Here's Why I Just Bought T. Rowe Price Stock
With the stock market having its worst first half of the year on record, it's no surprise that the stocks of asset managers have fared poorly. The decline in stock prices means that their assets under management are down, in addition to revenue and earnings. But this same sensitivity to stock prices means that stocks of asset managers could rebound quickly when the market eventually picks back up.
As such, the present sell-off looks like a good opportunity to pick up shares of T. Rowe Price (NASDAQ: TROW), a blue chip leader in the asset management industry that's trading at an attractive valuation. T. Rowe Price has historically had a high concentration of growth stocks, which may have driven its assets under management down further in 2022. But it's an area that I think will rebound over the long term.
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Source Fool.com