T. Rowe Price Group, Inc. · TROW · FY2024 Q3 · Calendar Q4 2024
T. Rowe Price grows AUM while outflows remain a key risk
The supplied analysis supports a mixed picture: T. Rowe Price is growing AUM and expanding ETFs, retirement products, and private credit, but near-term flows remain pressured and the analysis does not establish a clear earnings-growth trajectory.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
AUM increased to $1.63 trillion and management emphasized new ETF, retirement, and private-credit initiatives. Compared with the prior quarter, the main change is greater near-term flow pressure from a variable-annuity termination expected to redeem most of its $104 billion of assets in the fourth quarter.
Guidance delta
No guidance was provided in the supplied analysis. The current analysis highlights expected fourth-quarter outflow pressure from a variable-annuity termination, while the prior analysis described guidance as maintained.
Key takeaways
- AUM reached $1.63 trillion, up 3.9% year over year, despite $12.2 billion of net outflows.
- Management highlighted ETF expansion, new retirement solutions, and private-credit growth.
- A large variable-annuity termination is expected to increase fourth-quarter outflows.
- The prior quarter showed improving outflows, but fee compression and expenses remained concerns.
Management priorities
- Expand the transparent ETF suite and distribution.
- Scale Personalized Retirement Manager and Managed Lifetime Income.
- Invest in private-credit capabilities, technology, operational efficiency, and global expansion.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 27, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 23, 2026 |
| Barclays | Underweight | Underweight | Maintain | Oct 14, 2026 |
| JP Morgan | Underweight | Underweight | Maintain | Oct 13, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Oct 13, 2026 |
| TD Cowen | Hold | Hold | Maintain | Oct 12, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Oct 9, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Aug 3, 2026 |
| Goldman Sachs | Sell | Sell | Maintain | Apr 7, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Oct 2, 2025 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 11, 2025 |
| Citigroup | Neutral | Neutral | Maintain | Apr 14, 2025 |
| Deutsche Bank | Hold | Hold | Maintain | Nov 11, 2024 |
| UBS | Sell | Sell | Maintain | Apr 12, 2024 |
| Jefferies | Hold | Hold | Maintain | Oct 10, 2023 |
| Stifel | Hold | Hold | Maintain | Oct 5, 2023 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 5, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Mar 30, 2023 |
| SunTrust Robinson Humphrey | Hold | Buy | Downgrade | May 10, 2020 |
| CFRA | Buy | Strong Buy | Downgrade | Mar 31, 2020 |
| Berenberg | Hold | Hold | Maintain | Nov 15, 2019 |
| Bernstein | Underperform | Market Perform | Downgrade | Nov 13, 2018 |
| Stephens & Co. | Overweight | Overweight | Maintain | Aug 21, 2018 |
| Argus | Hold | Buy | Downgrade | May 5, 2018 |
| Bank of America | Buy | Neutral | Upgrade | Jan 8, 2018 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Oct 30, 2017 |
| Argus Research | Hold | Buy | Downgrade | Apr 26, 2017 |
| Keefe Bruyette & Woods | Market Perform | Market Perform | Maintain | Oct 14, 2016 |
| Susquehanna | Positive | Positive | Maintain | Sep 3, 2015 |
| PiperJaffray | Neutral | Neutral | Maintain | Jun 3, 2015 |
| Evercore Partners | Equal Weight | Overweight | Downgrade | Jul 10, 2014 |
| KeyBanc | Hold | Buy | Downgrade | Jun 18, 2014 |
| Sandler O'Neill | Buy | Hold | Upgrade | Apr 25, 2014 |
| Piper Sandler | Buy | Hold | Upgrade | Apr 25, 2014 |
| S&P Capital IQ | Buy | Strong Buy | Downgrade | Dec 18, 2013 |
| Edward Jones | Hold | Hold | Maintain | Dec 14, 2012 |
| Sterne Agee | Neutral | Neutral | Maintain | Oct 24, 2012 |
| Bank oferica | Neutral | Neutral | Maintain | Apr 25, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $103.49. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $112 | $102.46 | +8.2% | Oct 23, 2026 |
| Evercore ISI | Glenn Schorr | $109 | $104.94 | +5.3% | Oct 9, 2026 |
| UBS | Analyst unavailable | $107 | $103.16 | +3.4% | Oct 7, 2026 |
| Morgan Stanley | Analyst unavailable | $110 | $104.27 | +6.3% | Sep 25, 2026 |
| UBS | Analyst unavailable | $110 | $110.97 | +6.3% | Aug 31, 2026 |
| Evercore ISI | Analyst unavailable | $118 | $113.79 | +14.0% | Aug 10, 2026 |
| Deutsche Bank | Analyst unavailable | $109 | $112.73 | +5.3% | Aug 3, 2026 |
| BMO Capital | Analyst unavailable | $120 | $111.75 | +16.0% | Aug 3, 2026 |
| Morgan Stanley | Analyst unavailable | $116 | $120.39 | +12.1% | Jul 29, 2026 |
| Barclays | Benjamin Budish | $108 | $113.65 | +4.4% | Jul 14, 2026 |
| Evercore ISI | Analyst unavailable | $121 | $119.04 | +16.9% | Jul 10, 2026 |
| Morgan Stanley | Michael Cyprys | $109 | $109.08 | +5.3% | Jun 26, 2026 |
| Evercore ISI | Glenn Schorr | $111 | $106.29 | +7.3% | Jun 8, 2026 |
| Evercore ISI | Glenn Schorr | $104 | $103.71 | +0.5% | May 1, 2026 |
| Barclays | Benjamin Budish | $89 | $102.88 | -14.0% | May 1, 2026 |
| Morgan Stanley | Michael Cyprys | $105 | $99.38 | +1.5% | Apr 27, 2026 |
| Barclays | Analyst unavailable | $87 | $95.75 | -15.9% | Apr 17, 2026 |
| Evercore ISI | Glenn Schorr | $96 | $91.97 | -7.2% | Apr 10, 2026 |
| BMO Capital | Analyst unavailable | $98 | $91.97 | -5.3% | Apr 10, 2026 |
| Morgan Stanley | Analyst unavailable | $115 | $97.27 | +11.1% | Feb 10, 2026 |
| Evercore ISI | Analyst unavailable | $106 | $92.94 | +2.4% | Feb 5, 2026 |
| KBW | Analyst unavailable | $110 | $93.43 | +6.3% | Feb 5, 2026 |
| Barclays | Analyst unavailable | $94 | $97.02 | -9.2% | Feb 5, 2026 |
| Morgan Stanley | Michael Cyprys | $123 | $105.98 | +18.9% | Feb 3, 2026 |
| Morgan Stanley | Analyst unavailable | $128 | $105.9 | +23.7% | Dec 17, 2025 |
| Barclays | Analyst unavailable | $102 | $104.96 | -1.4% | Dec 12, 2025 |
| Barclays | Analyst unavailable | $101 | $102.53 | -2.4% | Nov 3, 2025 |
| Morgan Stanley | Michael Cyprys | $126 | $105.34 | +21.8% | Oct 27, 2025 |
| Barclays | Benjamin Budish | $103 | $104.24 | -0.5% | Oct 21, 2025 |
| Morgan Stanley | Analyst unavailable | $125 | $103.28 | +20.8% | Oct 6, 2025 |
| Evercore ISI | Analyst unavailable | $115 | $108.16 | +11.1% | Sep 5, 2025 |
| Barclays | Benjamin Budish | $90 | $91.43 | -13.0% | May 5, 2025 |
| Citigroup | Chris Allen | $125 | $115.49 | +20.8% | Jul 26, 2024 |
| Goldman Sachs | Alexander Blostein | $113 | $118.39 | +9.2% | Jun 12, 2024 |
| Evercore ISI | Glenn Schorr | $116 | $114.49 | +12.1% | Jun 12, 2024 |
| Evercore ISI | Glenn Schorr | $107 | $112.08 | +3.4% | Apr 30, 2024 |
| Deutsche Bank | Brian Bedell | $113 | $116.26 | +9.2% | Apr 5, 2024 |
| Evercore ISI | Glenn Schorr | $108 | $117.85 | +4.4% | Mar 12, 2024 |
| BMO Capital | James Fotheringham | $115 | $127.77 | +11.1% | Aug 9, 2022 |
| BMO Capital | James Fotheringham | $135 | $114.85 | +30.4% | Jun 13, 2022 |
| Morgan Stanley | Analyst unavailable | $155 | $125.28 | +49.8% | May 2, 2022 |
| BMO Capital | Analyst unavailable | $160 | $122.98 | +54.6% | May 2, 2022 |
| Citigroup | Analyst unavailable | $90 | $127.3 | -13.0% | Apr 29, 2022 |
| Morgan Stanley | Analyst unavailable | $170 | $135.36 | +64.3% | Apr 25, 2022 |
| Morgan Stanley | Michael Cyprys | $178 | $143.07 | +72.0% | Apr 11, 2022 |
| Deutsche Bank | Brian Bedell | $159 | $143.47 | +53.6% | Feb 20, 2022 |
| Barclays | Jeremy Campbell | $160 | $170.01 | +54.6% | Apr 19, 2021 |
| Wells Fargo | Christopher Harris | $215 | $167.98 | +107.7% | Apr 14, 2021 |
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Start freeCompany context
Snapshot as of publicationT. Rowe Price Group, Inc. operates as a publicly traded entity specializing in investment management. The firm extends its financial expertise to a diverse range of clients, including individual investors, institutional organizations, retirement benefit plans, and financial intermediaries. It is responsible for the establishment and ongoing management of both equity and fixed income mutual funds. The company's investment activities encompass public stock and bond markets worldwide. Employing a bottom-up methodology, the firm integrates both fundamental and quantitative analysis, leveraging insights from both internal research capabilities and external sources for its investment decisions. A core tenet of its investment philosophy is socially responsible investing, with a significant emphasis on environmental, social, and governance (ESG) factors. Furthermore, T.…
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
- Polygon adjusted daily market bars · 2026-10-27T09:50:42.009067+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-27T09:50:42.006101+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-27. For educational purposes only; not investment advice.