T. ROWE PRICE GROUP INC. $55 (Nasdaq symbol TROW; Aggressive Growth Portfolio, Finance sector; Shares outstanding: 259.0 million; Market cap: $14.2 billion; Price-to-sales ratio: 7.7; Dividend yield: 2.0%; WSSF Rating: Average) sells mutual funds and wealth-management services.
The company’s assets under management rose 41.6%, to $391.3 billion at the end of 2009 from $276.3 billion a year earlier. Rising stock markets were the main reason for the increase. As well, the improving economy spurred higher demand for mutual funds.
Despite these gains, average assets under management still fell 10.3% in 2009. As a result, T. Rowe Price’s revenue fell 11.8% in 2009, to $1.9 billion from $2.1 billion in 2008. Earnings dropped 11.7%, to $433.6 million from $490.8 million. Earnings per share fell 8.8%, to $1.65 from $1.81, on fewer shares outstanding.
However, T. Rowe Price’s outlook continues to improve with the overall economy. It has also launched new products, such as actively managed exchange-traded funds, that should fuel its growth.
As well, T. Rowe Price recently paid $142.4 million for 26% of UTI Asset Management, India’s fourth-largest wealth-management firm. T. Rowe Price is also looking to expand in China. The U.S. accounts for 88% of its assets under management, so expanding internationally helps diversify its risk.
The company’s earnings should rise to $2.40 a share in 2010. The stock trades at 22.9 times that figure.
T. Rowe Price is a hold.
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