T. ROWE PRICE GROUP INC. $62 (Nasdaq symbol TROW; Aggressive Growth Portfolio, Finance sector; Shares outstanding: 259.8 million; Market cap: $16.1 billion; Price-to-sales ratio: 6.5; Dividend yield: 2.0%; TSINetwork Rating: Average; www.troweprice.com) sells mutual funds and wealth-management services.
Rising stock markets have lifted the value of the assets that T. Rowe Price manages. On March 31, 2011, these assets were worth a record $509.9 billion, up from $482.0 billion at the end of 2010.
The company’s fees vary with the value of these assets. That’s why its revenue rose 22.7% in the first three months of 2011, to $682.4 million from $556.2 million a year earlier. Earnings rose 27.2%, to $194.6 million, or $0.72 a share, from $153.0 million, or $0.57 a share.
The company sold $5.8 billion of fund units (net of redemptions) in the latest quarter. That’s down from $6.9 billion in the fourth quarter of 2010. However, the drop was largely because several large institutional investors restructured their holdings.
T. Rowe Price trades at 19.1 times its forecast 2011 earnings of $3.24 a share. That’s a reasonable p/e ratio in light of its strong earnings potential as baby boomers save more for retirement. As well, it is debt free, and holds cash of $1.1 billion, or $4.10 a share.
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