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

T. Rowe Price Group, Inc. (NASDAQ:TROW) declared a quarterly dividend on Friday, November 1st, RTT News reports. Investors of record on Friday, December 13th will be paid a dividend of 1.24 per share by the asset manager on Friday, December 27th. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.43%.

T. Rowe Price Group has increased its dividend payment by an average of 10.7% per year over the last three years and has increased its dividend every year for the last 38 years. T. Rowe Price Group has a payout ratio of 53.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect T. Rowe Price Group to earn $9.31 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 53.3%.

T. Rowe Price Group Trading Up 2.0 %

Shares of NASDAQ TROW opened at $112.06 on Friday. The business has a fifty day simple moving average of $108.32 and a 200 day simple moving average of $111.69. The firm has a market capitalization of $24.94 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 1.71 and a beta of 1.41. T. Rowe Price Group has a one year low of $90.02 and a one year high of $122.27.

T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Friday, November 1st. The asset manager reported $2.57 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.21. The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.84 billion. T. Rowe Price Group had a return on equity of 19.90% and a net margin of 28.66%. T. Rowe Price Group’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.17 earnings per share. On average, research analysts anticipate that T. Rowe Price Group will post 9.16 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Evercore ISI increased their price objective on T. Rowe Price Group from $108.00 to $109.00 and gave the stock an “in-line” rating in a research note on Friday, October 4th. The Goldman Sachs Group dropped their price objective on T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating for the company in a research note on Thursday, October 3rd. TD Cowen dropped their price objective on T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating for the company in a research note on Monday, July 29th. Morgan Stanley increased their price objective on T. Rowe Price Group from $125.00 to $127.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Finally, Barclays increased their price objective on T. Rowe Price Group from $99.00 to $101.00 and gave the stock an “underweight” rating in a research note on Monday, October 14th. Four investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat, T. Rowe Price Group has an average rating of “Hold” and an average price target of $113.00.

Insider Activity

In other news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $102.83, for a total value of $1,230,772.27. Following the completion of the sale, the vice president now directly owns 123,624 shares in the company, valued at approximately $12,712,255.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $102.83, for a total value of $1,230,772.27. Following the transaction, the vice president now owns 123,624 shares in the company, valued at $12,712,255.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jessica M. Hiebler sold 484 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $104.73, for a total value of $50,689.32. Following the completion of the transaction, the insider now owns 13,939 shares in the company, valued at approximately $1,459,831.47. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

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.