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Charge related to Dell appraisal rights matter weighs on T. Rowe Price's Q2 results

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Charge related to Dell appraisal rights matter weighs on T. Rowe Price's Q2 results

reported second-quarter net income attributable to common stockholders of$191.5 million, or 76 cents per share, down from $329.1 million, or $1.24 pershare, in the year-ago period.

Resultsfor the quarter included a nonrecurring operating charge of related to the company'sdecision to compensate certain clients in the appraisal rights matter,which reduced second-quarter net income by $100.7 million, or 39 cents pershare.

TheS&P Capital IQ consensus normalized EPS estimate for the quarter was 75cents.

Netrevenues for the quarter were $1.04 billion, compared to $1.07 billion in theyear-ago quarter. Investment advisory fees declined year over year to $920.6million from $942.2 million.

The company's AUM as of June 30 was$776.6 billion, compared to $783.6 billion as of June 30, 2015.

T.Rowe Price spent $244.0 million in the first half of 2016 to repurchase 3.6million shares.