T. ROWE PRICE GROUP INC. $54 (Nasdaq symbol TROW; Aggressive Growth Portfolio, Finance sector; Shares outstanding: 263.8 million; Market cap: $14.2 billion; WSSF Rating: Average) sells and manages over 90 no-load mutual funds. It has over $400 billion in assets under management.
The stock got as high as $65.46 in December 2007, but has moved down with the stock market. While the company’s mutual funds have stayed away from low-quality, fixed-income investments such as subprime mortgages, its total fee income rises and falls with the value of the securities in its funds.
The company continues to enjoy strong results from its “Retirement Funds”. These funds invest in other T. Rowe Price funds and automatically adjust asset allocation according to an investor’s age. Retirement Funds now account for 12% of the company’s assets under management, up from 4% in 2006.
The stock trades at 20.5 times its likely 2008 earnings of $2.63 a share. The $0.96 dividend yields 1.8%.
T. Rowe Price is a buy.
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