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

T. Rowe Price Group, Inc. (NASDAQ:TROW) declared a quarterly dividend on Tuesday, May 7th, RTT News reports. Shareholders 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 dividend on an annualized basis and a yield of 4.45%.

T. Rowe Price Group has raised its dividend by an average of 10.7% per year 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% indicating that 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 Price Performance

Shares of T. Rowe Price Group stock opened at $111.49 on Thursday. T. Rowe Price Group has a 1-year low of $87.43 and a 1-year high of $132.76. The company has a market capitalization of $24.90 billion, a PE ratio of 13.24, a P/E/G ratio of 1.93 and a beta of 1.40. 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 issued its quarterly earnings results on Friday, April 26th. The asset manager reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.34. T. Rowe Price Group had a return on equity of 19.70% and a net margin of 29.09%. The firm had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the prior year, the business posted $1.69 earnings per share. T. Rowe Price Group’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, equities analysts expect that T. Rowe Price Group will post 8.75 earnings per share for the current fiscal year.

Insider Activity at T. Rowe Price Group

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 1,138 shares of T. Rowe Price Group stock in a transaction on Friday, February 9th. The stock was sold at an average price of $107.13, for a total transaction of $121,913.94. Following the sale, the insider now owns 14,113 shares of the company’s stock, valued at approximately $1,511,925.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Jessica M. Hiebler sold 1,138 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 14,113 shares in the company, valued at $1,511,925.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert F. Maclellan sold 3,043 shares of T. Rowe Price Group stock in a transaction on Monday, April 29th. The shares were sold at an average price of $113.08, for a total value of $344,102.44. Following the transaction, the director now owns 34,635 shares in the company, valued at $3,916,525.80. The disclosure for this sale can be found here. Insiders sold 12,921 shares of company stock worth $1,500,133 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on TROW. StockNews.com lowered shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Friday, February 9th. UBS Group boosted their target price on shares of T. Rowe Price Group from $100.00 to $109.00 and gave the stock a “sell” rating in a research report on Friday, April 12th. TD Cowen raised shares of T. Rowe Price Group from a “sell” rating to a “hold” rating and increased their price target for the stock from $92.00 to $114.00 in a research report on Monday, April 8th. Wells Fargo & Company boosted their price objective on T. Rowe Price Group from $105.00 to $108.00 and gave the company an “underweight” rating in a report on Friday, February 9th. Finally, Morgan Stanley increased their target price on T. Rowe Price Group from $114.00 to $125.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 17th. Four analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $112.10.

About T. Rowe Price Group

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.