T. Rowe Price Group Inc (TROW) Raises Dividend to $0.70 Per Share

T. Rowe Price Group Inc (NASDAQ:TROW) announced a quarterly dividend on Tuesday, February 13th, RTT News reports. Investors of record on Thursday, March 15th will be paid a dividend of 0.70 per share by the asset manager on Thursday, March 29th. This represents a $2.80 annualized dividend and a dividend yield of 2.67%. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $0.57.

T. Rowe Price Group has raised its dividend payment by an average of 9.0% annually over the last three years and has increased its dividend annually for the last 31 consecutive years. T. Rowe Price Group has a dividend payout ratio of 42.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect T. Rowe Price Group to earn $7.58 per share next year, which means the company should continue to be able to cover its $2.28 annual dividend with an expected future payout ratio of 30.1%.

Shares of T. Rowe Price Group (TROW) traded up $1.52 during trading hours on Tuesday, hitting $104.93. The company had a trading volume of 2,370,000 shares, compared to its average volume of 1,862,839. The stock has a market cap of $25,057.28, a P/E ratio of 17.58, a P/E/G ratio of 1.32 and a beta of 1.28. T. Rowe Price Group has a 1-year low of $66.70 and a 1-year high of $120.07.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Tuesday, January 30th. The asset manager reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.04. T. Rowe Price Group had a return on equity of 25.30% and a net margin of 31.07%. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the previous year, the business earned $1.21 EPS. T. Rowe Price Group’s revenue for the quarter was up 17.9% compared to the same quarter last year. research analysts forecast that T. Rowe Price Group will post 6.91 earnings per share for the current fiscal year.

TROW has been the topic of several analyst reports. Bank of America upgraded T. Rowe Price Group from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $113.00 to $125.00 in a report on Monday, January 8th. Barclays lifted their price objective on T. Rowe Price Group from $79.00 to $84.00 and gave the stock an “underweight” rating in a report on Friday, October 27th. UBS Group upgraded T. Rowe Price Group from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $75.00 to $110.00 in a report on Tuesday, January 9th. Zacks Investment Research upgraded T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $118.00 price objective on the stock in a report on Wednesday, December 27th. Finally, ValuEngine upgraded T. Rowe Price Group from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $100.60.

In other news, VP Christopher D. Alderson sold 6,808 shares of the business’s stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $102.83, for a total value of $700,066.64. Following the completion of the sale, the vice president now directly owns 119,846 shares in the company, valued at approximately $12,323,764.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Christopher D. Alderson sold 91,605 shares of the business’s stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $103.28, for a total value of $9,460,964.40. Following the completion of the sale, the vice president now owns 169,816 shares of the company’s stock, valued at $17,538,596.48. The disclosure for this sale can be found here. Insiders sold a total of 204,980 shares of company stock valued at $20,776,729 over the last quarter. Company insiders own 3.60% of the company’s stock.

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About T. Rowe Price Group

T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.

Dividend History for T. Rowe Price Group (NASDAQ:TROW)

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