T. Rowe Price Group (NASDAQ: TROW) got a significant boost on May 12 when it reported an increase in assets under management for the month of April. The stock jumped on the news, and as of Tuesday's close, it was down about 6% in 2020. T. Rowe Price has significantly outperformed its peers this year, and the stock is up about 10% over the trailing 12 months. That's a pretty good rate of return in an asset management industry rocked by equity outflows (and 0% interest rates) as investors flee to the safety of money market funds and other more stable investments.
So while this was a good bounce-back for the company, investing is all about the long term. Is this a stock that should be part of your portfolio?
Baltimore, the city T. Rowe Price calls home. Image source: Getty Images.
Source Fool.com