Subtext

T. Rowe Price Group, Inc. TROW

SectorFinancials
Transcripts9
Date range2023-05-02 – 2025-05-02
Calls charted9

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-19-10+0+10+192023 Q12023 Q32024 Q12024 Q32025 Q12023 Q1 · Overall: +6.22023 Q2 · Overall: +9.42023 Q3 · Overall: +10.62023 Q4 · Overall: +16.82024 Q1 · Overall: +1.52024 Q2 · Overall: +12.22024 Q3 · Overall: +7.92024 Q4 · Overall: +15.42025 Q1 · Overall: +7.2
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-26-13+0+13+262023 Q12023 Q32024 Q12024 Q32025 Q12023 Q1 · CEO: +13.82023 Q2 · CEO: +17.72023 Q3 · CEO: +17.72023 Q4 · CEO: +22.62024 Q2 · CEO: +19.92024 Q3 · CEO: +13.62024 Q4 · CEO: +21.62023 Q1 · CFO: -2.22023 Q2 · CFO: +3.52023 Q3 · CFO: +6.82023 Q4 · CFO: +21.62024 Q2 · CFO: +9.02024 Q3 · CFO: +5.42024 Q4 · CFO: +14.02025 Q1 · CFO: -3.0
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-26-13+0+13+262023 Q12023 Q32024 Q12024 Q32025 Q12023 Q1 · Prepared remarks: +6.02023 Q2 · Prepared remarks: +10.62023 Q3 · Prepared remarks: +9.42023 Q4 · Prepared remarks: +22.92024 Q1 · Prepared remarks: +5.02024 Q2 · Prepared remarks: +16.02024 Q3 · Prepared remarks: +6.92024 Q4 · Prepared remarks: +17.62025 Q1 · Prepared remarks: +11.92023 Q1 · Q&A responses: +9.92023 Q2 · Q&A responses: +12.52023 Q3 · Q&A responses: +19.02023 Q4 · Q&A responses: +19.02024 Q1 · Q&A responses: +9.52024 Q2 · Q&A responses: +15.92024 Q3 · Q&A responses: +12.52024 Q4 · Q&A responses: +17.52025 Q1 · Q&A responses: +7.4
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$6.64$7.96$9.282023 Q12023 Q32024 Q12024 Q32025 Q12023 Q1: $6.932023 Q2: $6.852023 Q3: $7.472023 Q4: $6.822024 Q1: $7.962024 Q2: $8.942024 Q3: $9.10

Forward P/E

11.5314.0516.572023 Q12023 Q32024 Q12024 Q32025 Q12023 Q1: 15.402023 Q2: 16.222023 Q3: 14.602023 Q4: 15.132024 Q1: 14.772024 Q2: 13.152024 Q3: 11.88

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2023 Q2 tone ↑ +3.2 fwd EPS ↓ -0.08 Tone rose while the forward EPS estimate was cut.
  • 2023 Q4 tone ↑ +6.2 fwd EPS ↓ -0.65 Tone rose while the forward EPS estimate was cut.
  • 2024 Q1 tone ↓ -15.2 fwd EPS ↑ +1.14 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↓ -4.3 fwd EPS ↑ +0.16 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-02+7.2——View →
2024 Q42025-02-05+15.4——View →
2024 Q32024-11-01+7.9$9.1011.9View →
2024 Q22024-07-26+12.2$8.9413.2View →
2024 Q12024-04-26+1.5$7.9614.8View →
2023 Q42024-02-08+16.8$6.8215.1View →
2023 Q32023-10-27+10.6$7.4714.6View →
2023 Q22023-07-28+9.4$6.8516.2View →