T. Rowe Price Group (TROW) witnessed a significant surge in its stock price, soaring 6.54% on November 6, 2024. This rally was primarily driven by the company's impressive third-quarter earnings report, which exceeded analyst expectations and showcased its strong financial performance.
The investment management firm reported an adjusted diluted earnings per share (EPS) of $2.57, marking an 18.4% increase compared to the same quarter last year and surpassing the analyst consensus estimate of $2.34. This substantial EPS growth was a major catalyst for the stock's upward movement.
Despite a slight revenue miss, with total revenue of $1.79 billion falling short of the $1.84 billion analyst forecast, the market appeared to focus on the robust earnings performance. T. Rowe Price's assets under management (AUM) also witnessed a significant increase, rising by $61.8 billion during the quarter to reach $1.63 trillion, further contributing to the stock's positive momentum.
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