T. Rowe Price Group, Inc. (NASDAQ:TROW) Shares Set to Pay Quarterly Dividend of $1.30

T. Rowe Price Group, Inc. (NASDAQ:TROW) declared a quarterly dividend on Wednesday, November 4th. Shareholders of record on Wednesday, December 16th will be given a dividend of $1.30 per share by the asset manager on Tuesday, December 29th. This represents a $5.20 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend is Wednesday, December 16th.

T. Rowe Price Group has raised its dividend payment by an average of 0.1% per year over the last three years and has raised its dividend annually for the last 39 consecutive years. T. Rowe Price Group has a payout ratio of 61.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect T. Rowe Price Group to earn $10.10 per share next year, which means the company should continue to be able to cover its $5.20 annual dividend with an expected future payout ratio of 51.5%.

T. Rowe Price Group Price Performance

Shares of NASDAQ:TROW opened at $112.57 on Thursday. The firm’s 50 day simple moving average is $105.41 and its 200 day simple moving average is $103.74. The company has a market capitalization of $24.01 billion, a price-to-earnings ratio of 11.38, a P/E/G ratio of 4.07 and a beta of 1.43. T. Rowe Price Group has a fifty-two week low of $85.22 and a fifty-two week high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Thursday, October 29th. The asset manager reported $2.86 earnings per share for the quarter, topping analysts’ consensus estimates of $2.63 by $0.23. T. Rowe Price Group had a net margin of 28.40% and a return on equity of 20.63%. The company had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.98 billion. During the same period last year, the firm posted $2.81 earnings per share. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. Equities research analysts expect that T. Rowe Price Group will post 10.29 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Joshua Nelson sold 10,000 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the completion of the transaction, the vice president directly owned 71,328 shares in the company, valued at $7,975,896.96. This represents a 12.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On T. Rowe Price Group

Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in T. Rowe Price Group during the second quarter worth about $2,728,119,000. Legal & General Group Plc bought a new position in shares of T. Rowe Price Group in the second quarter worth about $183,130,000. Bank of America Corp DE acquired a new stake in shares of T. Rowe Price Group in the 2nd quarter valued at approximately $170,572,000. Bank of New York Mellon Corp acquired a new stake in shares of T. Rowe Price Group in the 2nd quarter valued at approximately $167,984,000. Finally, Caisse de depot et placement du Quebec acquired a new stake in shares of T. Rowe Price Group in the 2nd quarter valued at approximately $132,649,000. Institutional investors own 73.39% of the company’s stock.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment strategies and advisory services to individual investors, retirement plans, financial intermediaries, institutions and other clients.

The company offers a range of actively managed and multi-asset investment products, including mutual funds, exchange-traded funds, separately managed accounts and other portfolio solutions.