T. Rowe Price Group, Inc. (NASDAQ:TROW) Declares Quarterly Dividend of $1.27

Key Points

• T. Rowe Price Group, Inc. declared a quarterly dividend of $1.27 per share, with a yield of 4.8%, to be paid on September 29th for shareholders of record on September 15th.
• The company's latest earnings report showed earnings per share (EPS) of $2.24, surpassing estimates by $0.09, although revenue decreased by 0.6% year-over-year.
• T. Rowe Price Group's dividend payout ratio stands at 60.3%, signaling that its dividend is well-supported by its earnings, with an expected future payout ratio of 52.8%.

T. Rowe Price Group, Inc. (NASDAQ:TROW - Get Free Report) announced a quarterly dividend on Monday, August 11th, RTT News reports. Investors of record on Monday, September 15th will be paid a dividend of 1.27 per share by the asset manager on Monday, September 29th. This represents a c) annualized dividend and a yield of 4.7%. The ex-dividend date is Monday, September 15th.

T. Rowe Price Group has a payout ratio of 60.3% indicating that its dividend is sufficiently covered by earnings. 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 Trading Up 1.2%

T. Rowe Price Group stock traded up $1.24 during midday trading on Wednesday, hitting $108.88. The stock had a trading volume of 479,340 shares, compared to its average volume of 1,815,293. The stock has a market cap of $23.92 billion, a P/E ratio of 12.17, a P/E/G ratio of 2.87 and a beta of 1.47. T. Rowe Price Group has a 12 month low of $77.85 and a 12 month high of $125.81. The business has a fifty day moving average price of $100.04 and a 200 day moving average price of $97.93.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its earnings results on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, beating the consensus estimate of $2.15 by $0.09. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.72 billion. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%. The business's revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.26 earnings per share. On average, equities analysts anticipate that T. Rowe Price Group will post 9.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total value of $190,860.00. Following the completion of the sale, the vice president directly owned 44,789 shares in the company, valued at $4,274,214.27. This represents a 4.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On T. Rowe Price Group

Institutional investors have recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. lifted its position in T. Rowe Price Group by 66.7% in the second quarter. TD Waterhouse Canada Inc. now owns 250 shares of the asset manager's stock worth $25,000 after purchasing an additional 100 shares during the period. Zions Bancorporation National Association UT acquired a new stake in T. Rowe Price Group in the first quarter worth approximately $27,000. Vermillion & White Wealth Management Group LLC lifted its position in T. Rowe Price Group by 120.0% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 319 shares of the asset manager's stock worth $31,000 after purchasing an additional 174 shares during the period. Hexagon Capital Partners LLC lifted its position in T. Rowe Price Group by 44.8% in the first quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock worth $34,000 after purchasing an additional 113 shares during the period. Finally, Atlantic Union Bankshares Corp acquired a new stake in T. Rowe Price Group in the second quarter worth approximately $35,000. 73.39% of the stock is currently owned by institutional investors and hedge funds.

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.