T. Rowe Price Group, Inc. (NASDAQ:TROW) Raises Dividend to $1.30 Per Share

T. Rowe Price Group, Inc. (NASDAQ:TROW) declared a quarterly dividend on Monday, February 9th. Shareholders of record on Monday, March 16th will be paid a dividend of 1.30 per share by the asset manager on Monday, March 30th. This represents a c) dividend on an annualized basis and a yield of 5.4%. The ex-dividend date is Monday, March 16th. This is a 2.4% increase from T. Rowe Price Group’s previous quarterly dividend of $1.27.

T. Rowe Price Group has raised its dividend by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 39 consecutive years. T. Rowe Price Group has a dividend payout ratio of 60.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect T. Rowe Price Group to earn $9.62 per share next year, which means the company should continue to be able to cover its $5.08 annual dividend with an expected future payout ratio of 52.8%.

T. Rowe Price Group Price Performance

Shares of T. Rowe Price Group stock opened at $96.50 on Tuesday. The firm has a market cap of $21.06 billion, a PE ratio of 10.37, a P/E/G ratio of 4.87 and a beta of 1.53. T. Rowe Price Group has a 1 year low of $77.85 and a 1 year high of $118.22. The stock has a fifty day moving average price of $104.25 and a 200-day moving average price of $104.34.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Wednesday, February 4th. The asset manager reported $2.44 earnings per share for the quarter, missing the consensus estimate of $2.47 by ($0.03). The company had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.92 billion. T. Rowe Price Group had a net margin of 28.53% and a return on equity of 20.36%. T. Rowe Price Group’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.12 EPS. As a group, equities analysts anticipate that T. Rowe Price Group will post 9.29 EPS for the current fiscal year.

Insider Buying and Selling at T. Rowe Price Group

In other news, VP Arif Husain sold 4,260 shares of the stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $101.96, for a total value of $434,349.60. Following the sale, the vice president directly owned 47,102 shares of the company’s stock, valued at approximately $4,802,519.92. This represents a 8.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.60% of the stock is currently owned by corporate insiders.

Institutional Trading of T. Rowe Price Group

Several institutional investors and hedge funds have recently bought and sold shares of TROW. Fidelis Capital Partners LLC bought a new stake in T. Rowe Price Group in the 3rd quarter worth $540,000. Candriam S.C.A. grew its stake in shares of T. Rowe Price Group by 20.4% in the second quarter. Candriam S.C.A. now owns 30,931 shares of the asset manager’s stock worth $2,985,000 after purchasing an additional 5,236 shares during the last quarter. Greenspring Advisors LLC purchased a new position in T. Rowe Price Group during the 3rd quarter valued at about $1,583,000. First Citizens Bank & Trust Co. raised its position in T. Rowe Price Group by 141.9% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 175,885 shares of the asset manager’s stock valued at $18,053,000 after purchasing an additional 103,174 shares during the last quarter. Finally, Allen Wealth Management LLC lifted its holdings in T. Rowe Price Group by 459.3% in the 3rd quarter. Allen Wealth Management LLC now owns 13,855 shares of the asset manager’s stock worth $1,422,000 after buying an additional 11,378 shares during the period. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.