BALTIMORE (AP) — T. Rowe Price Group Inc. posted essentially flat second-quarter earnings on Wednesday, as higher expenses from hiring more workers and increasing pay largely offset revenue growth from investment fees.
Earnings and revenue both fell short of Wall Street expectations, and shares of T. Rowe Price fell nearly 3 percent in morning trading.
The Baltimore-based investment manager posted net income after distribution to restricted stock shares of $205.6 million, or 79 cents per share, for the April through June period. That was up slightly from $203.8 million, or 76 cents per share, in the year-ago period.
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