T. Rowe Price (TROW - Free Report) closed the most recent trading day at $116.50, moving +1.35% from the previous trading session. The stock outpaced the S&P 500's daily gain of 0.05%. On the other hand, the Dow registered a gain of 0.46%, and the technology-centric Nasdaq decreased by 0.64%.
Prior to today's trading, shares of the financial services firm had gained 8.1% outpaced the Finance sector's gain of 1.74% and the S&P 500's gain of 0.61%.
The investment community will be closely monitoring the performance of T. Rowe Price in its forthcoming earnings report. The company is scheduled to release its earnings on July 31, 2026. The company is forecasted to report an EPS of $2.52, showcasing a 12.5% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.92 billion, up 11.56% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $10.12 per share and a revenue of $7.73 billion, signifying shifts of +4.12% and +5.7%, respectively, from the last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for T Rowe Price. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 past month, the Zacks Consensus EPS estimate has shifted 5.68% upward. T. Rowe Price is holding a Zacks Rank of #2 (Buy) right now.
In the context of valuation, T. Rowe Price is at present trading with a Forward P/E ratio of 11.35. This valuation marks a discount compared to its industry average Forward P/E of 11.49.
We can additionally observe that TROW currently boasts a PEG ratio of 4.12. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As the market closed yesterday, the Financial - Investment Management industry was having an average PEG ratio of 1.08.
The Financial - Investment Management industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 81, finds itself in the top 33% echelons 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
Wall Street expects a year-over-year increase in earnings on higher revenues when T. Rowe Price (TROW - Free Report) reports results for the quarter ended June 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 stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 31. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis financial services firm is expected to post quarterly earnings of $2.52 per share in its upcoming report, which represents a year-over-year change of +12.5%.
Revenues are expected to be $1.92 billion, up 11.6% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 5.17% higher 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 the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
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 the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #2.
So, this combination makes it difficult to conclusively predict that T. Rowe will 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 $2.37 per share when it actually produced earnings of $2.52, delivering a surprise of +6.33%.
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 doesn't appear 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.
Expected Results of an Industry PlayerAmong the stocks in the Zacks Financial - Investment Management industry, Virtus Investment Partners (VRTS - Free Report) , is soon expected to post earnings of $6.15 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of -1.6%. This quarter's revenue is expected to be $187.15 million, down 2% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for Virtus has been revised 2.4% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.
When combined with a Zacks Rank of #2 (Buy), this Earnings ESP makes it difficult to conclusively predict that Virtus will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Insurance underwriters and asset managers rarely dominate the headlines, and that is exactly the point for income investors. These businesses generate float or fee streams, return capital consistently, and tend to raise payouts through cycles. The shared hook across the four names below: each has now been paying, and in most cases growing, quarterly dividends for well over two decades, with Aflac’s dividend history alone stretching back through 110 payment records and a verified multi-decade streak of annual increases.
Chubb Chubb (NYSE:CB | CB Price Prediction) is the world’s largest publicly traded property and casualty insurer, and the payout profile reads like a textbook compounder. The Board pushed the quarterly dividend from $0.97 to $1.02 in Q2 2026, keeping intact a growth pattern that has taken the payout from 86 cents in 2023 to $1.02 today. Shares traded around $341 on July 22, the forward yield sits at roughly 1.2% against an annualized forward dividend of $4.08.
Dividend safety here is essentially bulletproof. Trailing EPS of $27.59 versus a $3.88 per-share dividend leaves the payout deeply covered, and Q1 2026 alone produced operating cash flow of $3.95 billion, up 152% year over year, on $73.79 billion in shareholders’ equity. The combined ratio improved to 84.0% from 95.7%, indicating underwriting profit remains excellent. Buybacks of $1.143 billion in the quarter underline the cash return capacity.
The bull case: a globally diversified insurer trading at roughly 13 times trailing earnings with a beta of 0.406 and management guiding to double-digit EPS and tangible book value growth. Income investors get consistent raises, aggressive buybacks, and a fortress balance sheet backing every dividend check.
The caveat: yield is modest. If you want current income today, Chubb rewards patience through dividend growth rather than headline yield. Property and financial-lines pricing has also begun softening, which could compress underwriting margins if that continues.
Aflac Aflac (NYSE:AFL) is the supplemental insurance heavyweight and one of the most reliable dividend growers in the S&P 500. The current quarterly dividend of 61 cents represents a 5.2% step up from the 58-cent rate paid throughout 2025. Management has publicly cited 43 consecutive years of dividend increases, and the dividend data confirms an unbroken pattern of annual raises across the full record. At $121.01 per share, the forward yield lands near 1.91%, based on the $2.44 annualized forward dividend.
Coverage is comfortable. Aflac earned $8.75 in trailing EPS against a $2.35 per-share dividend, and Q1 2026 alone produced $1.02 billion in net income on $4.35 billion in revenue, up 25.86% year over year. Shareholders’ equity of $29.49 billion and $3.5 billion in FY2025 buybacks underscore capital-return firepower. Recent hikes have accelerated: 40 cents in 2022 to 42 cent in 2023, 50 cents in 2024, 58 cents in 2025 and 61 cents in 2026.
The bull case: a low-beta (0.603) supplemental insurer with dominant U.S. and Japan franchises, a decades-long dividend-growth track record, and quarterly earnings growth of 38.6% year over year. It is, quite literally, one of the more boring compounders on the tape, and boring works.
The caveat: Japan yen exposure remains a genuine headwind, and Aflac has flagged pressure from variable investment income alongside a June 2025 cybersecurity incident. Currency and translation dynamics can create quarterly noise even when the underlying business is fine.
Cincinnati Financial Cincinnati Financial (NASDAQ:CINF) is arguably the most under-the-radar name in the group and has one of the longest dividend-growth records in American finance. Management raised the quarterly payout 8% to 94 cents per share in Q1 2026, from 87 cents. The dividend data confirms year-over-year quarterly increases at least back to 1999, a multi-decade run of unbroken raises. On a $178.77 share price as of July 22, the yield is roughly 2.1%.
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The safety math is arguably the best in this bundle. Trailing EPS of $17.25 against a $3.55 dividend per share gives massive coverage. FY2025 delivered $2.39 billion in net income on $12.63 billion in revenue, and the parent holds more than $5 billion in cash and marketable securities with $8 billion-plus in unrealized equity portfolio gains. Underwriting has posted 14 consecutive years of profits through 2025, and book value per share hit $102.35 at year-end 2025, up 15% year over year. Combined ratio of 95.6% in Q1 2026, improved from 113.3%, points to a recovering underwriting cycle.
The bull case: an old-school Midwest insurer trading at roughly 10 times trailing earnings, backed by an enormous equity portfolio, a multi-decade dividend-raise streak, and shrinking catastrophe drag. Investors looking for reliable income growth in a defensive sleeve of the market fit the profile. If a dedicated income playbook is your thing, our team’s research on long-streak payers is captured in a report we’ve been circulating on 10 Dividend Kings worth watching.
The caveat: catastrophe concentration is real. California wildfires drove the Q1 2025 combined ratio to 113.3%, and a bad cat quarter can bruise reported earnings even when the long-term thesis holds.
T. Rowe Price T. Rowe Price (NASDAQ:TROW) is the highest-yielding name in the bundle and the only true high-yield entry. At $116.29 per share, the yield stands near 4.47% on a $1.30 quarterly payout and a $5.20 annualized forward dividend. The Board bumped the payout from $1.27 to $1.30 for Q1 2026, extending a growth ladder that has taken annual dividends from $4.88 in 2023 to $5.20 annualized in 2026.
Coverage remains solid. Trailing EPS of $9.52 comfortably clears the $5.11 dividend per share. Q1 2026 alone generated $966.3 million of operating cash flow, up 52.68% year over year, and the firm ended the quarter with $3.73 billion in cash and equivalents plus $1.71 trillion in ending AUM. Management returned $629 million to shareholders in Q1 2026 alone via dividends and buybacks. Prior special dividends in 2021 ($3.00) and 2015 ($2.00) highlight the firm’s willingness to top up ordinary returns when capital allows.
The bull case: a debt-free asset manager throwing off huge free cash flow, a 12 times trailing PE, and a yield well above the broader market’s. Buyers today get paid handsomely while they wait for flows to stabilize.
The caveat: persistent net client outflows continue. Q1 2026 net outflows totaled $13.7 billion, following FY2025 outflows of $56.9 billion, and fee rate compression to 38.4 basis points remains a live pressure on revenue mix.
The Takeaway These four names share the traits income investors quietly prize: long dividend histories, well-covered payouts, and boring business models that generate cash through cycles. Chubb and Cincinnati Financial deliver defensive property and casualty underwriting with fortress balance sheets, Aflac layers on a verified multi-decade streak of raises, and T. Rowe Price offers the most current income at a mid-single-digit yield. Together, they cover the full spectrum of financial-sector income, from steady growth compounders to a genuine high-yield fee-based cash machine.
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The immersive experience, displayed at The Shops at the Oculus inside the Westfield World Trade Center, transforms financial market data into a dynamic visual journey, representing how T. Rowe Price active ETF portfolio managers discern meaningful signals amid market complexity
, /PRNewswire/ -- T. Rowe Price, a global asset management firm, today unveiled "Signals From the Noise," an immersive art installation on display at The Shops at the Oculus inside the Westfield World Trade Center, a major transit hub in Manhattan's financial district. The two-day display is designed to help financial advisors and investors see through the noise of the continuous flow of market data and visualize how T. Rowe Price active exchange traded funds use active management to create investment opportunities and help achieve financial goals.
T. Rowe Price's “Signals From the Noise,” an immersive art installation on display at The Shops at the Oculus inside the Westfield World Trade Center. Credit: World Trade Center | Port Authority of New York & New Jersey The large-scale public display1 reflects the investment approach behind T. Rowe Price active exchange traded funds (ETFs), where experienced portfolio managers perform fundamental investing as the firm has championed for nearly 90 years – combining rigorous research, market insights, and disciplined judgment to make investment decisions as markets rapidly evolve.
"Signals From the Noise," developed in collaboration with WIRED, is designed to represent how these professional investors make sense of the cacophony of information about financial markets as they actively seek to uncover attractive opportunities amid complexity. Using real market data as its foundation, the installation by artist and engineer Karyn Nakamura begins with thousands of individual particles moving in seemingly chaotic formations and patterns. As the experience evolves, those particles gradually organize into flowing structures, revealing hidden relationships and moments of color. This transformation illustrates how order can emerge through interpretation, serving as a visual metaphor for the work of T. Rowe Price active ETF portfolio managers, who analyze markets, identify opportunities, and help investors navigate uncertainty.
"Markets are constantly sending signals, but some are just distractions," said Kelly Fredrickson, Head of Global Brand and Public Relations at T. Rowe Price. "'Signals from the Noise' brings to life what active management is designed to do: combine rigorous research, experience, and disciplined judgment to identify the insights that can create opportunity. That's the value we strive to deliver to clients every day through our active ETFs."
The "Signals From the Noise" installation will be open to the public on July 22-23, inviting visitors to learn about T. Rowe Price active ETFs and the firm's research-driven approach to investing. Supporting the art installation, T. Rowe Price will also implement a range of marketing elements, including digital ads featured in major subway stations and near The Shops at the Oculus, online digital advertisements, and branded video and branded content with WIRED. Video elements of the initiative will also feature conversations with Jodi Love, lead portfolio manager of four active equity ETFs, and Dom Rizzo, portfolio manager of the T. Rowe Price Technology ETF.
Since 2020, T. Rowe Price has grown an expanding lineup of more than 30 active ETFs designed to meet investors' range of needs, spanning equity, multi-asset, and fixed income funds, as well as a range of sector, thematic, and international options. The total assets under management for the firm's active ETFs now surpasses $25 billion. Each ETF delivers key features associated with ETFs such as tax efficiency, more competitive expense ratios, and the flexibility to buy and sell shares throughout the trading day.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.89 trillion in client assets as of June 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 amid evolving markets.
Visit troweprice.com/newsroom for news and public policy commentary.
ETFs are bought and sold at market prices, not net asset value (NAV). Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions which will reduce returns.
T. Rowe Price (TROW - Free Report) appears an attractive pick given a noticeable improvement in the company's earnings outlook. The stock has been a strong performer lately, and the momentum might continue with analysts still raising their earnings estimates for the company.
Analysts' growing optimism on the earnings prospects of this financial services firm is driving estimates higher, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. This insight is at the core of our stock rating tool -- the Zacks Rank.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
For T. Rowe Price, strong agreement among the covering analysts in revising earnings estimates upward has resulted in meaningful improvement in consensus estimates for the next quarter and full year.
The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:
12 Month EPS
Current-Quarter Estimate RevisionsFor the current quarter, the company is expected to earn $2.52 per share, which is a change of +12.5% from the year-ago reported number.
Over the last 30 days, the Zacks Consensus Estimate for T. Rowe has increased 5.17% because six estimates have moved higher compared to no negative revisions.
Current-Year Estimate RevisionsThe company is expected to earn $10.13 per share for the full year, which represents a change of +4.2% from the prior-year number.
There has been an encouraging trend in estimate revisions for the current year as well. Over the past month, seven estimates have moved up for T. Rowe versus no negative revisions. This has pushed the consensus estimate 5.13% higher.
Favorable Zacks RankThanks to promising estimate revisions, T. Rowe currently carries a Zacks Rank #2 (Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom LineWhile strong estimate revisions for T. Rowe have attracted decent investments and pushed the stock 7.9% higher over the past four weeks, further upside may still be left in the stock. So, you may consider adding it to your portfolio right away.
Dividend Aristocrats have earned their reputation the hard way: through recessions, rate cycles, and oil crashes, they kept raising the payout. The most persuasive proof point in this bundle comes from Federal Realty (NYSE:FRT | FRT Price Prediction), which has now stretched its increase streak to 58 consecutive years, the longest in the entire REIT industry. That is the kind of track record that lets passive income do the heavy lifting in a portfolio, and the five names below all lean on cash generation deep enough to keep the checks arriving on schedule.
Realty Income (O) Realty Income (NYSE:O) yields 4.76% and pays it out monthly, which is exactly the cadence retirees want. The current monthly dividend sits at $0.271 per share, with an annualized rate of $3.252, and the company has now declared 670 consecutive monthly dividends and 114 consecutive quarterly increases since its 1994 NYSE listing.
Dividend safety here rests on AFFO coverage and scale. Q1 2026 AFFO per share came in at $1.13, up 6.6% year over year, and management raised full-year 2026 AFFO guidance to $4.41 to $4.44 per share, comfortably above the annualized dividend. Portfolio occupancy is 98.9% with a rent recapture rate of 103.4%, credit ratings sit at A3 from Moody’s and A- from S&P, and free cash flow yield is 6.30%. The bull case is simple: a diversified net-lease portfolio spanning over 15,500 properties leased to 1,786 clients, with 2026 investment volume guided up to $9.5 billion and new private capital vehicles with Apollo and GIC extending the runway.
The caveat is leverage. Net debt to EBITDA sits at 7.91x and full-year 2025 interest expense reached $1.13 billion against $471.3 million in impairment provisions, so any refinancing shock would pinch AFFO growth.
Federal Realty Investment Trust (FRT) Federal Realty is the only REIT Dividend King, riding 58 consecutive years of dividend increases. The current quarterly dividend is $1.13 per share, for an indicated annual rate of $4.52, most recently paid on July 15, 2026.
The safety math is unusually clean for a REIT. Full-year 2026 Core FFO guidance was raised to $7.46 to $7.55 per diluted share, or 5.7% to 6.9% growth, and Q1 2026 Core FFO of $1.88 per share was up 10.6% year over year. That leaves the $4.52 annualized dividend covered many times over on FFO. Portfolio occupancy stood at 93.8% with a leased rate of 96.1%, cash rent spreads hit 13%, and the balance sheet was reinforced by an expanded revolver from $1.25 billion to $1.4 billion. The bull case is a premium, coastal, open-air retail portfolio (Santana Row, Pike & Rose, Assembly Row) whose higher-income consumer base keeps buying through cycles.
The risk is a rising interest expense environment for a REIT that is actively developing. Q4 2025 included a $7.4 million impairment, and refinancing costs could compress coverage if long rates stay sticky.
Chevron (CVX) Chevron (NYSE:CVX) yields 3.48% and just extended its increase streak to 39 consecutive years. The current quarterly payout of $1.78 per share annualizes to $7.12, and management has now returned more than $5 billion to shareholders for 16 consecutive quarters.
Safety comes from a fortress balance sheet paired with real cash generation. Debt to equity is 0.25, net debt to EBITDA is 1.08x, and interest coverage is 13.70x. Full-year 2025 delivered operating cash flow of $33.9 billion and free cash flow of $16.6 billion, funding $27.1 billion in total shareholder returns. The Hess deal is now integrated, with Q1 2026 production up 15% year over year to 3,858 MBOED and the Permian sitting at 1 million BOE per day. CEO Mike Wirth framed the quarter this way: “This disciplined performance supports dependable cash generation, enabling us to continue returning significant capital to shareholders, while investing in advantaged long-lived assets.”
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The caveat is commodity sensitivity. Brent averaged $64 per barrel in Q4 2025 versus $75 the prior year, and Alpha Vantage shows a payout that currently runs above trailing EPS with dividend per share of $6.91 against diluted TTM EPS of $5.74. Cash flow easily covers it, but sustained low crude would test the math.
T. Rowe Price (TROW) T. Rowe Price (NASDAQ:TROW) offers a yield of 4.31%, backed by a current quarterly dividend of $1.30, up from $1.27 in 2025 and $1.24 in 2024. The annualized forward estimate is $5.20.
The dividend is easily covered. TTM diluted EPS is $9.34 against dividend per share of $5.11, operating margin runs at 37.2%, and return on equity is 18.7%. The balance sheet is debt-free with $3.73 billion in cash and equivalents, and Q1 2026 operating cash flow of $966.3 million funded $629 million returned to shareholders. Multi-asset advisory fees, the fastest-growing segment, rose 12.0% year over year, and AUM finished the quarter at $1.71 trillion. Trading at a forward P/E of 12, income investors get a well-covered payout at a modest multiple.
The caveat is the flows story. Net client outflows were $13.7 billion in Q1 2026 on top of $56.9 billion in full-year 2025, and the effective fee rate slipped to 38.4 bps. The dividend is safe today, but the growth rate depends on stabilizing active equity flows.
Franklin Resources (BEN) Franklin Resources (NYSE:BEN) yields 3.87%, with a current quarterly dividend of $0.33 per share and an annualized forward rate of $1.32. The dividend has stepped up from $0.31 in early 2024 to $0.32 and now $0.33.
Coverage is anchored by a turnaround that is now visibly showing up in the numbers. Q2 FY2026 EPS came in at $0.71, beating consensus of $0.55, with operating income more than doubling year over year and long-term net inflows of $16.9 billion reversing prior outflows. AUM has climbed to $1.74 trillion as of April 30, 2026, alternatives fundraising totaled $14.3 billion in the quarter, and Canvas custom indexing grew 27% quarter over quarter. CEO Jenny Johnson called out “positive long-term net flows in every region”. Alpha Vantage shows a forward P/E of 11 and TTM operating margin of 17.2%, both supportive of the current payout.
The caveat is Western Asset Management, which still bled $4.1 billion in Q2 net outflows. Until that subsidiary stabilizes, headline flow numbers will keep needing an asterisk.
The Bottom Line These five Aristocrats attack income from different angles: monthly cadence at Realty Income, the REIT industry’s longest increase streak at Federal Realty, energy cash flow at Chevron, and asset-manager operating leverage at T. Rowe Price and Franklin Resources. Every one is backed by earnings or AFFO that comfortably fund the current payout, and each has already raised the dividend in 2026. For an income investor who wants passive checks to carry the load, the combination of coverage, streak length, and yield here is doing exactly that.
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Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
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Zacks Premium also includes the Zacks Style Scores.
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 ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
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.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
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To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking 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 #2 (Buy) 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 11.5; value investors should take notice.
For fiscal 2026, seven analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.58 to $10.13 per share. TROW boasts an average earnings surprise of +4.9%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, TROW should be on investors' short list.
In the latest close session, T. Rowe Price (TROW - Free Report) was down 1.28% at $117.35. The stock trailed the S&P 500, which registered a daily loss of 1.01%. At the same time, the Dow lost 0.77%, and the tech-heavy Nasdaq lost 1.4%.
The stock of financial services firm has risen by 10.42% in the past month, leading the Finance sector's gain of 2.6% and the S&P 500's gain of 0.32%.
The investment community will be closely monitoring the performance of T. Rowe Price in its forthcoming earnings report. The company is scheduled to release its earnings on July 31, 2026. The company is expected to report EPS of $2.5, up 11.61% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $1.92 billion, up 11.56% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $10.07 per share and revenue of $7.73 billion, which would represent changes of +3.6% and +5.7%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for T Rowe Price. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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 shifted 4.6% upward. Right now, T. Rowe Price possesses a Zacks Rank of #1 (Strong Buy).
Looking at valuation, T. Rowe Price is presently trading at a Forward P/E ratio of 11.8. Its industry sports an average Forward P/E of 11.84, so one might conclude that T. Rowe Price is trading at a discount comparatively.
We can also see that TROW currently has a PEG ratio of 4.28. 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. The average PEG ratio for the Financial - Investment Management industry stood at 1.11 at the close of the market yesterday.
The Financial - Investment Management industry is part of the Finance sector. With its current Zacks Industry Rank of 90, this industry ranks in the top 37% of all industries, numbering over 250.
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.
The T. Rowe Price Active Crypto ETF, designed to provide diversified exposure to the leading crypto assets, began trading today
, /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, announced today the addition of the T. Rowe Price Active Crypto ETF (Ticker: TKNZ). The fund is the first actively managed multi-token spot exchange-traded product* offered in the marketplace. It began trading on NYSE Arca today.
T. Rowe Price Active Crypto ETF offers a transparent portfolio designed to provide diversified exposure to leading crypto assets from an eligible universe, such as Bitcoin, Ethereum, Binance, XRP, Solana, Hyperliquid, and others. While many other digital asset exchange-traded products in market are focused on a single token or are passively managed, multi-token TKNZ uniquely employs T. Rowe Price's research-driven, risk-aware active management approach. It is designed to capitalize on emerging trends, momentum-driven rallies, and market rotations among crypto assets.
The fund is managed by Blue Macellari, who has more than 20 years of investment experience in alternative asset management, along with four co-portfolio managers. Macellari has served as head of Digital Assets at T. Rowe Price since 2022 and has been responsible for developing and leading the implementation and execution of the firm's digital asset strategy across the universe of crypto tokens, protocols, and exchange-traded funds related to blockchain. Her four co-portfolio managers are Stefan Hubrich, with 21 years of investing experience, David Kroger, with 9 years, Sean McWilliams with 17 years, and Dante Pearson, with 13. Net of a fee waiver effective until May 31, 2027, the management fee is 0.75%1.
"Given the rapidly evolving and potentially volatile nature of crypto assets, active management plays an incredibly meaningful role in this space," said Macellari. "Through the launch of the T. Rowe Price Active Crypto ETF, investors can gain access to a thoughtfully curated, professionally managed multi-coin portfolio that helps eliminate the guesswork of building a crypto allocation on their own."
T. Rowe Price has closely monitored developments in the digital assets space for several years, including in-depth research into the impacts of blockchain technology and digital assets on markets and investment portfolios. Under Macellari's leadership, T. Rowe Price has developed its own resilient, modular infrastructure to trade digital assets and has partnered with institutional service providers to cultivate operational capacity.
"As a global asset management firm with a proud legacy of intentional innovation and active research-driven investing, it is a natural step for T. Rowe Price to introduce the industry's first actively managed multi-token exchange-traded product," said Tim Coyne, Global Head of Exchange-Traded Funds.
"This launch represents a new and distinctive way for investors to harness T. Rowe Price's deep investing expertise and rigorous research."
The T. Rowe Price Active Crypto ETF brings the firm's roster of active exchange-traded offerings to 34, which includes a range of equity, multi-asset and fixed income exchange-traded funds (ETFs). TKNZ marks the first of the firm's lineup that provides access to the rapidly growing digital assets category. Each exchange-traded offering delivers key features associated with ETFs such as competitive expense ratios and the flexibility to buy and sell shares throughout the trading day. In each, portfolio managers apply the firm's rigorous research practice of asking better questions, as they strive to deliver better investment outcomes for clients.
* An exchange-traded product (ETP) is a broad category that includes exchange-traded funds (ETFs), exchange-traded notes (ETNs), and other investments that trade on exchanges. The key distinction between ETPs and ETFs is that ETFs are typically registered under the Investment Company Act of 1940 and invest primarily in securities, while ETPs like TKNZ may not be registered as investment companies and can hold non-security assets, such as cryptocurrencies or commodities. ETPs may have different regulatory structures, risk profiles, and disclosure requirements compared to traditional ETFs.
The T. Rowe Price Active Crypto ETF is not an investment company registered under the Investment Company Act of 1940 and therefore is not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940. The Trust is not a commodity pool for purposes of the Commodity Exchange Act. Before making an investment decision, you should carefully consider the risk factors and other information included in the prospectus.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.89 trillion in client assets as of June 30, 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.
Consider the investment objectives, risks, and charges and expenses carefully before investing. For a prospectus click here or go to troweprice.com. Read it carefully.
ETFs/ETPs are bought and sold at market prices, not net asset value (NAV). Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions which will reduce returns.
T. Rowe Price Active Crypto ETF is organized as a Delaware statutory trust. The sponsor of the Trust is T. Rowe Price Sponsor LLC (the "Sponsor"). T. Rowe Price Investment Services, Inc. ("TRPIS") serves as the distributor of the Trust.
Investment Risks
All investments are subject to market risk, including the possible loss of principal. The Eligible Assets have a relatively limited history of existence and operations compared to traditional commodities. There is a limited established performance record for the price of the assets and, in turn, a limited basis for evaluating an investment. Crypto assets (including the Eligible Assets) have experienced periods of extreme price volatility and their prices may be influenced by, among other things, trading activity and regulatory scrutiny of crypto trading platforms due to fraud, failure, security breaches or otherwise. To the extent that the fund trades Eligible Assets on crypto platforms and other trading venues, these crypto trading platforms are relatively new. In addition, crypto trading platforms may be lightly regulated, unregulated, or may be non-compliant with existing and applicable regulations in one or more jurisdictions in which they operate. A market disruption, such as a government taking regulatory or other actions that disrupt the crypto asset market, can also make it difficult to liquidate a position. Crypto asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of the Eligible Assets or the Shares. Regulatory developments such as by banning, restricting or imposing onerous conditions or prohibitions on the use of crypto assets, mining activity, digital wallets, the provision of services related to trading and custody of crypto assets, the operation of the Eligible Asset Networks, or the crypto asset markets generally may adversely impact the value of the Eligible Assets and, therefore, of the fund. See the prospectus for more detail on the fund's principal risks.
_________________________
1 The management fee is scheduled to revert back to the gross of 0.90%, effective June 1, 2027.
Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, July 16:
Nabors Industries Ltd. (NBR - Free Report) : This oilfield services company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 18.4% over the last 60 days.
Nabors Industries'shares gained 32.8% over the last six months compared with the S&P 500’s decline of 9.0%. The company possesses a Momentum Score of B.
Carpenter Technology Corporation (CRS - Free Report) : This specialty materials company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 1.3% over the last 60 days.
Carpenter Technology’s shares gained 29.5 % over the last three months compared with the S&P 500’s decline of 5.7%. The company possesses a Momentum Score of A.
T. Rowe Price Group, Inc. (TROW - Free Report) : This investment management firm has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 4.3% over the last 60 days.
T. Rowe Price Group’s shares gained 23.7% over the last three months compared with the S&P 500’s decline of 5.7%. The company possesses a Momentum Score of A.
See the full list of top ranked stocks here
Learn more about the Momentum score and how it is calculated here.
Supporting his view, Citigroup analyst Geoff Meacham, on Wednesday, maintained Eli Lilly with a Buy and increased the price target from $1,500 to $1,600.
Rob Sechan, CEO of NewEdge Wealth, picked Vistra Corp. (NYSE:VST).
Lending support to his choice, Scotiabank analyst Andrew Weisel, on Wednesday, maintained Vistra with a Sector Outperform and raised the price target from $293 to $298.
Don’t forget to check out our premarket coverage here
Stephen Weiss, chief investment officer and managing partner of Short Hills Capital Partners, recommended Meta Platforms, Inc. (NASDAQ:META).
Meta Platforms will release second-quarter financial results after the closing bell on Wednesday, July 29. Analysts expect the company to report quarterly earnings at $7.20 per share on revenue of $60.24 billion.
Joseph M. Terranova, senior managing director for Virtus Investment Partners, named T. Rowe Price Group, Inc. (NASDAQ:TROW) as his final trade.
Barclays analyst Benjamin Budish, on Tuesday, maintained T. Rowe Price Group with an Underweight rating and raised the price target from $89 to $108.
Price Action:
T. Rowe Price shares rose 2.2% to close at $118.58 on Wednesday. Vistra shares gained 1.1% to settle at $160.23 during the session. Meta shares gained 3.1% to close at $681.31 on Wednesday. Eli Lilly shares rose 0.4% to settle at $1,156.63 during the session. Photo via Shutterstock
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Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.
Cash flow can come from bond interest, interest from other types of investments, and, of course, 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.
Headquartered in Baltimore, T. Rowe Price (TROW - Free Report) is a Finance stock that has seen a price change of 13.37% so far this year. The financial services firm is paying out a dividend of $1.30 per share at the moment, with a dividend yield of 4.48% compared to the Financial - Investment Management industry's yield of 2.76% and the S&P 500's yield of 1.34%.
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 52%, meaning it paid out 52% of its trailing 12-month EPS as dividend.
TROW is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $9.95 per share, representing a year-over-year earnings growth rate of 2.37%.
Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. But, not every company offers a quarterly payout.
High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. During periods of rising interest rates, income investors must be mindful that high-yielding stocks tend to struggle. That said, they can take comfort from the fact that TROW is not only an attractive dividend play, but also represents a compelling investment opportunity with a Zacks Rank of #2 (Buy).
T. Rowe Price Group (TROW) rose 0.30% in premarket after the asset manager reported June 2026 month-end assets under management of $1.893 trillion, essentially
Investors interested in Financial - Investment Management stocks are likely familiar with Franklin Resources (BEN - Free Report) and T. Rowe Price (TROW - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.
The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.
Franklin Resources has a Zacks Rank of #1 (Strong Buy), while T. Rowe Price has a Zacks Rank of #3 (Hold) right now. This means that BEN's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one factor that value investors are interested in.
Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.
Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.
BEN currently has a forward P/E ratio of 11.98, while TROW has a forward P/E of 11.99. We also note that BEN has a PEG ratio of 0.79. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. TROW currently has a PEG ratio of 4.62.
Another notable valuation metric for BEN is its P/B ratio of 1.33. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, TROW has a P/B of 2.32.
Based on these metrics and many more, BEN holds a Value grade of B, while TROW has a Value grade of C.
BEN has seen stronger estimate revision activity and sports more attractive valuation metrics than TROW, so it seems like value investors will conclude that BEN is the superior option right now.
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
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 The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall 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.
Momentum investors should take note of this Finance stock. TROW has a Momentum Style Score of A, and shares are up 8.1% over the past four weeks.
Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.28 to $9.89 per share. TROW boasts an average earnings surprise of +4.9%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, TROW should be on investors' short list.
, /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) announced June month-end assets under management of $1.89 trillion. Net inflows for June 2026 were $0.8 billion, including a large subadvised equity inflow. Net outflows for the quarter-ended June 2026 were $6.5 billion. Quarterly net flows include $0.5 billion of manager-driven distributions.
The below table shows the firm's assets under management as of June 30, 2026, and for the prior month-, quarter- and year-end by asset class and in the firm's target date retirement portfolios.
As of
(in billions)
6/30/2026
5/31/2026
3/31/2026
12/31/2025
Equity
$ 919
$ 919
$ 810
$ 879
Fixed income, including money market
222
221
215
212
Multi-asset
690
691
625
627
Alternatives
62
61
60
58
Total assets under management
$ 1,893
$ 1,892
$ 1,710
$ 1,776
Target date retirement portfolios
$ 622
$ 623
$ 561
$ 561
Q2 2026 EARNINGS RELEASE AND EARNINGS CALL
T. Rowe Price will release Q2 2026 earnings on Friday, July 31, 2026 at 7:00 AM ET. The company will host an earnings call from 8:00 – 8:45 AM ET that day. To access the webcast and accompanying materials, visit the company's investor relations website at: investors.troweprice.com.
OTHER MATTERS
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.89 trillion in client assets as of June 30, 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.
In the latest trading session, T. Rowe Price (TROW - Free Report) closed at $118.55, marking a +1.28% move from the previous day. This move outpaced the S&P 500's daily gain of 0.42%. On the other hand, the Dow registered a gain of 0.29%, and the technology-centric Nasdaq increased by 0.29%.
Coming into today, shares of the financial services firm had gained 8.11% in the past month. In that same time, the Finance sector gained 4.33%, while the S&P 500 gained 2.2%.
Market participants will be closely following the financial results of T. Rowe Price in its upcoming release. The company plans to announce its earnings on July 31, 2026. In that report, analysts expect T. Rowe Price to post earnings of $2.37 per share. This would mark year-over-year growth of 5.8%. Meanwhile, the latest consensus estimate predicts the revenue to be $1.88 billion, indicating a 8.85% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $9.76 per share and revenue of $7.59 billion, which would represent changes of +0.41% and +3.73%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for T Rowe Price. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 1.4% higher within the past month. T. Rowe Price is currently a Zacks Rank #3 (Hold).
In the context of valuation, T. Rowe Price is at present trading with a Forward P/E ratio of 11.99. For comparison, its industry has an average Forward P/E of 11.67, which means T. Rowe Price is trading at a premium to the group.
It is also worth noting that TROW currently has a PEG ratio of 5.91. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As the market closed yesterday, the Financial - Investment Management industry was having an average PEG ratio of 1.04.
The Financial - Investment Management industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 181, positioning it in the bottom 27% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
Income investors hunting for yield have to look past headline sectors and focus on payout durability. The five names below span life insurance, asset management, banking, and consumer staples — all sectors that, well, should be quite durable. Each carries a covered, growing dividend backed by concrete cash flow, and each trades at a valuation that leaves room for total return beyond the payout. Current yields on this group cluster in the mid-4% to mid-5% range, so these are looking solid. Of course, every business has potential risks, so I’ve flagged for each of these as well.
Prudential Financial Prudential Financial (NYSE:PRU | PRU Price Prediction) trades around $115 with a trailing yield of 4.9% on an annualized dividend of $5.45. The insurer raised its quarterly payout to $1.40 for 2026, extending what management calls its 18th consecutive year of dividend increases. Coverage looks comfortable at a trailing PE of 12 against $9.48 in EPS, and Q1 2026 after-tax adjusted operating income of $1.28B, or $3.61 EPS, was up 8% YoY. PGIM assets under management stand at $1.47T.
Risk: The voluntary sales suspension at Prudential of Japan has been extended, and international sales fell 27% to $424M in Q1. Remediation could run longer than investors expect.
T. Rowe Price T. Rowe Price (NASDAQ:TROW) is approaching $120 a share after a 20%+ one-year run, with a yield of 4.4%. The board lifted the quarterly payout to $1.30 for 2026, and the payout looks well covered against $9.40 in trailing EPS. Q1 2026 adjusted EPS of $2.52 beat the $2.35 consensus, and average AUM of $1.78T rose 9.6% YoY. Management returned $629M to shareholders in the quarter.
Risk: Net client outflows of $13.7B in Q1 and a declining effective fee rate of 38.4 bps continue to cap organic growth. If active management flows do not stabilize, dividend growth will slow.
Franklin Resources Franklin Resources (NYSE:BEN) yields 3.9% at a share price of about $37. That is a softer headline yield than the rest of this group, but Franklin’s appeal is a decades-long raise streak. Fiscal Q2 EPS of $0.71 smashed the $0.55 consensus, GAAP operating income more than doubled to $323.3M, and long-term net inflows swung to $16.9B. Alternatives fundraising hit $14.3B.
Risk: Western Asset Management logged another $4.1B in long-term outflows. Until that franchise stabilizes (and hopefully last month’s settlement with the SEC finally means they can start putting bad news in the rearview mirror), dividend growth will probably be capped stay in the penny-per-quarter cadence rather than accelerating.
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NatWest Group NatWest Group (NYSE:NWG) offers a trailing yield of 4.9%, and coverage is strong: $1.84 in trailing EPS against a semi-annual payout structure that produced a ~$0.62 distribution in March. Q1 2026 return on tangible equity hit 18.2%, net interest margin expanded 20 bps YoY to 2.47%, and management raised 2026 income guidance to the top end of £17.2-17.6B. Analyst coverage skews bullish with a $20.28 target.
Risk: The dividend pays in pounds, so ADR investors take FX variability. Impairments rose to $283M, UK GDP growth is slowing, and unemployment continues to be an issue.
British American Tobacco And finally, there’s British American Tobacco (NYSE:BTI), which sports a yield around 5.4%. The 2026 quarterly rate climbed to $0.834851 from $0.749068 in 2025. FY2025 revenue of $25.61B and profit from operations of $9.997B anchor the payout, and Velo Modern Oral revenue grew 48% in constant currency. Management guides to 5-8% adjusted diluted EPS growth in 2026 alongside a £1.3B buyback.
Risk: Cigarette volumes decline secularly, illicit vape products are pressuring Vuse, and Dutch tax authority assessments total £1.082B. Any of these could compress the FX-adjusted payout math.
What to Watch Next Second-quarter reports across this group will start landing later in July and into August. For income investors, the key data points are net flow trends at TROW and BEN, the Japan remediation update at Prudential, NatWest’s second interim dividend announcement, and BTI’s H1 print on smokeless growth. But in the meantime, enjoy large and well-covered dividend yields!
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and British American Tobacco didn't make the cut. Grab the names FREE today.
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.
Hunting for 'earnings whispers' or companies poised to beat their quarterly earnings estimates is a somewhat common practice. But that doesn't make it easy. One way that has been proven to work is by using the Zacks Earnings ESP tool.
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.
The core of the ESP model is comparing the Most Accurate Estimate to the Zacks Consensus Estimate, where the resulting percentage difference between the two equals the Expected Surprise Prediction. The Zacks Rank is also factored into the ESP metric to better help find companies that appear poised to top their next bottom-line consensus estimate, which will hopefully help lift the stock price.
In fact, when we combined a Zacks Rank #3 (Hold) or better and a positive Earnings ESP, stocks produced a positive surprise 70% of the time. Perhaps most importantly, using these parameters has helped produce 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?Now that we understand what the ESP is and how beneficial it can be, let's dive into a stock that currently fits the bill. T. Rowe Price (TROW - Free Report) earns a #3 (Hold) right now and its Most Accurate Estimate sits at $2.51 a share, just 23 days from its upcoming earnings release on July 31, 2026.
T. Rowe Price's Earnings ESP sits at +6.79%, which, as explained above, is calculated by taking the percentage difference between the $2.51 Most Accurate Estimate and the Zacks Consensus Estimate of $2.35. 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 part of a big group of Finance stocks that boast a positive ESP, and investors may want to take a look at Agree Realty (ADC - Free Report) as well.
Agree Realty, which is readying to report earnings on July 30, 2026, sits at a Zacks Rank #3 (Hold) right now. Its Most Accurate Estimate is currently $1.14 a share, and ADC is 22 days out from its next earnings report.
The Zacks Consensus Estimate for Agree Realty is $1.13, and when you take the percentage difference between that number and its Most Accurate Estimate, you get the Earnings ESP figure of +0.27%.
TROW and ADC's positive ESP figures tell us that both stocks have a good chance at beating analyst expectations in their next earnings report.
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 >>
T. Rowe Price (TROW - Free Report) ended the recent trading session at $116.11, demonstrating a +2.13% change from the preceding day's closing price. This move outpaced the S&P 500's daily loss of 0.22%. Elsewhere, the Dow lost 0.03%, while the tech-heavy Nasdaq lost 0.66%.
The financial services firm's shares have seen an increase of 8.99% over the last month, surpassing the Finance sector's gain of 2.72% and the S&P 500's loss of 1.21%.
Market participants will be closely following the financial results of T. Rowe Price in its upcoming release. In that report, analysts expect T. Rowe Price to post earnings of $2.35 per share. This would mark year-over-year growth of 4.91%. Meanwhile, our latest consensus estimate is calling for revenue of $1.89 billion, up 9.78% from the prior-year quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $9.7 per share and a revenue of $7.6 billion, indicating changes of -0.21% and +3.87%, respectively, from the former year.
Investors might also notice recent changes to analyst estimates for T Rowe Price. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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. The Zacks Consensus EPS estimate has moved 0.71% higher within the past month. T. Rowe Price presently features a Zacks Rank of #3 (Hold).
Looking at valuation, T. Rowe Price is presently trading at a Forward P/E ratio of 11.73. For comparison, its industry has an average Forward P/E of 11.59, which means T. Rowe Price is trading at a premium to the group.
One should further note that TROW currently holds a PEG ratio of 5.78. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Financial - Investment Management industry held an average PEG ratio of 0.97.
The Financial - Investment Management industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 188, finds itself in the bottom 24% echelons 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.
To follow TROW in the coming trading sessions, be sure to utilize Zacks.com.
New season, "AI at Work: From Promise to Impact," examines where artificial intelligence may create lasting value, where expectations may be too high, and what investors should watch as adoption moves into the real economy
, /PRNewswire/ -- The newest season of "The Angle from T. Rowe Price" podcast debuts today, where the global investment management firm and a leader in retirement convenes some of its leading investment professionals to help listeners separate myth from reality about the burgeoning artificial intelligence sector.
Jennifer Martin, Host & Global Equity Portfolio Specialist, T. Rowe Price Titled "AI at Work: From Promise to Impact," the new season looks beyond the hype to examine how artificial intelligence is moving from promise to practical impact, where durable value may be created, where market expectations may be currently unrealistic, and how AI is reshaping companies, industries, and the global economy.
The series is hosted by T. Rowe Price global equity portfolio specialist Jennifer Martin. She is joined by equity portfolio managers Dave Eiswert, Tony Wang, Lee Sandquist, Dom Rizzo, Shaun Currie, Jon Friar; equity investment analyst Frank Shi; head of global fixed income Arif Husain; and chief U.S. economist Blerina Uruci. Episodes will be released throughout July and August and include:
AI and the great transformation: A global investor's view
Dave Eiswert sets the stage for the season by assessing how AI is changing the competitive landscape, where infrastructure constraints could shape the pace of adoption, and why investors may need to look beyond the most visible technology companies to understand the broader opportunity set. Physical AI: A deep dive into autonomous vehicles and robotics
Tony Wang and Lee Sandquist examine how AI is beginning to move from software into the physical world, with potential implications for transportation, robotics, defense, and industrial automation—areas where commercialization timelines and investment outcomes may vary widely. Change Agents: What agentic AI means for hardware and software
Dom Rizzo and Frank Shi break down the rise of agentic AI and what it could mean for the technology stack, from chips and memory to networking and enterprise software, as companies weigh the capital spending required to support more autonomous AI systems. AI and the global economy: Productivity, jobs, and inflation
Arif Husain and Blerina Uruci discuss the macro questions AI is raising for markets and policymakers, including whether the technology can lift productivity, how it may affect labor demand and wage dynamics, and what those shifts could mean for inflation and interest rates. AI Sleepers: The winners hiding in plain sight
Shaun Currie and Jon Friar look at where AI-driven value creation could emerge outside the technology sector, highlighting how health care, industrials, financials, and consumer companies may benefit as adoption becomes more embedded in day-to-day operations. "What makes this season timely is the number of unanswered questions investors are facing," said Martin. "The conversations are intended to bring a research-driven lens to those questions; from how companies are funding AI ambitions to which industries may see meaningful change first and to help listeners separate near-term excitement from longer-term investment implications."
The new season brings together multiple perspectives from across T. Rowe Price's global investment organization, highlighting how fundamental research and active management can help investors assess both the opportunities and risks emerging as AI moves more deeply into the real economy.
Episodes of "The Angle" are 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.
ABOUT "THE ANGLE"
"The Angle" podcast 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" 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.
Launched in 2024, "The Angle" has explored a range of investment-themed topics, including the blue economy, artificial intelligence, the 2024 U.S. presidential election, energy, forward-looking expectations for global markets, and key market drivers from the perspectives of some of the world's leading CEOs.
"The Angle" 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 fourth season.
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ: TROW) helps people around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Investors rely on the award-winning firm for its retirement expertise and active management approach of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price manages USD $1.89 trillion in assets under management as of May 31, 2026, and serves millions of clients globally. News and other updates can be found on Facebook, Instagram, LinkedIn, X, YouTube, and troweprice.com/newsroom.
On June 26, 2026, T. Rowe Price Group Inc (TROW) shares rose 3.7% to a current price of $110.27, moving within a 52-week range of $85.22 to $118.22. The recent
New client support model designed to better serve clients, foster deeper partnerships, and drive long-term growth
, /PRNewswire/ -- T. Rowe Price, a global asset management firm and a leader in retirement, announced a series of strategic enhancements to its institutional business model in the U.S. These changes reflect the evolving needs of the institutional marketplace, where greater emphasis is placed on strategic partnerships, enabling deeper client engagements, and facilitating closer collaboration with consultants who increasingly influence allocation decisions.
Recognizing the evolving marketplace dynamics and T. Rowe Price's long-tenured history of providing service alpha to U.S. institutional clients, the firm's Institutional Americas business has actively adapted its operating model to meet these needs. The model is designed to strengthen support for strategic client and consultant relationships through coordinated delivery of investment insights, portfolio context, and enterprise capabilities. It is also intended to enhance operational coordination, governance, and servicing scalability for increasingly complex institutional relationships.
Key structural changes include:
Defining a holistic model for strategic institutional relationships and moving away from separate sales and service roles. Each U.S. region—Northeast, Southeast, Central, and West—will operate as an integrated team under a single leader, delivering a consistent, client-centric experience. Launch of a dedicated four-person national field consultant coverage team that is solely focused on delivering industry-leading support to key field consultants across the U.S. This extension will provide field consultants with a more consistent point of contact, better insights and portfolio updates, and strengthen coordination of shared relationships through a more focused, proactive approach. Creation of a U.S. Institutional key accounts practice, which will focus on the business' most strategic relationships, setting new standards for client management, risk and growth planning, and enterprise connectivity. "T. Rowe Price's new institutional operating model is a testament to our adaptability as preferences diverge across geographies and markets, directly supporting our corporate strategy of being an outcome-oriented solutions provider," said Chris Newman, Head of Americas Distribution. "These enhancements are built to provide world class service through a total portfolio approach to relationship management."
The firm's U.S. Institutional business has implemented several leadership changes to support this regionally empowered, outcome-driven evolution.
Kyle Lagratta, Associate Head, Institutional Business Development, and Chris Tarui, Head, Global Institutional Alternatives Distribution, U.S. Consultant Relations, and OCIO, will co-head relationship management. Tarui will continue to lead U.S. Consultant Relations, and Lagratta will oversee defined contribution relationship managers. Tarui's investment experience began in 2004, and he has been with T. Rowe Price since 2021. Lagratta's industry experience began in 2008, and he joined T. Rowe Price in 2014. Both Tarui and Lagratta will report to Doug Greenstein, Head of U.S. Institutional.
Frank Clarkson will take on the Lead Field Consultant Relationship Manager role in the Central region, Lawson Hauptfuhrer in the Southeast, and Abby Groom on the West Coast. Clarkson has been with T. Rowe Price since 2007, beginning in the U.S. Intermediaries division; Hauptfuhrer has been with T. Rowe Price since 2016, beginning in the Institutional Sales Group; and Groom has been with T. Rowe Price since 2011, beginning in the Special Correspondence Group.
Angelique Richardson joins T. Rowe Price as Field Consultant Relationship Manager for the Northeast region. She brings nearly 20 years of industry experience, most recently spending 15 years at Wellington Management as a Managing Director and Relationship Manager, working with consultants and institutional clients.
Kim Young, Senior Relationship Manager, Key Accounts, will lead the new key accounts practice, reporting to Doug Greenstein. Young's industry experience began in 1996, and she has been with T. Rowe Price since 1998, beginning in the Equity Research Group.
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ: TROW) helps people around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Investors rely on the award-winning firm for its retirement expertise and active management approach of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price manages USD $1.89 trillion in assets under management as of May 31, 2026, and serves millions of clients globally. News and other updates can be found on Facebook, Instagram, LinkedIn, X, YouTube, and troweprice.com/newsroom.
New client support model designed to better serve clients, foster deeper partnerships, and drive long-term growth
, /PRNewswire/ -- T. Rowe Price, a global asset management firm and a leader in retirement, announced a series of strategic enhancements to its institutional business model in the U.S. These changes reflect the evolving needs of the institutional marketplace, where greater emphasis is placed on strategic partnerships, enabling deeper client engagements, and facilitating closer collaboration with consultants who increasingly influence allocation decisions.
Recognizing the evolving marketplace dynamics and T. Rowe Price's long-tenured history of providing service alpha to U.S. institutional clients, the firm's Institutional Americas business has actively adapted its operating model to meet these needs. The model is designed to strengthen support for strategic client and consultant relationships through coordinated delivery of investment insights, portfolio context, and enterprise capabilities. It is also intended to enhance operational coordination, governance, and servicing scalability for increasingly complex institutional relationships.
Key structural changes include:
Defining a holistic model for strategic institutional relationships and moving away from separate sales and service roles. Each U.S. region—Northeast, Southeast, Central, and West—will operate as an integrated team under a single leader, delivering a consistent, client-centric experience.Launch of a dedicated four-person national field consultant coverage team that is solely focused on delivering industry-leading support to key field consultants across the U.S. This extension will provide field consultants with a more consistent point of contact, better insights and portfolio updates, and strengthen coordination of shared relationships through a more focused, proactive approach.Creation of a U.S. Institutional key accounts practice, which will focus on the business' most strategic relationships, setting new standards for client management, risk and growth planning, and enterprise connectivity."T. Rowe Price's new institutional operating model is a testament to our adaptability as preferences diverge across geographies and markets, directly supporting our corporate strategy of being an outcome-oriented solutions provider," said Chris Newman, Head of Americas Distribution. "These enhancements are built to provide world class service through a total portfolio approach to relationship management."
The firm's U.S. Institutional business has implemented several leadership changes to support this regionally empowered, outcome-driven evolution.
Kyle Lagratta, Associate Head, Institutional Business Development, and Chris Tarui, Head, Global Institutional Alternatives Distribution, U.S. Consultant Relations, and OCIO, will co-head relationship management. Tarui will continue to lead U.S. Consultant Relations, and Lagratta will oversee defined contribution relationship managers. Tarui's investment experience began in 2004, and he has been with T. Rowe Price since 2021. Lagratta's industry experience began in 2008, and he joined T. Rowe Price in 2014. Both Tarui and Lagratta will report to Doug Greenstein, Head of U.S. Institutional.
Frank Clarkson will take on the Lead Field Consultant Relationship Manager role in the Central region, Lawson Hauptfuhrer in the Southeast, and Abby Groom on the West Coast. Clarkson has been with T. Rowe Price since 2007, beginning in the U.S. Intermediaries division; Hauptfuhrer has been with T. Rowe Price since 2016, beginning in the Institutional Sales Group; and Groom has been with T. Rowe Price since 2011, beginning in the Special Correspondence Group.
Angelique Richardson joins T. Rowe Price as Field Consultant Relationship Manager for the Northeast region. She brings nearly 20 years of industry experience, most recently spending 15 years at Wellington Management as a Managing Director and Relationship Manager, working with consultants and institutional clients.
Kim Young, Senior Relationship Manager, Key Accounts, will lead the new key accounts practice, reporting to Doug Greenstein. Young's industry experience began in 1996, and she has been with T. Rowe Price since 1998, beginning in the Equity Research Group.
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ: TROW) helps people around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Investors rely on the award-winning firm for its retirement expertise and active management approach of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price manages USD $1.89 trillion in assets under management as of May 31, 2026, and serves millions of clients globally. News and other updates can be found on Facebook, Instagram, LinkedIn, X, YouTube, and troweprice.com/newsroom.
View original content to download multimedia:https://www.prnewswire.com/news-releases/t-rowe-price-announces-strategic-enhancements-to-us-institutional-business-302806430.html
Key Takeaways T. Rowe Price grew average AUM 9.1% to $1.71T in Q1'26, supporting higher net revenues.TROW saw positive flows in multi-asset, fixed income and alternatives despite equity outflows.T. Rowe Price's disciplined risk management is the key to supporting its long-term AUM growth. Assets under management (AUM) remain one of the most important growth drivers for T. Rowe Price Group (TROW - Free Report) , as the company generates the bulk of its revenues from investment advisory fees tied to the AUM levels. As of March 31, 2026, 90.6% of its net revenues were generated from investment advisory fees.
In the first quarter of 2026, T. Rowe Price’s average AUM increased 9.1% year over year to $1.71 trillion, supporting a 5.3% rise in net revenues to $1.86 billion. This highlights how a larger asset base can directly benefit the company’s top line. The AUM balance witnessed a compound annual growth rate (CAGR) of 9.7% over 2011-2025.
AUM Growth Trend
Image Source: T. Rowe Price Group
A key strength for T. Rowe Price is its diversified AUM mix across equities, fixed income, multi-asset products and alternatives. While equity strategies, especially U.S. growth-oriented offerings, continued to face outflows, other asset classes showed resilience. Multi-asset, fixed income and alternative products recorded positive net flows, helping reduce the impacts of weakness in equities. This diversification is important because it gives the company more than one avenue for growth, especially at a time when active equity managers face pressure from the rising popularity of passive products.
TROW is also working to expand its investment capabilities through product innovation and strategic partnerships. Its alternative credit offerings, supported by Oak Hill Advisors, including private credit and flexible credit income products, are aimed at meeting investor demand for income and diversification. These initiatives could help strengthen future AUM growth and reduce the dependence on traditional equity strategies.
However, challenges remain. T. Rowe Price recorded firmwide net outflows of $13.7 billion in the first quarter of 2026, showing that client redemptions are still concerning. Continued pressure in U.S. equity products may weigh on organic growth if inflows in other categories are not strong enough to offset the decline. In addition, stress in private credit markets could dampen investor appetite for alternative credit strategies and increase redemption risks, particularly if concerns around liquidity, valuations, leverage and credit quality intensify.
Overall, TROW’s diversified AUM base remains a meaningful strength. Although equity outflows remain a near-term challenge, growth in multi-asset, fixed income and alternatives could help stabilize revenues. However, the company’s expansion into private credit will require disciplined risk management to sustain investor confidence and support long-term AUM growth.
AUM Performance of Other Asset ManagersFranklin Resources’ (BEN - Free Report) AUM witnessed a CAGR of 3.1% over the past five fiscal years (2021-2025), with the rising trend continuing in the first quarter of fiscal 2026. The gain was driven by its efforts to diversify into high-demand asset classes, including alternative investments, and by favorable net flows from its regionally focused distribution model. Strategic acquisitions have also supported AUM growth, enabling Franklin Resources to expand its global footprint and strengthen its non-U.S. business.
Apollo Global Management’s (APO - Free Report) AUM saw a CAGR of 19.6% over the past three years (2022-2025), with the uptrend continuing in the first quarter of 2026. The increase in Apollo’s AUM is primarily driven by growth in retirement services client assets, platform subscriptions and new financing facilities. The acquisition of Bridge Investment Group Holding nearly doubled Apollo’s real estate AUM to more than $110 billion. By 2029, Apollo expects its total AUM to reach $1.5 trillion by scaling its private equity business.
TROW’s Price Performance & Zacks RankOver the past three months, shares of T. Rowe Price have gained 21.6% compared with the industry’s rise of 10%.
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.
T. Rowe Price remains a Strong Buy, with a compelling risk-reward profile and a valuation reflecting conservative assumptions despite macro potential improvements. TROW boasts a pristine balance sheet, with zero financial debt, $3.73B in cash, and robust free cash flow, supporting sustainable dividends, aggressive buybacks, and potential M&A activity. Recent AUM growth, strong equity/multi-asset fund performance, and an attractive yield underpin TROW's resilience, even as net retail outflows persist.
Appointment reinforces the firm's focus on client engagement, growth, and global reach
, /PRNewswire/ -- T. Rowe Price (NASDAQ: TROW) today announced that Mike Barry has been named head of Global Marketing, effective July 1. Mr. Barry will report to Dee Sawyer, head of Global Distribution.
Mr. Barry becomes head of Global Marketing as T. Rowe Price continues to build on its long-standing commitment to helping clients achieve their financial goals through investment excellence, deep research, and client-focused innovation. His organization will lead marketing efforts to connect clients worldwide with the firm's insights, solutions, and capabilities across retail, wealth, retirement, and institutional markets. Additionally, he will oversee brand strategy and development, public relations, global digital solutions, investment and retirement content, along with global product and segment marketing.
Mr. Barry has more than 20 years of experience at T. Rowe Price. Most recently, he served as head of Global Product Marketing and Investment, Product, and Retirement Content, where he expanded the reach of the firm's market perspectives and investment insights. In 2024, he oversaw the launch of T. Rowe Price's marketing innovation lab, bringing together marketing associates from around the world to explore how digital and AI-enabled technologies could strengthen the firm's capabilities. That work led to new translation, design, and personalization capabilities now leveraged by the firm.
QUOTES
Dee Sawyer, Head of Global Distribution
"Mike brings a rare combination of investment fluency, strategic perspective, and client focus to this role. He has helped strengthen how T. Rowe Price translates investment insights into relevant solutions and meaningful client engagement across markets and channels. As head of Global Marketing, Mike will play an important role in advancing our growth strategy and deepening how we serve clients worldwide."
Mike Barry, Head of Global Marketing
"T. Rowe Price has earned clients' trust through investment excellence, deep research, and a strong commitment to helping investors achieve their goals. As client needs evolve, we have an opportunity to make our insights, solutions, and expertise even more accessible. I'm excited to work with our teams around the world to strengthen how we serve clients and bring the best of T. Rowe Price to market."
ABOUT MIKE BARRY
Mike Barry is a Vice President of T. Rowe Price Group, Inc., and a member of the Global Marketing Leadership Team. Since 2005, his work has aligned marketing strategy to commercial priorities, strengthened global brand positioning, and driven innovation through digital and AI-enabled capabilities. He also serves on executive steering committees focused on thought leadership, private markets, and enterprise workflow transformation, and was instrumental in the launch of the T. Rowe Price Investment Institute and The Angle podcast.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.89 trillion in client assets as of May 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 amid 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-names-mike-barry-as-head-of-global-marketing-302800439.html
Appointment reinforces the firm's focus on client engagement, growth, and global reach
, /PRNewswire/ -- T. Rowe Price (NASDAQ: TROW) today announced that Mike Barry has been named head of Global Marketing, effective July 1. Mr. Barry will report to Dee Sawyer, head of Global Distribution.
Mr. Barry becomes head of Global Marketing as T. Rowe Price continues to build on its long-standing commitment to helping clients achieve their financial goals through investment excellence, deep research, and client-focused innovation. His organization will lead marketing efforts to connect clients worldwide with the firm's insights, solutions, and capabilities across retail, wealth, retirement, and institutional markets. Additionally, he will oversee brand strategy and development, public relations, global digital solutions, investment and retirement content, along with global product and segment marketing.
Mr. Barry has more than 20 years of experience at T. Rowe Price. Most recently, he served as head of Global Product Marketing and Investment, Product, and Retirement Content, where he expanded the reach of the firm's market perspectives and investment insights. In 2024, he oversaw the launch of T. Rowe Price's marketing innovation lab, bringing together marketing associates from around the world to explore how digital and AI-enabled technologies could strengthen the firm's capabilities. That work led to new translation, design, and personalization capabilities now leveraged by the firm.
QUOTES
Dee Sawyer, Head of Global Distribution
"Mike brings a rare combination of investment fluency, strategic perspective, and client focus to this role. He has helped strengthen how T. Rowe Price translates investment insights into relevant solutions and meaningful client engagement across markets and channels. As head of Global Marketing, Mike will play an important role in advancing our growth strategy and deepening how we serve clients worldwide."
Mike Barry, Head of Global Marketing
"T. Rowe Price has earned clients' trust through investment excellence, deep research, and a strong commitment to helping investors achieve their goals. As client needs evolve, we have an opportunity to make our insights, solutions, and expertise even more accessible. I'm excited to work with our teams around the world to strengthen how we serve clients and bring the best of T. Rowe Price to market."
ABOUT MIKE BARRY
Mike Barry is a Vice President of T. Rowe Price Group, Inc., and a member of the Global Marketing Leadership Team. Since 2005, his work has aligned marketing strategy to commercial priorities, strengthened global brand positioning, and driven innovation through digital and AI-enabled capabilities. He also serves on executive steering committees focused on thought leadership, private markets, and enterprise workflow transformation, and was instrumental in the launch of the T. Rowe Price Investment Institute and The Angle podcast.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.89 trillion in client assets as of May 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 amid evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
Lennar (NYSE:LEN) Updates Q3 2026 Earnings GuidanceLennar (NYSE:LEN) updated its third quarter 2026 earnings guidance. The company provided EPS guidance of 1.200-1.400 for the period, compared to the consensus estimate of 1.710.
MSA Safety Incorporporated (NYSE:MSA) CFO Acquires $71,093.12 in StockMarketBeat
MSA Safety Incorporporated (NYSE:MSA - Get Free Report) CFO Julie Beck bought 448 shares of the stock in a transaction dated Thursday, June 11th. The stock was acquired at an average price of $158.69 per share, with a total value of $71,093.12. Following the completion of the purchase, the chief financial officer owned 3,825 shares of the company's stock, valued at $606,989.25. This represents a 13.27% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
NYSE:MSA
Read MSA Safety Incorporporated (NYSE:MSA) CFO Acquires $71,093.12 in Stock
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Insider Selling: NBT Bancorp (NASDAQ:NBTB) Director Sells 2,100 Shares of StockMarketBeat
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NASDAQ:NBTB
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Read Douglas Milne Sells 1,600 Shares of IGM Financial (TSE:IGM) Stock
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) announced April month-end assets under management of $1.83 trillion. Net outflows for April 2026 were $10.6 billion driven by a few large redemptions with net flow activity expected to moderate through the remainder of the quarter.
The below table shows the firm's assets under management as of April 30, 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)
4/30/2026
3/31/2026
12/31/2025
Equity
$ 882
$ 810
$ 879
Fixed income, including money market
218
215
212
Multi-asset
665
625
627
Alternatives
60
60
58
Total assets under management
$ 1,825
$ 1,710
$ 1,776
Target date retirement portfolios
$ 599
$ 561
$ 561
OTHER MATTERS
Certain statements in this release may represent "forward-looking information," including information relating to anticipated changes in the amount or composition of assets under management, flows into our investment funds, and other market conditions. For a discussion concerning risks and other factors that could affect future results, see the firm's 2025 Annual Report on Form 10-K.
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.83 trillion in client assets as of April 30, 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.
Key Takeaways Invesco's April AUM climbed 8.3% from March to $2.34 trillion.Favorable market returns added $151 billion, while FX increased AUM by $8.2 billion.ETFs & Index Strategies AUM rose 9.9% to $701.4 billion, and QQQ AUM jumped 18.2%. Invesco (IVZ - Free Report) announced preliminary assets under management (AUM) of $2.34 trillion for April 2026, representing an 8.3% increase from the previous month.
In the reported month, Invesco’s net long-term inflows were $18.2 billion. Money market net inflows were $2.2 billion.
AUM was positively impacted by favorable market returns, which increased the AUM by $151 billion. FX increased the AUM by $8.2 billion.
Invesco’s preliminary average total AUM for the quarter through April 30, 2026, was $2.26 trillion, while preliminary average active AUM for the same period was $1.16 trillion.
Breakdown of Invesco’s AUM Performance by Asset ClassAt the end of April 2026, Invesco reported ETFs & Index Strategies AUM of $701.4 billion, up 9.9% from the previous month. Fundamental Fixed Income AUM of $315.8 billion increased 1% from March 2026.
AUM under China JV increased 8.7% from March to $154.3 billion. AUM under Multi-Asset/Other was $77.7 billion, up 4.9% from the prior month’s end. QQQ’s AUM was $440.3 billion, up 18.2%. Private Market’s AUM was $134.1 billion, which increased 2.1% from March 2026.
Fundamental Equities AUM was up 8.5% from March to $312.2 billion. Global Liquidity AUM was $203.6 billion, up 1.2% from the prior month.
Our View on InvescoStrategic expansion initiatives, a strong global presence, diversified offerings, balance sheet recapitalization, improved operating efficiency and solid AUM are likely to keep supporting IVZ’s financial performance.
IVZ’s Price Performance & Zacks RankOver the past six months, Invesco's shares have gained 16.7% against the industry’s 4% fall.
Image Source: Zacks Investment Research
At present, IVZ carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Invesco’s Peer Performance in April 2026Franklin Resources, Inc. (BEN - Free Report) reported preliminary AUM of $1.74 trillion as of April 30, 2026, which increased 3.6% from the prior month.
The increase in preliminary AUM reflected the positive impact of markets and long-term net inflows of $4 billion, inclusive of $1 billion of long-term net outflows at Western Asset Management. Excluding Western Asset Management, BEN’s preliminary long-term net inflows were $5 billion.
Upcoming AUM Release of Another Invesco PeerT. Rowe Price Group, Inc. (TROW - Free Report) will announce its monthly performance in the upcoming days. TROW shares have gained 1% in the past six months.
Key Takeaways TROW's April AUM rose 6.7% sequentially to $1.83T despite $10.6B in net outflows.T. Rowe Price's equity AUM jumped 8.9% to $882B, while multi-asset products rose 6.4%.TROW's target date retirement portfolios increased 6.8% sequentially to $599B in April 2026. T. Rowe Price Group, Inc. (TROW - Free Report) announced its preliminary assets under management (AUM) of $1.83 trillion for April 2026. The figure reflected an increase of 6.7% from the prior month. The company experienced net outflows of $10.6 billion in April 2026, primarily driven by a few large redemptions.
Breakdown of TROW’s AUM PerformanceAt the end of April, T. Rowe Price’s equity products totaled $882 billion, an increase of 8.9% from the previous month. Fixed income (including money market) grew 1.4% to $218 billion. Furthermore, multi-asset products totaled $665 billion, an increase of 6.4% from the previous month.
Alternative products, valued at $60 billion, remained stable from the prior month.
T. Rowe Price registered $599 billion in target date retirement portfolios in April 2026, which rose 6.8% from the prior month.
Our Take on TROWT. Rowe Price continues to benefit from favorable market performance and strength across equity and multi-asset products, which supported AUM growth in April 2026. The company’s strong investment track record, diversified product portfolio and retirement-focused offerings are expected to support long-term asset growth. However, significant client redemptions and continued reliance on advisory fees remain concerns amid volatile market conditions.
T. Rowe Price’s Zacks Rank & Price PerformanceOver the past six months, TROW shares have risen 1.1% against the industry’s 4.4% decline.
Image Source: Zacks Investment Research
Currently, T. Rowe Price carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset ManagersFranklin Resources, Inc. (BEN - Free Report) reported a preliminary AUM of $1.74 trillion as of April 30, 2026, which increased 3.6% from the prior month.
The increase in preliminary AUM reflected the positive impact of markets and long-term net inflows of $4 billion, inclusive of $1 billion of long-term net outflows at Western Asset Management. Excluding Western Asset Management, BEN’s preliminary long-term net inflows were $5 billion.
Invesco (IVZ - Free Report) announced preliminary AUM of $2.34 trillion for April 2026, representing an 8.3% increase from the previous month.
In the reported month, IVZ’s net long-term inflows were $18.2 billion. Money market net inflows were $2.2 billion. AUM was positively impacted by favorable market returns, which increased the AUM by $151 billion. FX increased the AUM by $8.2 billion.
New leadership structure will enable strategy, enhance innovation, and deepen focus on client outcomes
, /PRNewswire/ -- T. Rowe Price (NASDAQ: TROW) today announced leadership appointments designed to advance the firm's strategy, enhance its pace of innovation, and deepen its focus on driving successful client outcomes.
Rob Sharps will continue to lead the firm as chair and chief executive officer, setting the overall vision and strategy for T. Rowe Price. Eric Veiel, currently head of Global Investments, has been named president, effective June 1. As president, Veiel will help drive strategy at the enterprise level—grounded in the firm's long-term, client-first approach—with an emphasis on adoption of innovative technologies to enhance operational efficiency and effectiveness. He will also retain a key leadership role in Investments as co-head of Global Investments and chief investment officer.
As part of the transition, Sébastien Page, currently head of Global Multi-Asset and chief investment officer, will become co-head of Global Investments and chief investment officer, also effective June 1, working alongside Veiel to oversee T. Rowe Price's investment research, portfolio management, and investment teams. Page will remain acting head of Global Multi-Asset through September 30.
Effective October 1, Wyatt Lee, currently head of Target Date Strategies and co-portfolio manager of the firm's target date portfolios, will become head of Global Multi-Asset. In addition to directing the firm's multi-asset strategies and solutions, he will continue to serve as head of Target Date Strategies and co-portfolio manager of the target date portfolios, providing continuity for one of the firm's most important franchises.
Veiel and Page will report to Sharps and remain members of the firm's Management Committee; Lee will be appointed to the committee effective January 1, 2027.
"Eric, Sébastien, and Wyatt are proven leaders with deep investments and market experience and a steadfast commitment to clients," said Sharps. "They have helped to shape the strategic direction of our firm, and I am confident that in their expanded roles they will position T. Rowe Price for continued success in the years ahead."
Leadership Appointments
Eric Veiel—President, Co-head of Global Investments and Chief Investment Officer
Veiel has been with T. Rowe Price for more than 20 years and is a senior investment leader. Prior to being named president, he served in key leadership roles across the firm's Investments organization.
"I am energized by what we can achieve as we bring the firm's capabilities together even more deliberately," said Veiel. "We will stay true to what has long differentiated T. Rowe Price—independent research, active management, and a focus on clients—while continuing to modernize how we operate and innovate across the enterprise."
Sébastien Page—Co-head of Global Investments and Chief Investment Officer
Page is a respected investor and leader with 25 years of deep experience across multi-asset investing and solutions. He has led the firm's Global Multi-Asset organization through significant growth and product innovation.
"I am excited to partner with Eric and investment leaders around the world as we embed a more connected, outcome-oriented focus throughout the organization," said Page. "We are committed to delivering investment excellence and to creating solutions that meet clients' needs in any environment."
Wyatt Lee—Head of Global Multi-Asset (Effective October 1)
Lee has over 30 years of investment experience and has been with T. Rowe Price since 1999. In addition to leading Global Multi-Asset, he will continue as co-portfolio manager and head of Target Date Strategies.
"Multi-asset and target date strategies are central to how we help clients pursue their long-term goals," said Lee. "I am honored to step into this role and focus on creating more compelling solutions and building deeper, more enduring client relationships."
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.83 trillion in client assets as of April 30, 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.
Newest episode of "The Angle" from T. Rowe Price features a conversation on leadership under pressure, institutional culture, and the outlook for business and markets
, /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, announced the latest episode of "The Angle from T. Rowe Price," an investment-themed podcast focused on the forces shaping financial markets and the leaders navigating them.
David Solomon, Chairman & CEO of Goldman Sachs In the newest episode, host Eric Veiel, Head of Global Investments and Chief Investment Officer for T. Rowe Price, speaks with David Solomon, Chairman and CEO of Goldman Sachs, a global investment banking, securities, and investment management firm offering a wide array of services to clients ranging from corporations, governments, and individuals.
Veiel and Solomon discuss his path to leading Goldman Sachs, the importance of building a resilient culture inside a global institution, and how leaders make decisions in periods of uncertainty and rapid change. Their conversation also explores the evolving role of capital markets, how businesses adapt to shifting economic conditions, and what long-term leadership requires in an environment defined by complexity and constant reinvention.
"David brought a candid and experienced perspective to an important conversation that touched on leadership, adaptability, and the role major institutions play in navigating change," said Veiel. "What stood out was his focus on culture, decisiveness, and the need to keep evolving in response to shifting markets and client needs. It's a timely discussion for investors and business leaders thinking about what durable leadership looks like in a more dynamic environment."
ABOUT "THE ANGLE"
"The Angle" podcast 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.
Launched in 2024, "The Angle" has explored a range of topics, including the 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, and more recently taking a closer look at the future of the energy sector, speaking with experts across T. Rowe Price about the key themes shaping tomorrow's energy landscape.
This is the fourteenth episode of T. Rowe Price's C-suite podcast series. The first ten episodes, also available now, featured H. Lawrence Culp, Jr., chairman and CEO of GE Aerospace; Meredith Kopit Levien, president and CEO of The New York Times Company; Gary Guthart, CEO of Intuitive Surgical; Jensen Huang, founder and CEO of NVIDIA Corporation; Darren Woods, chairman and CEO of ExxonMobil; Harvey Schwartz, Chief Executive Officer and Director, and David Rubenstein, Co-Founder and Co-Chairman of the Board of Carlyle; Jane Fraser, CEO of Citi; Sarah Friar, CFO of OpenAI; Dave Ricks, CEO of Eli Lilly; Srini Gopalan, CEO of T-Mobile, Jim Farley, President and CEO of Ford Motor Company; and Kathy Warden, Chair, CEO, & President of Northrop Grumman. "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 fourth season.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.83 trillion in client assets as of April 30, 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.
T. Rowe Price is a Dividend Aristocrat with a 39-year streak, strong balance sheet, and a ~5% yield, but faces persistent net outflows and fee compression. I view TROW as a long-term 'hold' due to structural AUM headwinds, recent equity fund underperformance, and ongoing fee pressure despite attractive valuation. TROW's expansion into alternative assets and active ETFs offers growth potential, yet these segments remain a small portion of total AUM.
A conversation on investing skill and the behaviors that shape investment outcomes
, /PRNewswire/ -- What can investors learn from stronger decision-making habits, including the role of discipline, self-awareness, and maintaining an explicit process?
In the latest episode of "The Angle from T. Rowe Price" titled "The Loser's Game: Lawrence Evans on Skill, Bias, and Better Decisions," Justin Thomson, head of the T. Rowe Price Investment Institute, speaks with Lawrence Evans, founder of Salomon Partners and an investment coach who works with professional investors and investment teams to develop better decision-making.
Lawrence Evans, Founder of Salomon Partners & Investment Coach "Lawrence offers a thoughtful perspective on what may separate stronger investors from the rest; not short-term results, but the discipline of process, the ability to recognize bias, and the commitment to continuous practice," says Thomson. "For investors, this episode highlights how better decision-making can be developed over time, and what it really means to be a skilled investor."
Key topics covered in this episode include:
How Evans defines investment skill and why near-term returns may be an incomplete measure of it. Why self-awareness, explicit discipline, and process may be more important than innate talent in investing. Which behavioral biases most often affect investment decisions, particularly when exiting positions. How AI may improve knowledge acquisition and pattern recognition, but human judgment and competence remain essential. Episodes of "The Angle" are 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.
ABOUT "THE ANGLE"
"The Angle" podcast 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" 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.
Launched in 2024, "The Angle" has explored a range of investment-themed topics, including the blue economy, artificial intelligence, the 2024 U.S. presidential election, forward-looking expectations for global markets, key market drivers from the perspectives of some of the world's leading CEOs, the challenges and opportunities facing global energy markets, the power of financial history, and the future of AI.
"The Angle" 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 fourth season.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.83 trillion in client assets as of April 30, 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.
A conversation on investing skill and the behaviors that shape investment outcomes
, /PRNewswire/ -- What can investors learn from stronger decision-making habits, including the role of discipline, self-awareness, and maintaining an explicit process?
In the latest episode of "The Angle from T. Rowe Price" titled "The Loser's Game: Lawrence Evans on Skill, Bias, and Better Decisions," Justin Thomson, head of the T. Rowe Price Investment Institute, speaks with Lawrence Evans, founder of Salomon Partners and an investment coach who works with professional investors and investment teams to develop better decision-making.
"Lawrence offers a thoughtful perspective on what may separate stronger investors from the rest; not short-term results, but the discipline of process, the ability to recognize bias, and the commitment to continuous practice," says Thomson. "For investors, this episode highlights how better decision-making can be developed over time, and what it really means to be a skilled investor."
Key topics covered in this episode include:
How Evans defines investment skill and why near-term returns may be an incomplete measure of it.Why self-awareness, explicit discipline, and process may be more important than innate talent in investing.Which behavioral biases most often affect investment decisions, particularly when exiting positions.How AI may improve knowledge acquisition and pattern recognition, but human judgment and competence remain essential.Episodes of "The Angle" are 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.
ABOUT "THE ANGLE"
"The Angle" podcast 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" 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.
Launched in 2024, "The Angle" has explored a range of investment-themed topics, including the blue economy, artificial intelligence, the 2024 U.S. presidential election, forward-looking expectations for global markets, key market drivers from the perspectives of some of the world's leading CEOs, the challenges and opportunities facing global energy markets, the power of financial history, and the future of AI.
"The Angle" 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 fourth season.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.83 trillion in client assets as of April 30, 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-podcast-episode-highlights-key-lessons-for-investors-on-process-discipline-and-better-decisions-302791884.html
Established in 1976, Government Money Fund and Tax-Free Income Fund continue to deliver on investors' needs to manage liquidity, taxes, and uncertainty amid heightened market volatility
, /PRNewswire/ -- T. Rowe Price, a premier global investment management firm and a leader in retirement, is marking 2026 with the 50th anniversaries for two mutual funds: T. Rowe Price Government Money Fund (Ticker: PRRXX) and T. Rowe Price Tax-Free Income Fund (Ticker: PRTAX). The anniversaries come at a time of heightened market volatility, underscoring investors' needs for liquidity management, tax-efficiency, and portfolio resilience. These were the first T. Rowe Price mutual funds in each category, and they join six other firm funds with track records of 50 years or more. *
From Cash on the Sidelines to Cash as a Strategy
In the mid-1970s, savers faced a dilemma. Inflation was surging and interest rates were rising, but bank regulations limited their ability to earn competitive yields on deposits. Leveraging what was then a recent innovation, the investment industry attracted savers with money market mutual funds, which invested in short-term securities such as Treasury bills, commercial paper, and repurchase agreements.
This shift helped define cash as an asset class. As a response to growing client demand, T. Rowe Price launched the Government Money Fund in January 1976, then known as T. Rowe Price Prime Reserve Fund. The rise of money market mutual funds through the Seventies reshaped how investors used cash, as assets in the category grew from $2 billion to $74 billion during the last six years of the decade. By 1982, assets reached $200 billion; today, they stand at approximately $8 trillion1, according to the Investment Company Institute.
"Cash plays a critical role in investors' portfolios, especially during periods of uncertainty," said Alex Obaza, money market fund portfolio manager at T. Rowe Price. "We have seen many interest rate and market cycles over the last 50 years. All the while, money market funds have been anchors for investors, helping them manage volatility and maintain liquidity while earning competitive levels of income. Our commitment to rigorous research and disciplined liquidity management have served investors well."
As of March 31, 2026, T. Rowe Price manages approximately $69 billion in liquidity-focused strategies2, including approximately $34 billion in money market mutual funds.
Tax Reform Puts Tax-Exempt Bond Funds on Center Stage
Tax-free municipal bond funds were largely a creation of the Tax Reform Act of 1976, though the legacy of the federal tax exemption for interest on state and local bonds dates to the Revenue Act of 1913, which gave birth to the modern federal income tax. As Congress worked to expand the use of tax-exempt bonds as an economic development tool, T. Rowe Price launched the Tax-Free Income Fund in October 1976. Municipal bond funds gave investors a way to generate income that would not be subject to federal taxes while supporting essential infrastructure projects such as highways, bridges, water and sewage treatment plants, schools, electric and gas utilities, parks, mass transit, and more.
"Saving on taxes has long been a primary focus for many investors," said Jim Murphy, head of tax-exempt investing at T. Rowe Price. "Beyond that, tax-exempt bonds have been an effective diversifier as a complement in stock-heavy portfolios. As the municipal bond market has grown over the decades, it has become increasingly complex, making strong credit research and disciplined portfolio construction more important than ever in serving investors."
While markets, interest rate environments, and regulations have evolved significantly over the past 50 years, the role of cash and tax-free income remains constant. T. Rowe Price's money market and tax-free bond fund portfolio managers continue their research-driven approach to help investors effectively navigate change.
As of March 31, 2026, T. Rowe Price manages approximately $31 billion in tax-exempt portfolios, including approximately $21 billion in tax-exempt mutual funds.
*T. Rowe Price Mutual Funds With 50 or More Years of History
T. Rowe Price Balanced Fund (1939) T. Rowe Price Growth Stock Fund (1950) T. Rowe Price Small-Cap Stock Fund (1956) T. Rowe Price New Horizons Fund (1960) T. Rowe Price New Era Fund (1969) T. Rowe Price New Income Fund (1973) T. Rowe Price Government Money Fund (1976) T. Rowe Price Tax-Free Income Fund (1976) 1 $7.78 trillion for the week ended May 27, 2026.
2 Comprises money market mutual funds, money market trusts, money market separately managed accounts, and short-term investment funds, including stable value portfolios.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.83 trillion in client assets as of April 30, 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.
IMPORTANT INFORMATION
T. Rowe Price Government Money Fund: You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. T. Rowe Price Associates, Inc., is not required to reimburse the fund for losses, and you should not expect that T. Rowe Price Associates, Inc., will provide financial support to the fund at any time, including during periods of market stress.
T. Rowe Price Tax-Free Income Fund: Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. Municipal securities: The fund may be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the global, national, and/or local economies. Taxes: Some income may be subject to the federal alternative minimum tax. Capital gains, if any, are generally taxable.
Consider the investment objectives, risks, and charges and expenses carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, visit troweprice.com/prospectus. Read it carefully.
All investments are subject to market risk, including the possible loss of principal. See each fund's prospectus for more detail on the fund's Principal Risks.
T. Rowe Price Investment Services, Inc., distributor, T. Rowe Price funds
All T. Rowe Price data as of March 31, 2026, and data from the Investment Company Institute as of May 27, 2026.
Established in 1976, Government Money Fund and Tax-Free Income Fund continue to deliver on investors' needs to manage liquidity, taxes, and uncertainty amid heightened market volatility
, /PRNewswire/ -- T. Rowe Price, a premier global investment management firm and a leader in retirement, is marking 2026 with the 50th anniversaries for two mutual funds: T. Rowe Price Government Money Fund (Ticker: PRRXX) and T. Rowe Price Tax-Free Income Fund (Ticker: PRTAX). The anniversaries come at a time of heightened market volatility, underscoring investors' needs for liquidity management, tax-efficiency, and portfolio resilience. These were the first T. Rowe Price mutual funds in each category, and they join six other firm funds with track records of 50 years or more. *
From Cash on the Sidelines to Cash as a Strategy
In the mid-1970s, savers faced a dilemma. Inflation was surging and interest rates were rising, but bank regulations limited their ability to earn competitive yields on deposits. Leveraging what was then a recent innovation, the investment industry attracted savers with money market mutual funds, which invested in short-term securities such as Treasury bills, commercial paper, and repurchase agreements.
This shift helped define cash as an asset class. As a response to growing client demand, T. Rowe Price launched the Government Money Fund in January 1976, then known as T. Rowe Price Prime Reserve Fund. The rise of money market mutual funds through the Seventies reshaped how investors used cash, as assets in the category grew from $2 billion to $74 billion during the last six years of the decade. By 1982, assets reached $200 billion; today, they stand at approximately $8 trillion1, according to the Investment Company Institute.
"Cash plays a critical role in investors' portfolios, especially during periods of uncertainty," said Alex Obaza, money market fund portfolio manager at T. Rowe Price. "We have seen many interest rate and market cycles over the last 50 years. All the while, money market funds have been anchors for investors, helping them manage volatility and maintain liquidity while earning competitive levels of income. Our commitment to rigorous research and disciplined liquidity management have served investors well."
As of March 31, 2026, T. Rowe Price manages approximately $69 billion in liquidity-focused strategies2, including approximately $34 billion in money market mutual funds.
Tax Reform Puts Tax-Exempt Bond Funds on Center Stage
Tax-free municipal bond funds were largely a creation of the Tax Reform Act of 1976, though the legacy of the federal tax exemption for interest on state and local bonds dates to the Revenue Act of 1913, which gave birth to the modern federal income tax. As Congress worked to expand the use of tax-exempt bonds as an economic development tool, T. Rowe Price launched the Tax-Free Income Fund in October 1976. Municipal bond funds gave investors a way to generate income that would not be subject to federal taxes while supporting essential infrastructure projects such as highways, bridges, water and sewage treatment plants, schools, electric and gas utilities, parks, mass transit, and more.
"Saving on taxes has long been a primary focus for many investors," said Jim Murphy, head of tax-exempt investing at T. Rowe Price. "Beyond that, tax-exempt bonds have been an effective diversifier as a complement in stock-heavy portfolios. As the municipal bond market has grown over the decades, it has become increasingly complex, making strong credit research and disciplined portfolio construction more important than ever in serving investors."
While markets, interest rate environments, and regulations have evolved significantly over the past 50 years, the role of cash and tax-free income remains constant. T. Rowe Price's money market and tax-free bond fund portfolio managers continue their research-driven approach to help investors effectively navigate change.
As of March 31, 2026, T. Rowe Price manages approximately $31 billion in tax-exempt portfolios, including approximately $21 billion in tax-exempt mutual funds.
*T. Rowe Price Mutual Funds With 50 or More Years of History
T. Rowe Price Balanced Fund (1939)T. Rowe Price Growth Stock Fund (1950)T. Rowe Price Small-Cap Stock Fund (1956)T. Rowe Price New Horizons Fund (1960)T. Rowe Price New Era Fund (1969)T. Rowe Price New Income Fund (1973)T. Rowe Price Government Money Fund (1976)T. Rowe Price Tax-Free Income Fund (1976)1 $7.78 trillion for the week ended May 27, 2026.
2 Comprises money market mutual funds, money market trusts, money market separately managed accounts, and short-term investment funds, including stable value portfolios.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.83 trillion in client assets as of April 30, 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.
IMPORTANT INFORMATION
T. Rowe Price Government Money Fund: You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. T. Rowe Price Associates, Inc., is not required to reimburse the fund for losses, and you should not expect that T. Rowe Price Associates, Inc., will provide financial support to the fund at any time, including during periods of market stress.
T. Rowe Price Tax-Free Income Fund: Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. Municipal securities: The fund may be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the global, national, and/or local economies. Taxes: Some income may be subject to the federal alternative minimum tax. Capital gains, if any, are generally taxable.
Consider the investment objectives, risks, and charges and expenses carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, visit troweprice.com/prospectus. Read it carefully.
All investments are subject to market risk, including the possible loss of principal. See each fund's prospectus for more detail on the fund's Principal Risks.
T. Rowe Price Investment Services, Inc., distributor, T. Rowe Price funds
All T. Rowe Price data as of March 31, 2026, and data from the Investment Company Institute as of May 27, 2026.
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Key Takeaways TROW and LAZ are diversified asset managers with global reach and multiple revenue streams.TROW is expanding via partnerships and alternatives while strengthening its retirement platform.LAZ is growing through acquisitions and building its private capital and advisory businesses. T. Rowe Price Group, Inc. (TROW - Free Report) and Lazard, Inc. (LAZ - Free Report) are well-established investment management firms with broad capabilities across equities, fixed income, multi-asset and alternative investments. While T. Rowe Price primarily focuses on investment management services for individual and institutional clients, Lazard complements its asset-management operations with a leading financial-advisory business. Both firms benefit from diversified client bases and global operating platforms, though differences in their business mix, growth strategies and revenue drivers could influence their future performance.
The asset management industry has been facing pressure from rising technology and artificial intelligence (AI)-related expenses, which may weigh on near-term profitability despite long-term efficiency gains. The ongoing shift toward low-cost passive products continues to compress fees and intensify competition, prompting firms to pursue mergers and partnerships to gain scale. In addition, recent private credit concerns could moderate near-term flows into higher-fee alternative strategies. Nevertheless, steady inflows are supporting growth in assets under management (AUM).
Against this backdrop, investors naturally ask: Which firm, TROW or LAZ, has better potential? To answer that, we need to examine their fundamentals more closely.
The Case for TROWT. Rowe Price has been strengthening its platform through strategic partnerships and acquisitions. In September 2025, the company partnered with Goldman Sachs (GS - Free Report) to develop public and private market solutions tailored for retirement and wealth investors, with additional retirement-focused offerings expected to launch later in 2026. Earlier in 2025, it partnered with Aspida to manage public and private assets, expanding the company’s presence in insurance asset management. Together, these initiatives have strengthened the company's investment platform and diversified its revenue streams, supporting long-term growth prospects.
Meanwhile, T. Rowe Price’s diversified AUM across various asset classes, client bases and geographies provides stability and supports sustainable earnings. The company's efforts to expand its retirement, insurance and alternative investment capabilities have contributed to favorable asset flows and asset growth over the years. Market appreciation and continued strength in multi-asset and fixed-income products have further supported this trend. A strong brand, consistent investment track record and solid business volumes are expected to keep supporting AUM growth in the upcoming period.
At T. Rowe Price, organic growth remains a key contributor to revenue momentum. The company's efforts to enhance investment capabilities, broaden distribution reach and introduce new products are expected to support client engagement and asset gathering. As TROW continues to expand its alternative investment and retirement offerings, its revenue base is likely to remain supported by a diversified mix of fee-generating assets.
Further, T. Rowe Price exhibits a strong liquidity position. As of March 31, 2026, the company held $6.89 billion in liquid assets, including cash and cash equivalents as well as investments, compared with total liabilities of $2.52 billion. The company's solid liquidity profile is expected to support strategic investments and business growth initiatives going forward.
The Case for LAZLazard has also been expanding its platform through acquisitions and partnerships. In May 2026, the company announced the acquisition of Campbell Lutyens, strengthening its private capital advisory capabilities and expanding its reach across institutional investors and financial sponsors. Earlier in 2025, Lazard formed an alliance with Arini Capital Management, enhancing its private credit capabilities.
Building on these initiatives, Lazard has witnessed steady growth in its AUM balance over the years. The company's efforts to expand its asset-management platform through acquisitions and private-market initiatives have supported asset growth, while strong client engagement and demand across investment strategies have remained encouraging. Driven by these factors and favorable industry dynamics, the company's AUM balance is expected to continue growing in the coming quarters.
Organic growth also remains a key strength at Lazard, as reflected in its revenue growth trend. The company's diversified asset-management and advisory businesses provide multiple avenues for revenue generation. Continued strength in asset management, supported by a growing AUM base, and a recovery in deal-making activity are expected to drive top-line growth. Further, management's ongoing efforts to expand its private capital and advisory businesses are expected to support revenue momentum and long-term earnings growth.
However, despite benefiting from investment-grade credit ratings and a well-laddered debt maturity profile that provides access to funding at favorable rates, Lazard's liquidity position appears relatively constrained. As of March 31, 2026, the company held cash and cash equivalents of $1.02 billion against senior debt of $1.69 billion.
How Do Estimates Compare for TROW & LAZ?The Zacks Consensus Estimate for TROW’s 2026 and 2027 revenue suggests year-over-year increases of 3.2% and 2.2%, respectively. Meanwhile, the consensus estimate for earnings suggests declines of 0.9% in 2026 and 0.3% in 2027. Over the past month, earnings estimates for both 2026 and 2027 have been revised upward.
Estimates Revision Trend
Image Source: Zacks Investment Research
The consensus mark for LAZ’s 2026 and 2027 sales suggests year-over-year increases of 11.7% and 22.2%, respectively. Also, the consensus estimate for earnings indicates a 16.8% and 67.8% rise for 2026 and 2027, respectively. Earnings estimates for both years have remained unchanged over the past 30 days.
Estimates Revision Trend
Image Source: Zacks Investment Research
TROW & LAZ: Price Performance & ValuationOver the past three months, TROW and LAZ shares gained 17.1% and 7.4%, respectively, compared with the S&P 500 Index’s growth of 9.1%.
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 LAZ is currently trading at a forward 12-month P/E multiple of 12.57X. Here, TROW stock is cheaper than LAZ.
Price-to-Earnings F12M
Image Source: Zacks Investment Research
TROW or LAZ: Which Stock Has Better Potential?Both T. Rowe Price and Lazard are established asset managers with diversified business models, growing alternative-investment capabilities and expanding private-market franchises. Each company benefits from solid asset-management operations, broad client relationships and strategic initiatives aimed at supporting long-term growth across traditional and alternative asset classes.
However, TROW benefits from a stronger liquidity profile and a more diversified and steadily growing AUM base. The company's expansion across retirement, insurance and alternative-investment solutions, coupled with its strong investment performance and disciplined capital-return strategy, positions it well for sustainable growth.
Although Lazard's earnings and revenue growth estimates appear stronger on paper, much of that growth depends on the successful execution of acquisitions and a sustained recovery in advisory activity, which can be more cyclical and market-dependent.
Additionally, T. Rowe Price trades at a discount to Lazard, offering investors a more attractive valuation while maintaining a stronger balance sheet and established organic-growth drivers. Given its financial strength, diversified business model, expanding retirement and alternatives platform, and compelling valuation, T. Rowe Price appears better positioned to deliver sustainable long-term shareholder value.
At present, T. Rowe Price carries a Zacks Rank #3 (Hold), while Lazard has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) announced May month-end assets under management of $1.89 trillion. Net inflows for May 2026 were $3.3 billion, including a large defined contribution target date inflow.
The below table shows the firm's assets under management as of May 31, 2026, and for the prior month-, quarter- and year-end by asset class and in the firm's target date retirement portfolios.
As of
(in billions)
5/31/2026
4/30/2026
3/31/2026
12/31/2025
Equity
$ 919
$ 882
$ 810
$ 879
Fixed income, including money market
221
218
215
212
Multi-asset
691
665
625
627
Alternatives
61
60
60
58
Total assets under management
$ 1,892
$ 1,825
$ 1,710
$ 1,776
Target date retirement portfolios
$ 623
$ 599
$ 561
$ 561
OTHER MATTERS
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.89 trillion in client assets as of May 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.
Oil prices may normalize some but are likely to remain structurally higher
, /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, released its midyear outlook for global financial markets for the remainder of 2026. Fiscal expansion and AI investment have underpinned stronger-than-expected U.S. growth, but leadership in stocks has begun to broaden beyond mega-cap technology companies. In fixed income, while government bond yields have stayed under pressure from deficits and issuance, credit markets have been resilient. The risk for investors is mistaking resilience for calm, as the market regime is changing.
Key points from the 2026 Midyear Market Outlook include:
Markets have remained relatively sturdy, but rising geopolitical tensions are prompting a reassessment of long-standing security assumptions, with greater emphasis on cyber capabilities and localized defense capacity. This is creating central bank policy dispersion, creating opportunities in rates and currency markets.Manufacturing is recovering after a multi-year downturn, adding a new source of inflation pressure just as markets had hoped central banks could continue cutting interest rates. This is likely to make inflation broader and more durable than markets expect.Supply shocks have sparked a global push for energy security. The Middle East conflict has exposed how fragile global energy supply chains have become. This has sharpened investor focus on industries positioned to benefit from a world of scarcer supply.AI-related upside is broadening beyond the most obvious beneficiaries to industrial and hardware technology companies enabling the infrastructure build-out. The focus is shifting from the size of hyperscaler spending to where that spending flows, such as power, data centers, electrical equipment, cooling, connectivity, construction, and services.The long-running dynamic of stock market returns being dominated by a small group of mega-cap, asset-light platforms is shifting. These companies are being pulled into a capital-intensive investment race, which can pressure free cash flow and alter return profiles. For investors and active managers, the implications are significant.QUOTES
Chris Kushlis, chief emerging market macro strategist
"Geopolitical tensions are accelerating the fragmentation of the global economy as governments prioritize energy security, domestic industrial capacity, and diversified supply chains. This is likely to prove structurally inflationary, increasing costs through reshoring, tariffs, supply-chain duplication, higher defense spending, and more volatile central bank policy paths."
Razan Nasser, credit analyst
"Credit markets have absorbed the year's geopolitical shocks better than might have been expected. But repeated shocks could test resilience if higher energy prices and more volatile inflation expectations begin to weigh on financial conditions and risk appetite. Central banks are coming under pressure to compromise their inflation targets."
Adam Marden, portfolio manager, Fixed Income
"Markets have not priced in the possibility of more persistent inflation tied to the upturn in global manufacturing and more expensive raw materials. Markets are trying to look through short-term pressures, but investors may be disappointed by the structural inflation that remains after the immediate energy supply crunch."
Rick de los Reyes, head of commodities and sector portfolio manager
"Declining oil productivity and elevated geopolitical risk are likely to keep prices structurally higher than before the current Middle East conflict. We see opportunities in businesses tied to energy scarcity, such as oil field services firms and producers in developed countries of critical minerals such as tungsten and uranium."
Jason Adams, sector portfolio manager, Equity
"AI is no longer just a technology story. It is increasingly becoming a broader industrial and infrastructure investment cycle. The most attractive opportunities sit with companies that can monetize complexity, power intensity, connectivity, and execution, rather than simply benefiting from backlog growth or AI enthusiasm."
David Eiswert, portfolio manager, Equity
"Market leadership is broadening across sectors and geographies, widening the gap between companies that can translate higher investment into stronger returns on capital and those that cannot. This creates a richer opportunity set for active investors who can distinguish between capital spending that enhances returns and spending that dilutes them. This is more than market rotation. It's a shift from concentration to dispersion, and from passive exposure to active selection."
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ: TROW) helps people around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Investors rely on the award-winning firm for its retirement expertise and active management approach of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price manages USD $1.89 trillion in assets under management as of May 31, 2026, and serves millions of clients globally. News and other updates can be found on Facebook, Instagram, LinkedIn, X, YouTube, and troweprice.com/newsroom.
IMPORTANT INFORMATION
This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice. Prospective investors are recommended to seek independent legal, financial, and tax advice before making any investment decision. The T. Rowe Price group of companies, including T. Rowe Price Associates, Inc., and/or its affiliates, receives revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. Active investing may have higher costs than passive investing and may underperform the broad market or passive peers with similar objectives.
T. Rowe Price Investment Services, Inc., distributor. T. Rowe Price Associates, Inc., investment adviser.
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