T. Rowe Price Group Inc.’s stock ran up a double-digit percentage gain on Friday in its largest single-day rise since late 2022, after the money-management company’s second-quarter profit topped Wall Street expectations.
T. Rowe Price TROW, +8.27% shares were up about 10.3%, to $129.12, during the session. If the gains hold, it will be the highest close for the stock since Nov. 11, 2022, when it closed at $133.34, according to Dow Jones Market Data.
The stock is on track for its largest percentage increase since it rose 16.36% on Nov. 10, 2022.
It’s also up 15.27% month to date in July, on track for the best month since November 2022, when it rose 17.66%.
T. Rowe Price said its profit for the three months ending June 30 jumped by 40% to $476.4 million, or $2.06 a share, up from $339.6 million, or $1.46 a share, in the year-ago quarter.
The Baltimore company’s adjusted profit in the latest quarter totaled $2.02 a share, well ahead of the analyst estimate of $1.73 a share, according to FactSet data.
Second-quarter revenue rose to $1.61 billion from $1.51 billion, ahead of the analyst view of just under $1.6 billion.
The company cited stronger equity markets compared with the previous quarter, as well as well as cost savings from its second 2% staffing cut in the past year.
Looking ahead, T. Rowe Price said that it expects “meaningfully less” outflows from funds in 2024 and that it plans to move into organic growth at some point in 2025.
This article was originally published by Marketwatch.com. Read the original article here.
