In This Story
T. Rowe Price Group Inc. (TROW-2.01%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing an increase in investment advisory fees to $6,399.7 million from $5,709.5 million in the previous year. This increase is attributed to higher average assets under management, which rose by $199.6 billion, or 14.7%, to $1,561.9 billion.
Operating expenses for the year were $4,760.3 million, a 6.4% increase from the previous year. The increase was primarily driven by higher compensation costs, distribution and servicing costs, and advertising and promotion costs.
Net income attributable to T. Rowe Price Group was $2,100.1 million, up from $1,788.7 million in the previous year. Diluted earnings per share were $9.15, compared to $7.76 in 2023.
Non-operating income was $486.3 million, slightly down from $504.1 million in 2023. The decrease was due to lower net gains on investments.
The company reported a decrease in its effective tax rate to 24.3% from 26.3% in the previous year, primarily due to lower valuation allowances recognized in 2024.
Assets under management at the end of 2024 were $1,606.6 billion, an increase of $162.1 billion from the end of 2023. This was driven by net market appreciation and income, net of distributions not reinvested, of $205.3 billion, offset by net cash outflows of $43.2 billion.
The filing also details various financial activities, including a $334.5 million expenditure to repurchase nearly 3.0 million shares of common stock at an average price of $112.57 per share.
T. Rowe Price continues to focus on expanding its investment advisory services and maintaining its competitive position in the financial services industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the T. Rowe Price Group Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.