Morningstar

Morningstar, Inc.

Equity Bottom-Up

We've increased our fair value estimate for wide-moat-rated T. Rowe Price to $116 per share from $106 following slightly better first-quarter results than we were forecasting. T. Rowe Price closed out the March quarter with $1.082 trillion in managed assets, up 12.4% sequentially and 6.7% year over year, driven primarily by stronger equity markets. Net inflows of $5.4 billion were a marked recovery from the $8.4 billion in outflows that the company saw during the fourth quarter, as investors…

In an environment where active fund managers are under assault for poor relative performance and high fees, we believe wide-moat-rated T. Rowe Price is the best positioned among the U.S.-based active asset managers we cover. The biggest differentiators for the firm are the size and scale of its operations, the strength of its brands, its consistent record of active fund outperformance, and reasonable fees. T. Rowe Price has historically had a stickier set of clients than its peers, as well, with…

United States

T. Rowe Price Group Inc. is a financial services holding company. The Company, through its subsidiaries, provides investment advisory services to individual and institutional investors. T. Rowe manages a broad range of U.S. and international stock, blended asset, bond, and money market mutual funds and other investment portfolios.

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