1840s, the critics who had called the whole enterprise an overbuilt fantasy found themselves with less and less to say.
Something similar is happening in AI right now.
Exponential View just published the most comprehensive accounting of the AI economy we’ve yet seen – its State of the AI Economy 2026 report – with real revenue, utilization, and capex payback math.
Then Microsoft (MSFT), Taiwan Semiconductor (TSM), and Cisco (CSCO) delivered earnings that pointed in the same direction. Customers are paying for AI. Suppliers are expanding to meet the demand. And infrastructure orders keep piling up.
The tracks are still being laid. But paying freight is already moving across them.
The bear narrative now has a lot less room to breathe.
AI Revenue Has Reached a $175 Billion Annualized Run Rate
Exponential View’s report estimates the global ex-China Generative AI (GenAI) economy is producing $175 billion in annualized revenue. And before anyone accuses Exponential View of creative accounting – this figure excludes chips, AI ad uplift, legacy software “AI features,” and financing.
In other words, it is only reflecting real customer demand.
Now, $175 billion in run-rate revenue sounds massive – and it is. But let’s contextualize that number.
At $175 billion, the GenAI economy is already big enough to prove that real customers are paying for this technology. Revenue is scaling. Demand is showing up. The buildout is no longer running on demos and promises alone.
At the same time, AI has barely started working its way into all the industries, businesses, and daily tasks it could eventually reshape.
That is the sweet spot for investors – enough revenue to validate the thesis, with a huge amount of growth still ahead.
Because here’s the thing those relative numbers don’t capture: speed. AI revenue relative to GDP is already up 10x from Q1 2024. GenAI is scaling 3x faster than prior IT waves – faster than the internet and mobile booms. In 2023, the AI economy needed 180 days to add $1 billion of cumulative revenue. Today it needs less than two days. That is a 90x acceleration in the speed of revenue generation. Recent quarter-over-quarter growth is running ~35%, which annualizes to more than 3x.
The penetration curve is in the very earliest innings of a generational platform shift – and the data proves it.
AI Capex Is Starting to Clear Its First Payback Test
And the spending debate just got even bigger.
T. Rowe Price (TROW) technology investor Dom Rizzo believes AI-related capital spending could hit $1.6 trillion in 2027. That sits well above the current Wall Street consensus, but it shows how quickly expectations are moving.
Rizzo sees echoes of 1998, when semiconductor revenue was still climbing and the companies funding the buildout had the cash to keep going.
Bears look at a $1.6 trillion spending bill and see a bubble. The numbers are starting to push back.
The AI economy is now generating enough revenue to cover depreciation: the ongoing cost of using up the infrastructure built to run it. Not with room to spare, but the gap has closed, and the direction is positive.
For every dollar of AI infrastructure that depreciates, roughly $1.19 in hyperscaler and neocloud revenue is coming in to cover it – and $1.32 when you count the full GenAI economy. A year ago, that ratio was below 1. Now it’s above it.
Demand on One Side, Capacity on the Other
Then Microsoft showed us where the money is coming from.
The company closed its fiscal fourth quarter with $90 billion in revenue. Microsoft Cloud grew 27% to $59.3 billion. Azure jumped 43%. Commercial revenue already under contract rose to $678 billion. And Microsoft 365 Copilot passed 30 million paid seats.
That is the demand side of the story: paying users, faster cloud growth, and an enormous amount of business already under contract.
Taiwan Semiconductor is seeing the same boom from the other side of the supply chain. The world’s leading chip manufacturer generated $40.2 billion in Q2 revenue, guided to between $44.6 billion and $45.8 billion for the current quarter, and raised its 2026 capital budget to $60–$64 billion.
Microsoft shows the customers arriving. TSM shows the suppliers racing to keep up.
Of course, none of this means every AI data center has already earned back its cost. Power, labor, leases, financing, and plenty of other expenses still have to be covered.
But the buildout has cleared its first real economic hurdle. Revenue is keeping pace with estimated depreciation, and neither customers nor suppliers are pulling back.
The old idea that Big Tech is building a bunch of empty AI factories is getting much harder to defend.
Why Cheaper AI Can Increase Infrastructure Demand
One of the more sophisticated bear arguments has to do with token cost. Some believe that as token prices continue to collapse – with blended pricing falling from ~$17 per million tokens to ~$2 – AI companies are destroying the economics of the industry.
‘Margins are going to zero. The boom is over.’
But that argument confuses price with value – and ignores how technology adoption actually works.
For technologies with elastic demand, falling prices create value; cheaper tokens = more use cases.
Better models expand what AI can actually do. Reasoning models consume more tokens as they think through complex problems. So the very thing bears are pointing to as a headwind – price compression – is actually the accelerant for the next leg of volume growth.
More apps, more agents, more inference, more memory, more networking, more storage, more power, more cooling, more data centers…
The Jevons paradox – the observation that efficiency improvements in resource use lead to increased total consumption – is playing out in real time across the AI infrastructure stack.
Rizzo expects that rising usage to spread across two kinds of models: open and lower-cost systems handling as much as 80% of token volume, while the most capable proprietary models capture most of the economic value.
The cheaper models will handle routine work at enormous scale. The premium models will take the hardest, highest-value jobs.
And either way, the chips keep running.
Why Enterprise AI Shows Up in Productivity Before Revenue
Seven in 10 AI benefits cited by S&P 500 companies involve lower costs, faster work, more output, or better quality. Only about 6% point to direct revenue gains. The first killer enterprise AI app is not “create a magical new business line.” It’s “do the same work faster, cheaper, better.”
This is actually the normal pattern for platform shifts. The efficiency wave always comes first. Productivity gains show up in margins and labor leverage before they show up in GDP or revenue. The internet’s first decade was dominated by cost reduction and efficiency. Revenue came later – and when it came, it was enormous.
AI is following the same path: efficiency first, new revenue later. And if the efficiency wave alone is already supporting $175 billion in annualized demand, the next phase could be much larger.
What This Means for AI Stocks
The macro data on AI has never been more bullish. The micro data – real company revenues, utilization trends, and capex payback – is inflecting positively. And yet AI stocks have been choppy, volatile, and in some cases well off their highs.
That combination – improving fundamentals, weak stock prices – is the definition of a buying opportunity.
Cisco’s latest quarter offers a fresh example. Networking revenue rose 28% year over year, while AI infrastructure orders reached $9.3 billion for fiscal 2026. Its shares still fell as investors focused on narrower margins. Demand is real, but Wall Street is becoming more selective about which companies can turn that demand into lasting profits.
The names best positioned to benefit from this data are across the full AI Builder stack:
Chips and semiconductors
Memory
Networking and optics
Servers and infrastructure
Power and cooling
The Bottom Line: AI Revenue Is Starting to Catch the Capex
For the past two years, the biggest question surrounding AI was if this technology would ever make enough money to justify all the spending.
We are starting to get the answer.
Exponential View’s math shows AI revenue now covering estimated infrastructure depreciation. Microsoft is turning AI into faster cloud growth, paid Copilot seats, and a massive contracted backlog. TSM is expanding capacity to keep up. Cisco is booking billions in AI networking orders.
And one respected technology investor now believes annual AI spending could reach $1.6 trillion in 2027.
There are still real risks. Some projects will disappoint. Margins will get squeezed. Financing costs and valuations will matter.
But the simplest version of the bear case – that nobody would pay enough for AI to support the infrastructure underneath it – is losing its footing.
That does not make every AI stock a buy. It makes choosing the right stocks, fitting them together, and deciding how much capital each one deserves even more important.
After combing through more than 200 AI recommendations, Louis Navellier, Eric Fry, and I narrowed the field to roughly 20 stocks we believe deserve capital now.
We also assigned a recommended allocation to every holding, so investors can see how we think the positions should fit together and how much each idea deserves.
We’ll be unveiling this newly rebuilt portfolio this Wednesday, August 19. Join us to see which stocks made the cut.
Handelsbanken Fonder AB decreased its position in shares of T. Rowe Price Group, Inc. (NASDAQ: TROW) by 51.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,275 shares of the asset manager's stock after selling 28,473 shares
ABN Amro Investment Solutions lifted its position in T. Rowe Price Group, Inc. (NASDAQ: TROW) by 72.9% during the undefined quarter, according to the company in its most recent filing with the SEC. The fund owned 12,678 shares of the asset manager's stock after purchasing an additional 5,345 shares during the quarter. ABN
, /PRNewswire/ -- T. Rowe Price OHA Select Private Credit Fund (the "Company" or "OCREDIT") today reported financial results and total distributions of $0.60 per share for the quarter ended June 30, 2026.
As private credit remains a key driver of financing solutions within credit markets, OCREDIT closed the second quarter with the addition of 7 new portfolio companies across a diverse range of industries, representing portfolio net growth of nearly $124.0 million. OCREDIT's $3.1 billion investment portfolio is now comprised of exposure to 144 portfolio companies across 25 unique sectors, and a weighted average portfolio yield at cost of 9.8%3. "The second quarter reinforced our conviction in private credit. We believe stable borrower fundamentals and continued demand for private capital support a compelling opportunity set for investors," said Eric Muller, OCREDIT's Chief Executive Officer.
QUARTERLY HIGHLIGHTS3
Inception-to-date1 annualized total return of 10.58%2;
Net investment income per share was $0.61 with weighted average yield on debt and income producing investments, at amortized cost of 9.8%3, and earnings per share were $0.41;
Distributions declared were $0.60 with an annualized distribution rate of 9.2%;
Net asset value per share as of June 30, 2026 was $25.96;
Gross investment fundings were $176.1 million;
Debt-to-equity as of June 30, 2026 remained consistent with March 31, 2026 at 0.93x;
The Company had total net debt outstanding of $1,522.5 million with a weighted average interest rate of debt of 6.0%.
During the second quarter of 2026, the Company issued 511,070 of Class I common shares for proceeds of $13.3 million, 198,044 of Class S common shares for proceeds of $5.2 million, and 531,599 of Class D common shares for proceeds of $13.9 million. From July 1, 2026 through August 13, 2026, the Company received total proceeds of $14.8 million from common shareholders in connection with its public offering.4
Subsequent to quarter end on July 2, 2026, the Company entered into an Indenture relating to the issuance of $400.0 million in aggregate principal amount of Notes, due July 2, 2031, with a fixed interest rate of 6.50% per year.
DISTRIBUTIONS5
During the second quarter of 2026, the Company declared total distributions of $0.60 per share. As of June 30, 2026, the Company's annualized distribution rate was 9.2%.6
From July 1, 2026 through August 13, 2026, the Company declared the following distribution on July 28, 2026 which is payable on or about August 31, 2026 to common shareholders of record as of July 31, 20266:
($ per share)
July 28, 2026
Base Distribution
$ 0.20
Total Distribution
$ 0.20
SELECTED FINANCIAL HIGHLIGHTS
($ in thousands, unless otherwise noted)
Q2 2026
Q1 2026
Net investment income per share
$ 0.61
$ 0.59
Net investment income
$ 38,339
$ 36,113
Earnings per share
$ 0.41
$ (0.05)
($ in thousands, unless otherwise noted)
As of June 30,
2026
As of March 31,
2026
Total fair value of investments
$ 3,100,822
$ 2,983,663
Total assets
$ 3,209,163
$ 3,152,168
Total net assets
$ 1,641,847
$ 1,638,402
Net asset value per share
$ 25.96
$ 26.15
INVESTMENT ACTIVITY
For the three months ended June 30, 2026, net investment fundings were $124.0 million. The Company invested $176.1 million during the quarter, including $114.7 million in 7 new companies and $61.4 million in existing companies. The Company had $52.1 million of principal repayments and sales during the quarter.
($ in millions, unless otherwise noted)
Q2 2026
Q1 2026
Investment Fundings
$ 176.1
$ 221.0
Sales and Repayments
$ 52.1
$ 94.5
Net Investment Activity
$ 124.0
$ 126.5
As of June 30, 2026, the Company's investment portfolio had a fair value of $3,100.8 million, comprised of investments in 144 portfolio companies operating across 25 different industries. The investment portfolio at fair value was comprised of 90.8% first lien loans, 7.1% second lien loans, 1.4% preferred equity investments, 0.2% common stocks and 0.5% asset backed securities. In addition, as of June 30, 2026, 97.0% of the Company's debt investments based on fair value were at floating rates and 3.0% were at fixed rates. There was one debt investment placed on non-accrual status as of June 30, 2026 with $29.4 million cost and $16.0 million fair value.
FORWARD-LOOKING STATEMENTS
Certain information contained in this communication constitutes "forward-looking statements" within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, such as "outlook," "indicator," "believes," "expects," "potential," "continues," "may," "can," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates", "confident," "conviction," "identified" or the negative versions of these words or other comparable words thereof. These may include financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements regarding identified but not yet closed investments. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. OCREDIT believes these factors also include but are not limited to those described under the section entitled "Risk Factors" in its prospectus, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or OCREDIT's prospectus and other filings). Except as otherwise required by federal securities laws, OCREDIT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
ABOUT T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND
OCREDIT is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended. The Company also intends to elect to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended. OHA Private Credit Advisors LLC (the "Adviser") is the investment adviser of the Company. The Adviser is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940. OCREDIT's registration statement became effective on September 29, 2023. From inception through June 30, 2026, the Company has invested approximately $4.4 billion in aggregate cost of debt investments prior to any subsequent exits or repayments. The Company's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments capturing long-term capital appreciation, while maintaining a strong focus on risk management. OCREDIT invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies.
Please visit www.ocreditfund.com for additional information.
ABOUT OAK HILL ADVISORS
Oak Hill Advisors ("OHA") is a leading global credit-focused alternative asset manager with over 30 years of investment experience. OHA works with institutions and individuals and seeks to deliver a consistent track record of attractive risk-adjusted returns. The firm has approximately $112 billion in assets under management ("AUM") as of June 30, 2026 across credit strategies, including private credit, high yield bonds, leveraged loans, private capital solutions and collateralized loan obligations. Additional information on OHA's AUM calculation methodology can be found on the OHA website. OHA's emphasis on long-term partnerships with companies, sponsors and other partners allows for the provision of customized credit solutions across market cycles. With over 400 experienced professionals across seven global offices, OHA brings a collaborative approach to offering investors a single platform to meet their diverse credit needs. OHA is the private markets platform of T. Rowe Price Group, Inc. (NASDAQ – GS: TROW). For more information, please visit www.oakhilladvisors.com.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.87 trillion in client assets as of July 31, 2026, about two-thirds of which are retirement-related. Renowned for nearly 90 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amid evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
T. Rowe Price OHA Select Private Credit Fund
Consolidated Statements of Assets and Liabilities
(in thousands, except per share amounts)
As of
As of
June 30, 2026
December 31, 2025
(Unaudited)
ASSETS
Investments at fair value:
Non-controlled/non-affiliated investments (cost of $3,170,452
and $2,905,803 at June 30, 2026 and December 31, 2025,
respectively)
$ 3,100,822
$ 2,893,559
Cash, cash equivalents and restricted cash
65,048
140,859
Subscription receivable
—
950
Interest receivable
23,960
21,267
Deferred financing costs
10,037
12,197
Receivable for investments sold
559
1,476
Derivative assets, at fair value (Note 5)
7,619
10,981
Other assets
1,118
$ —
Total assets
$ 3,209,163
$ 3,081,289
LIABILITIES
Debt (net of unamortized debt issuance costs of $2,004 and
$2,366, at June 30, 2026 and December 31, 2025, respectively)
$ 1,522,471
$ 1,441,856
Payable for investments purchased
248
3,259
Interest and debt fee payable
8,329
9,417
Distribution payable
12,516
13,465
Management fee payable
5,100
4,753
Income incentive fee payable
5,657
5,391
Distribution and/or shareholder servicing fees payable
132
124
Due to counterparty
5,710
10,740
Accrued expenses and other liabilities
6,035
4,038
Derivative liability, at fair value (Note 5)
1,118
—
Total liabilities
$ 1,567,316
$ 1,493,043
Commitments and contingencies (Note 9)
NET ASSETS
Common shares, $0.01 par value (63,250,367 and 59,072,291
shares issued and outstanding at June 30, 2026 and December
31, 2025, respectively)
$ 633
$ 591
Additional paid in capital
1,725,884
1,615,011
Distributable earnings (loss)
(84,670)
(27,356)
Total net assets
$ 1,641,847
$ 1,588,246
Total liabilities and net assets
$ 3,209,163
$ 3,081,289
Net asset value per share
$ 25.96
$ 26.89
See accompanying notes to consolidated financial statements.
sec.gov
T. Rowe Price OHA Select Private Credit Fund
Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
For the Three Months Ended
For the Six Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Investment income from non-controlled / non-affiliated
investments:
Interest and dividend income
$ 70,453
$ 60,964
$ 137,614
$ 115,071
PIK income
4,670
2,840
9,473
5,058
Other income
2,302
2,985
3,800
4,248
Total investment income
77,425
66,789
150,887
124,377
Expenses:
Interest and debt fee expense
$ 24,394
$ 19,960
$ 47,588
$ 37,926
Management fees
5,100
4,105
10,110
7,888
Income incentive fee
5,657
5,048
10,682
9,192
Distribution and shareholder servicing fees
Class S
268
179
538
305
Class D
126
28
240
30
Professional fees
666
642
1,265
1,106
Board of Trustees fees
98
98
195
195
Administrative service expenses
773
532
1,564
1,045
Other general & administrative expenses
2,428
872
4,677
1,637
Amortization of deferred offering costs
—
61
—
220
Total expenses before fee waivers and expense support
39,510
31,525
76,859
59,544
Expense support
(424)
—
(424)
—
Recoupment of expense support
—
556
—
1,576
Management fees waiver
—
—
—
—
Income incentive fee waiver
—
—
—
—
Total expenses net of fee waivers and expense support
39,086
32,081
76,435
61,120
Net investment income
38,339
34,708
74,452
63,257
Realized and unrealized gain (loss):
Realized gain (loss):
Non-controlled/non-affiliated investments
25
801
526
(1,696)
Foreign currency transactions
(1,103)
1,997
(1,160)
1,680
Foreign currency forward contracts
1,357
(7,101)
4,161
(8,455)
Net realized gain (loss)
279
(4,303)
3,527
(8,471)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments
(14,535)
(5,247)
(57,386)
(15,322)
Foreign currency translation
(22)
161
(147)
167
Foreign currency forward contracts
1,351
(2,313)
1,486
(2,402)
Net change in unrealized appreciation (depreciation)
(13,206)
(7,399)
(56,047)
(17,557)
Net realized and unrealized gain (loss)
(12,927)
(11,702)
(52,520)
(26,028)
Net increase (decrease) in net assets resulting from operations
$ 25,412
$ 23,006
$ 21,932
$ 37,229
See accompanying notes to consolidated financial statements.
sec.gov
For a more detailed description of OCREDIT's investment guidelines and risk factors, please refer to the prospectus. Consider the investment objectives, risks, and charges and expenses carefully before investing or sending money. For a free prospectus containing this and other information, call 1-855-405-6488 or visit www.ocreditfund.com. Read it carefully.
OCREDIT is a BDC, which offers individual investors access to private lending, historically only accessible to institutions and high-net-worth investors. At least 70% of a BDC's investments must be in U.S. private companies with less than $250 million in market capitalization.
OCREDIT is a non-exchange traded BDC that expects to invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments. An investment in OCREDIT involves a high degree of risk. An investor should purchase securities of OCREDIT only if they can afford the complete loss of the investment.
Neither the SEC nor any state securities regulator has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Securities regulators have also not passed upon whether this offering can be sold in compliance with existing or future suitability or Regulation Best Interest standard to any or all purchasers.
For OCREDIT's full historical performance figures, please visit https://www.troweprice.com/en/us/ocredit/performance for more information.
As of June 30, 2026, OCREDIT is available in 54 states and territories.
As of June 30, 2026, OCREDIT is not registered for offer or sale outside of the United States.
BDCs may charge management fees, incentive fees, as well as other fees associated with servicing loans. These fees will detract from the total return.
OCREDIT may in certain circumstances invest in companies experiencing distress increasing the risk of default or failure. OCREDIT is not listed on an exchange which heightens liquidity risk for an investor. OCREDIT has limited prior operating history and there is no assurance that it will achieve its investment objectives. The Company's public offering is a "blind pool" offering and thus investors will not have the opportunity to evaluate the Company's investments before they are made. Investors should not expect to be able to sell shares regardless of performance and should consider that they may not have access to the money invested for an extended period of time and may be unable to reduce their exposure in a market downturn.
OCREDIT employs leverage, which increases the volatility of OCREDIT's investments and will magnify the potential for loss. Fixed-income securities are subject to credit risk, call risk, and interest rate risk. As interest rates rise, bond prices fall. Investments in high-yield bonds involve greater risk than higher rated bonds. International investments can be riskier than U.S. investments and subject to foreign exchange risk. These risks are magnified in emerging markets.
OCREDIT is "non-diversified," meaning it may invest a greater portion of its assets in a single company. OCREDIT's share price can be expected to fluctuate more than that of a comparable diversified fund. OCREDIT may invest in derivatives, which may be riskier or more volatile than other types of investments because they are generally more sensitive to changes in market or economic conditions.
Account opening and closing fees may apply depending on the amount invested and the timing of the account closure. There may be costs associated with the investments in the account such as periodic management fees, incentive fees, loads, other expenses or brokerage commissions. Fees for optional services may also apply.
Opinions and estimates offered herein constitute the judgment of OHA as of the date this document is provided to an investor and are subject to change as are statements about market trends. All opinions and estimates are based on assumptions, all of which are difficult to predict and many of which are beyond the control of OHA. In preparing this document, OHA has relied upon and assumed, without independent verification, the accuracy and completeness of all information. OHA believes that the information provided herein is reliable; however, it does not warrant its accuracy or completeness. Certain information contained in the press release discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.
Diversification cannot assure a profit or protect against loss in a declining market. Potential investors are urged to consult a tax professional regarding the possible economic, tax, legal, or other consequences of investing in OCREDIT in light of their particular circumstances.
In the United States, the Company's securities are offered through T. Rowe Price Investment Services Inc., a broker-dealer registered with the SEC and a member of FINRA. OHA is a T. Rowe Price company.
2 Annualized total return based on net asset value calculated as the change in net asset value per share during the respective period, assuming distributions that have been declared are reinvested on the effects of the performance of the Company during the period. Past performance is no guarantee of future results.
3 Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on income producing securities, divided by (b) the total relevant investments at amortized cost or fair value, as applicable.
4 Does not include common shares sold through the Company's distribution reinvestment plan.
5 Future distribution payments are not guaranteed. The Company may pay distributions from the sale of assets, offering proceeds, or borrowings.
6 Performance and share activity shown is indicative of Class I only, unless otherwise indicated.
Key Takeaways TROW's preliminary July AUM fell to $1.87 trillion as $8.2 billion in net outflows weighed on assets.TROW's diversified asset mix and $622 billion retirement franchise could support long-term AUM growth.TROW is expanding alternatives and credit offerings through Oak Hill Advisors to attract new assets. T. Rowe Price Group (TROW - Free Report) has benefited from a steady expansion in its diversified asset base despite continued client outflows. Over the past five years (2020-2025), the company’s assets under management (AUM) recorded a compound annual growth rate (CAGR) of 6.5%. The growth trend continued in the first half of 2026, with AUM reaching a record $1.89 trillion as of June 30, 2026.
However, the company’s preliminary AUM declined to $1.87 trillion as of July 31, 2026, due to $8.2 billion in net outflows. Equity AUM fell 2.5% to $896 billion, while fixed-income AUM remained stable at $222 billion. Multi-asset AUM declined marginally to $687 billion, while alternatives remained at $62 billion.
Nevertheless, TROW’s diversified AUM mix across equities, fixed income, multi-asset products and alternatives provides support for AUM growth. While equity assets remain under pressure, the resilience of other asset classes helps offset weakness in traditional equity strategies and provides additional avenues for AUM growth.
The company’s retirement franchise remains another key strength, particularly its target-date funds. These portfolios totaled $622 billion as of June 30, 2026, representing nearly 33% of total AUM. T. Rowe Price is also expanding its ETF and alternatives offerings to capture growing demand for diversified investment solutions. These efforts could broaden its asset base and reduce reliance on active equity products.
T. Rowe Price continues to strengthen its alternatives and credit platform through Oak Hill Advisors. The company has expanded its private credit offerings and closed its first internally managed collateralized loan obligation in April 2026. Its partnership with Aspida also supports the expansion of public and private asset management solutions. These initiatives could help TROW attract new assets and further diversify its AUM mix.
However, continued equity outflows could weigh on near-term AUM growth if inflows in other asset classes fail to offset redemptions. Private credit concerns could also dampen investor appetite for alternative credit strategies amid concerns over liquidity, valuations, leverage and credit quality. Still, T. Rowe Price’s diversified asset base, strong retirement franchise and expanding alternatives platform could support long-term AUM growth.
AUM Performance of T. Rowe Price’s PeersFranklin Resources, Inc. (BEN - Free Report) has witnessed steady AUM growth, supported by strong inflows and expansion into alternatives and private markets. BEN's AUM recorded a 3.1% CAGR during 2021-2025, with the growth trend continuing in first nine months of fiscal 2026. AUM reached a record $1.79 trillion as of June 30, 2026, up 11.2% year over year.
The upward trend continued in July, with preliminary AUM reaching $1.80 trillion as of July 31, 2026. The increase was driven by $6 billion in long-term net inflows and favorable market conditions.
Lazard, Inc. (LAZ - Free Report) also recorded a 2.8% CAGR in AUM during 2016-2025. Growth continued in the first half of 2026, supported by positive net flows. The uptrend continued in July, with preliminary AUM reaching $286.9 billion, up from $284.6 billion in June, driven by market appreciation and net inflows.
LAZ also expanded its private-market capabilities through strategic acquisitions, with its Elaia Partners stake adding $1 billion to AUM in the second quarter of 2026.
TROW’s Price Performance & Zacks RankOver the past six months, shares of T. Rowe Price have gained 18.8% compared with the industry’s rise of 6.2%.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BALTIMORE, Aug. 13, 2026 /PRNewswire/ -- T. Rowe Price (NASDAQ: TROW) today announced leadership enhancements that support its firmwide artificial intelligence (AI) strategy and are designed to accelerate responsible adoption, scale practical AI capabilities, and translate AI innovation into value for clients, associates, and the business.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) announced July month-end assets under management of $1.87 trillion. Net outflows for July 2026 were $8.2 billion.
The below table shows the firm's assets under management as of July 31, 2026, and for the prior quarter- and year-end by asset class and in the firm's target date retirement portfolios.
As of
(in billions)
7/31/2026
6/30/2026
12/31/2025
Equity
$ 896
$ 919
$ 879
Fixed income, including money market
222
222
212
Multi-asset
687
690
627
Alternatives
62
62
58
Total assets under management
$ 1,867
$ 1,893
$ 1,776
Target date retirement portfolios
$ 620
$ 622
$ 561
OTHER MATTERS
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.87 trillion in client assets as of July 31, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its long-standing expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
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What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.
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Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: T. Rowe Price (TROW - Free Report) Founded in 1937 and headquartered in Baltimore, T. Rowe Price Group, Inc. is a global investment management organization with $1.71 trillion in asset under management (AUM) as of March 31, 2026. It provides a broad array of mutual funds, sub-advisory services and separate account management for individual and institutional investors, retirement plans and financial intermediaries.
TROW is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 11.21; value investors should take notice.
Eight analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.57 to $10.13 per share. TROW also boasts an average earnings surprise of +4.3%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, TROW should be on investors' short list.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- T. Rowe Price Group (NASDAQ-GS: TROW), a global asset management firm and a leader in retirement, announced today that its Board of Directors has declared a quarterly dividend of $1.30 per share payable on September 29, 2026, to stockholders of record as of the close of business on September 15, 2026.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.9 trillion in client assets as of July 31, 2026, about two-thirds of which are retirement-related. Renowned for nearly 90 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amid evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
