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T. Rowe Price more than doubles first-quarter earnings as stock markets rise, plans September return to offices

T. Rowe Price Group Inc. more than doubled its earnings in the first quarter of 2021 as rising stock markets lifted the Baltimore-based money manager’s revenue.

T. Rowe Price earned $749.4 million in the January-to-March period, up from $343.1 million in same period last year, when the coronavirus was first sweeping the world. On a per-share basis, T. Rowe Price made $3.17, up from $1.41 a year earlier.

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The investment firm’s first-quarter revenue surged about 25% to nearly $1.83 billion.

And its assets under management grew to nearly $1.52 trillion March 30, up from $1.47 trillion Dec. 31 and just $1 trillion a year earlier when markets had swooned in response to the pandemic.

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“The first quarter of 2021 saw stocks in developed markets generate strong returns lifted by the accelerating rollout of coronavirus vaccines, ongoing monetary stimulus, and expectations for a new U.S. federal fiscal stimulus package,” T. Rowe Price CEO William J. Stromberg said in a news release.

The results topped the expectations of Wall Street analysts and T. Rowe Price’s stock closed up $2.11 a share Thursday at $181.82 each.

T. Rowe Price is planning to start returning its U.S. employees to local offices starting Sept. 13, spokesman Brian Lewbart said. As it formulates that plan, its workers may go into the office voluntarily, he said in an email.

“Upon our return to office, we will implement a new flexible workplace philosophy to allow most of our associates the option to work a portion of the work week from home, based on role,” Lewbart said.

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In addition to its headquarters on downtown Baltimore’s Pratt Street, T. Rowe Price has a corporate campus in Owings Mills. Late last year, T. Rowe Price announced that it would be relocating its headquarters from the downtown tower to a pair of new buildings about a mile away in Harbor Point.

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