Shares in T. Rowe Price Group fell more than 4 percent in Tuesday trading after the Baltimore money management firm reported second-quarter earnings that missed analyst expectations.
Not only were results depressed by a one-time charge to make right with investors affected by the firm's botched Dell vote in 2013, but its revenue slipped on reduced fees from investment advising.
T. Rowe Price reported that it earned $195.3 million, a 41 percent drop from the $333.2 million it made in the April-to-June period last year.
Per share earnings fell to 76 cents from $1.24 for the same period last year. The consensus estimate of analysts surveyed by Zacks Investment Research...