T. Rowe Price Group, Inc. (NASDAQ:TROW) to Issue $1.24 Quarterly Dividend

T. Rowe Price Group, Inc. (NASDAQ:TROW) declared a quarterly dividend on Tuesday, May 7th, RTT News reports. Stockholders of record on Friday, June 14th will be paid a dividend of 1.24 per share by the asset manager on Thursday, June 27th. This represents a $4.96 annualized dividend and a dividend yield of 4.48%.

T. Rowe Price Group has increased its dividend payment by an average of 10.7% annually over the last three years and has raised its dividend every year for the last 38 years. T. Rowe Price Group has a dividend payout ratio of 56.6% meaning its dividend is sufficiently covered by earnings. Analysts expect T. Rowe Price Group to earn $8.86 per share next year, which means the company should continue to be able to cover its $4.96 annual dividend with an expected future payout ratio of 56.0%.

T. Rowe Price Group Stock Down 0.5 %

Shares of TROW traded down $0.53 during mid-day trading on Wednesday, hitting $110.72. 62,567 shares of the company traded hands, compared to its average volume of 1,433,208. The company has a market capitalization of $24.72 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 1.93 and a beta of 1.40. T. Rowe Price Group has a 1-year low of $87.43 and a 1-year high of $132.76. The business has a 50 day moving average of $115.24 and a 200 day moving average of $107.68.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Friday, April 26th. The asset manager reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.34. The business had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.71 billion. T. Rowe Price Group had a net margin of 29.09% and a return on equity of 19.70%. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.69 EPS. As a group, research analysts expect that T. Rowe Price Group will post 8.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. JPMorgan Chase & Co. raised their price target on shares of T. Rowe Price Group from $94.00 to $103.00 and gave the company an “underweight” rating in a report on Tuesday, April 16th. TD Cowen raised T. Rowe Price Group from a “sell” rating to a “hold” rating and raised their price objective for the stock from $92.00 to $114.00 in a research note on Monday, April 8th. Keefe, Bruyette & Woods upgraded shares of T. Rowe Price Group from an “underperform” rating to a “market perform” rating and raised their price target for the company from $106.00 to $120.00 in a report on Thursday, April 11th. Wells Fargo & Company increased their price target on shares of T. Rowe Price Group from $105.00 to $108.00 and gave the stock an “underweight” rating in a research report on Friday, February 9th. Finally, UBS Group increased their price objective on shares of T. Rowe Price Group from $100.00 to $109.00 and gave the company a “sell” rating in a report on Friday, April 12th. Four investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $112.10.

Insider Buying and Selling at T. Rowe Price Group

In related news, insider Jessica M. Hiebler sold 1,138 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $107.13, for a total value of $121,913.94. Following the completion of the sale, the insider now directly owns 14,113 shares of the company’s stock, valued at $1,511,925.69. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other T. Rowe Price Group news, Director Freeman A. Hrabowski III sold 8,740 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $118.32, for a total transaction of $1,034,116.80. Following the sale, the director now directly owns 21,073 shares of the company’s stock, valued at approximately $2,493,357.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jessica M. Hiebler sold 1,138 shares of T. Rowe Price Group stock in a transaction on Friday, February 9th. The shares were sold at an average price of $107.13, for a total transaction of $121,913.94. Following the completion of the transaction, the insider now owns 14,113 shares in the company, valued at approximately $1,511,925.69. The disclosure for this sale can be found here. Insiders sold a total of 12,921 shares of company stock worth $1,500,133 in the last three months. 2.00% of the stock is owned by corporate insiders.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.