T. Rowe Price Group, Inc. (NASDAQ:TROW) reported its results for the third quarter. Net income for the financial services company rose to $185.5 million (71 cents per share) vs. $169.1 million (64 cents per share) in the same quarter a year earlier. This marks a rise of 9.7% from the year earlier quarter. Revenue was $679.4 million last quarter. TROW fell short of the mean analyst estimate of 73 cents per share. It fell short of the average revenue estimate of $695.2 million.
James A.C. Kennedy, the company’s chief executive officer and president, commented: “While we are pleased that a broad range of our portfolios continues to deliver very attractive long-term returns, volatile markets and lower valuations have made this a tough environment for our clients and the firm in the short term. Bond returns were mixed during the quarter and global stock markets fell sharply. Slower economic growth, the intensifying European sovereign debt crisis and the overall lack of effective decision making by political leaders in both the U.S. and Europe have heightened volatility and dampened investor confidence.”
Competitors to Watch: Federated Investors, Inc. (NYSE:FII), BlackRock, Inc. (NYSE:BLK), Waddell & Reed Financial, Inc. (NYSE:WDR), U.S. Global Investors, Inc. (NASDAQ:GROW), Janus Capital Group Inc. (NYSE:JNS), Franklin Resources, Inc. (NYSE:BEN), Virtus Investment Partners, Inc. (NASDAQ:VRTS), Cohen & Steers, Inc. (NYSE:CNS), Calamos Asset Management, Inc (NASDAQ:CLMS), and Financial Engines Inc (NASDAQ:FNGN).
Regions Financial Corporation (NYSE:RF) climbed to a profit in the third quarter and beat Wall Street’s expectations in the process. Reported a profit of $155 million (12 cents per diluted share) in the quarter. The Southeast regional bank had a net loss of $155 million or a loss of 13 cents per share in the year earlier quarter. Revenue noninterest income was $746 million last quarter. RF beat the mean analyst estimate of 4 cents per share.
“This quarter’s results demonstrate that we are making solid progress in executing our business plan and that our efforts are paying off,” said Grayson Hall, president and chief executive officer. “Although we are realistic about the challenges posed by an uncertain economy and faltering consumer and business confidence, we believe that focusing on the customer, enhancing enterprise-wide risk management and building sustainable performance are keys to our long term success.”
Competitors to Watch: SunTrust Banks, Inc. (NYSE:STI), Pinnacle Financial Partners (NASDAQ:PNFP), Wells Fargo & Company (NYSE:WFC), Cadence Financial Corp. (NASDAQ:CADE), KeyCorp (NYSE:KEY), PNC Financial Services (NYSE:PNC), Bank of America Corp. (NYSE:BAC), BancorpSouth, Inc. (NYSE:BXS), Trustmark Corporation (NASDAQ:TRMK), and BB&T Corporation (NYSE:BBT).