Rick de los Reyes表示，在"高利率维持较长时间"的宏观环境下，黄金的对冲角色亦正出现结构性转 变。其与实质利率之间的传统反向关系在近年有所弱化；相反，金价与主权债务持续上升、货币贬值 (Currency Debasement)，以及地缘政治不确定性加剧等因素的相关性日益提高。各国央行对黄金的需 求，已成为支持金价的重要结构性动力，且近年增速明显，反映更多国家正积极分散外汇储备配置。尽 管任何资产在持仓过度集中时都可能带来风险，但支持黄金需求的核心因素未有改变，除非全球金融环 境出现明显且持续的收紧。然而，就目前所见，尚未有充分迹象显示主要央行正朝该方向迅速转向，亦 令黄金市场出现持续性平仓的可能性相对有限。 Rick de los Reyes指出，黄金早前的回调及随后反弹，亦为观察整体市场风险偏好提供重要线索。若相 关调整与市场揣测沃什(Kevin Warsh)可能出任美联储主席有关，市场反应凸显投资者对货币政策持续宽 松仍抱有高度期望。任何被市场解读为金融环境可能转趋收紧的信号，均有机会放大市场敏感度，并触 发风险资产出现较明显波动。 智通财经APP获悉，普徕仕(T. Rowe Price) ...

Core Viewpoint - T. Rowe Price Group, Inc. is facing mixed analyst opinions and increased investor uncertainty, reflected in its stock performance and options trading activity [1][3][5]. Stock Performance - The current stock price of T. Rowe Price is $97.02, down by $5.64 or -5.49% from the previous trading session [2]. - The stock has fluctuated between a low of $93 and a high of $99 during the trading day [2]. - Over the past year, the stock reached a high of $118.22 and a low of $77.85 [2]. - The market capitalization of T. Rowe Price is approximately $21.3 billion, with a trading volume of 5,365,907 shares [2]. Options Trading Activity - There has been a significant increase in options trading, with 2,489 put options acquired, marking a 77% increase compared to the average volume of 1,403 put options [3]. Analyst Ratings and Price Targets - Citigroup raised its price target for T. Rowe Price from $105 to $107 [4]. - Barclays lowered its price target from $102 to $101 and assigned an "underweight" rating [4]. - Zacks Research downgraded the stock from a "strong-buy" to a "hold" rating [4]. - Evercore ISI increased its price objective from $115 to $116 [4]. - Weiss Ratings reaffirmed a "hold (c+)" rating on the company's shares [4].

Key Takeaways TROW's Q4 adjusted EPS of $2.44 missed estimates but rose 15.1% year over year.Net revenues grew 6% to $1.93B, aided by higher advisory fees and capital allocation income.Total AUM reached $1.77T, with strong liquidity of $3.38B supporting capital distributions.T. Rowe Price Group, Inc.’s (TROW) fourth-quarter 2025 adjusted earnings per share (EPS) of $2.44 missed the Zacks Consensus Estimate of $2.47. Nevertheless, the bottom line increased 15.1% year over year.Shares of the company lost near ...

T. Rowe Price (TROW) came out with quarterly earnings of $2.44 per share, missing the Zacks Consensus Estimate of $2.47 per share. This compares to earnings of $2.12 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -1.22%. A quarter ago, it was expected that this financial services firm would post earnings of $2.55 per share when it actually produced earnings of $2.81, delivering a surprise of +10.2%.Over the last four quarters ...

About half of our funds beat their peer group, across the time periods, with 49%, 56%, 46%, and 61% outperforming on the one, three, five, and ten-year time periods respectively. For the three, five, and ten-year time periods, asset-weighted performance is stronger, with 72%, 54%, and 79% of fund assets beating their peer groups for the respective periods. For the one-year time period, 42% of fund assets beat their peer groups. On an asset-weighted basis, over half of our equity funds beat their peer groups ...

T. Rowe Price Group (NasdaqGS:TROW) Q4 2025 Earnings call February 04, 2026 08:00 AM ET Company ParticipantsAlexander Blostein - Managing DirectorBenjamin Budish - DirectorCraig Siegenthaler - Managing DirectorDaniel Fannon - Managing DirectorEric Veiel - Head of Global InvestmentsJennifer Dardis - CFOLinsley Carruth - Head of Investor RelationsMichael Cyprys - Managing DirectorPatrick Davitt - PartnerRobert Sharps - CEOConference Call ParticipantsKenneth Worthington - Senior Equity Research AnalystOperator ...

T. Rowe Price Group (NasdaqGS:TROW) Q4 2025 Earnings call February 04, 2026 08:00 AM ET Company ParticipantsAlexander Blostein - Managing DirectorBen Budish - DirectorBrennan Hawken - Managing DirectorCraig Siegenthaler - Managing DirectorDan Fannon - Managing DirectorEric Veiel - Head of Global InvestmentsJennifer Dardis - CFOLinsley Carruth - Head of Investor RelationsMichael Cyprys - Managing DirectorPatrick Davitt - PartnerRobert Sharps - CEOConference Call ParticipantsKen Worthington - Senior Equity Re ...

Financial Data and Key Metrics Changes - The company closed 2025 with $1.78 trillion in assets under management, up over 10% from the start of the year, despite $56.9 billion in net outflows [4] - Adjusted diluted earnings per share for Q4 2025 was $2.44, bringing full-year adjusted diluted EPS to $9.72, which is up 4.2% from 2024 [16] - Q4 adjusted net revenue was $1.9 billion, raising full-year adjusted net revenue to nearly $7.4 billion, an increase of 2.8% from 2024 [18] - Adjusted operating expenses for Q4 were $1.2 billion, bringing full-year adjusted operating expenses to $4.6 billion, which is up 3.4% from 2024 [21] Business Line Data and Key Metrics Changes - Net outflows were concentrated in the equity and mutual fund business, with $75 billion of net outflows from equity and almost $64 billion from mutual funds in 2025 [5] - Fixed income and alternatives had positive net flows for the quarter, with fixed income delivering eight consecutive quarters of positive net flows [17] - The target date franchise ended the year with net inflows of $5.2 billion, while the ETF business had $1.8 billion in net inflows during the quarter [17] Market Data and Key Metrics Changes - The company experienced elevated redemptions from its legacy equity and mutual fund business, but strong equity market returns offset the net outflows [16] - The average effective fee rate for Q4 was 38.8 basis points, down from 39.1 basis points in Q3 2025, driven by changes in asset and vehicle mix [19] Company Strategy and Development Direction - The company established a strategic collaboration with Goldman Sachs to pursue opportunities in wealth and retirement through co-developed public-private offerings [9] - The company is focused on integrating digital capabilities and enhancing its strategic vision through organizational changes [13] - The company plans to launch an active crypto ETF in 2026, utilizing a blend of fundamental and quantitative analysis [34] Management's Comments on Operating Environment and Future Outlook - Management noted that the biggest factor affecting operating margins is equity market returns, with a portion of the expense base being variable [26] - The company anticipates continued pressure in equities but expects to offset this with inflows in target-date funds and growth in fixed income and alternatives [45] - Management expressed confidence in the company's strategic initiatives and the ability to navigate changing market cycles [22] Other Important Information - The company returned nearly $1.8 billion of cash to stockholders and extended its regular dividend for the 39th consecutive year [5] - The company launched 13 ETFs in 2025, bringing the total to 30, with assets under management growing to over $21 billion at year-end [11] Q&A Session Summary Question: How is the company planning for 2026 in terms of operating expenses? - Management indicated that a third of the expense base is variable and that they are balancing cost savings with investments in growth areas [26][28] Question: What is the company's approach to tokenization and blockchain? - The company is exploring efficiency opportunities, product opportunities, and distribution opportunities related to tokenization and blockchain [33] Question: What is the outlook for the target date business given recent outflows? - Management noted that outflows were driven by M&A activity and that the company is well-positioned to mitigate headwinds with strong blend and hybrid offerings [43][44] Question: How does the company expect to respond to recent market disruptions? - Management stated that client reactions vary, but the overall impact on flows is not expected to be substantial in the long term [48] Question: What is the company's exposure to investments potentially disrupted by AI? - Management emphasized that they have a rigorous credit process and are well-positioned to navigate potential disruptions in the market [53]

Morgan Stanley analyst Michael Cyprys lowered the firm’s price target on T. Rowe Price (TROW) to $123 from $128 and keeps an Equal Weight rating on the shares after updating estimates based on latest AUM month-end disclosure for December. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See the top stocks recommended by analysts >> Read More on TROW: Disclaimer & DisclosureReport an Issue ...

Q4 2025 Earnings Release Supplement A copy of this presentation, which includes additional information, is available at investors.troweprice.com. Data as of December 31, 2025, unless otherwise noted. All figures are USD, unless otherwise noted. T. Rowe Price Group, Inc. | Key Metric | Q4 2024 | Q3 2025 | Q4 2025 | 2024 | 2025 | | --- | --- | --- | --- | --- | --- | | AUM, Flows, & Investment Advisory Effective Fee Rate (EFR) | | | | | | | Net Flows | ($19.3B) | ($7.9B) | ($25.5B) | ($43.2B) | ($56.9B) | | A ...