Research Analyst Macrae Sykes of Gabelli & Company says he continues to hold T. Rowe Price Group Inc (TROW) because of the company’s improving fundamentals, exposure to the retirement market and extraordinary margins.
“One holdover from last year is T. Rowe Price. It has a wonderful brand, a very strong management team, is extraordinarily well-capitalized and has a terrific lineup of funds,” Sykes said.
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Sykes says that with the improving economy there is more demand for retirement savings as people try to catch up. As one of the larger firms in that channel, T. Rowe Price directly benefits from that secular growth. Additionally, Sykes says TROW has a nice price-to-value proposition.
“The firm’s margins are almost at 50%, which is extraordinary for any business. The shares have basically gone nowhere over the last year, while business fundamentals have improved due to higher AUM,” Sykes said.
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