The Baltimore-based investment manager posted a net income of $445.3 million, or $1.99 per share, edging out the $439.9 million recorded during the same period last year. On an adjusted basis, the company reported earnings of $2.44 per share, slightly trailing the $2.46 consensus estimate provided by analysts surveyed by FactSet.

Revenue Growth and Market Performance

Net revenues for the quarter rose 6% to $1.93 billion, up from $1.82 billion a year earlier. This performance matched analyst projections, reflecting a stable fee environment as the firm capitalized on broader market momentum.

The firm's growth was primarily driven by its capital base expansion. T. Rowe Price concluded the quarter with $1.78 billion in assets under management, representing a 10.5% increase from the $1.61 billion reported in the prior year. This figure also outperformed the $1.75 billion mark that analysts had forecasted.