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TROW · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is T. Rowe Price Group, Inc. (TROW) stock moving?
T. Rowe Price beat Q3 2026 estimates on October 29, with adjusted EPS of $2.86 versus $2.65 expected and sales of $2.004B versus $1.980B. The shares rose from $104.00 to $106.63 that day on 2.2M volume, then climbed to a $114.38 intraday high around November 5 after the $1.30 quarterly dividend declaration and the fal funding participation. The stock has since pulled back to $108.71 and recovered to $110.90 on November 10, with volume tapering from 2.9M on November 4 to 1.4M on November 10. Analyst reaction is mixed: KBW holds Market Perform with a $113 target, JP Morgan keeps Underweight at $107, TD Cowen keeps Hold but cut to $96, and Goldman Sachs trimmed to $89. Most targets sit at or below the current price, so the earnings beat is largely priced in. The AI commentary and the Nov 4 8-K amending the 2020 Long-Term Incentive Plan add little near-term signal.
News behind the analysis
- T. Rowe Price Q3 Adj. EPS $2.86 Beats $2.65 Estimate, Sales $2.004B Beat $1.980B EstimateThird-quarter adjusted EPS of $2.86 topped the $2.65 consensus, and sales of $2.004B beat the $1.980B estimate.
- T. Rowe Price Group, Inc. Reports Third Quarter 2026 Financial ResultsThe company released its results for the three and nine months ended September 30, 2026, and scheduled a webcast to discuss them.
- T. Rowe Price Group Q3 2026 Earnings Call TranscriptThe full transcript of the third-quarter 2026 earnings call, held the day the results were reported, is available.
- Keefe, Bruyette & Woods Maintains T. Rowe Price Group at Market Perform, Raises Price Target to $113KBW kept its Market Perform rating and raised its price target from $112 to $113.
- JP Morgan Maintains Underweight on T. Rowe Price Group, Raises Price Target to $107JP Morgan kept its Underweight rating and raised its price target to $107, still below the recent share price.
- TD Cowen Maintains Hold on T. Rowe Price Group, Lowers Price Target to $96TD Cowen kept its Hold rating and cut its price target to $96.
- Goldman Sachs Adjusts Price Target on T. Rowe Price to $89 From $90Goldman Sachs trimmed its price target for T. Rowe Price from $90 to $89.
- T. Rowe Price Group, Inc. Declares Quarterly DividendThe company declared a quarterly dividend of $1.30 per share for its shareholders.
- T. Rowe Price Participates in Funding Round for AI Company falT. Rowe Price took part in a funding round for AI company fal, which reportedly reached a $16 billion valuation.
- T. Rowe Price Commentary on AI Investment OutlookGlobal equity portfolio specialist Jennifer Martin said the firm's AI investment outlook calls for investor selectivity.
About T Rowe Price Group Inc
T. Rowe Price is a Baltimore-based asset manager, founded in 1937, that runs mutual funds, ETFs, separately managed accounts and retirement products. As of late September 2026 it managed about $1.86 trillion, and roughly two-thirds of that money is tied to retirement, including its well-known target-date funds.
How it makes money
Most of its revenue, about 90% (around $1.8 billion of roughly $2.0 billion in Q3 2026), comes from investment advisory fees. These fees are charged as a percentage of the assets it manages, recently about 0.38% a year. The rest comes from administrative, distribution and servicing fees, plus performance-based carried interest from its alternative investments. Client assets are spread across stock funds (about half), balanced and target-date funds (over a third), bonds and money market funds (about an eighth) and alternatives (a few percent).
What usually moves TROW
- Stock market levels, which change assets under management
- Net client inflows or outflows, especially from stock and target-date funds
- Shift from actively managed funds to cheaper passive index funds
- Fund performance compared with benchmarks
- Pressure on fees and growth of its ETF business