: T. Rowe Price stock rises on stronger-than-expected profit

T. Rowe Price Group Inc. TROW stock was up 1% in premarket trades on Friday after the money management company’s second-quarter profit topped Wall Street expectations. T. Rowe Price said its profit for the three months ended June 30 jumped by 40% to $476.4 million or $2.06 a share, from $339.6 million, or $1.46 a share, in the year-ago quarter. The Baltimore firm’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, and ahead of the analyst view of just under $1.6 billion. The company cited stronger equity markets compared to the previous quarter, as well as well as cost savings.

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