T. Rowe Price Group, Inc. Declares Quarterly Dividend of $1.30 (NASDAQ:TROW)

Key Points

• Quarterly dividend of $1.30 declared (shareholders of record June 15, paid June 29), equivalent to a $5.20 annualized payout and roughly a 5.1% yield.
• Dividend track record: T. Rowe Price has raised its dividend every year for 39 years and has a current payout ratio of 61.8%, while analysts expect $9.57 in EPS next year — implying a future payout ratio near 54%.
• Recent results: The firm beat Q1 estimates with $2.52 EPS (vs. $2.37 consensus) and $1.86B revenue (up 5.3% YoY); market cap about $22B and a P/E of ~11.00.

T. Rowe Price Group, Inc. (NASDAQ:TROW - Get Free Report) announced a quarterly dividend on Thursday, May 7th. Shareholders of record on Monday, June 15th will be paid a dividend of 1.30 per share by the asset manager on Monday, June 29th. This represents a c) annualized dividend and a yield of 5.1%. The ex-dividend date is Monday, June 15th.

T. Rowe Price Group has raised its dividend by an average of 0.1%per year over the last three years and has increased its dividend every year for the last 39 years. T. Rowe Price Group has a dividend payout ratio of 61.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect T. Rowe Price Group to earn $9.57 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 54.3%.

T. Rowe Price Group Price Performance

Shares of NASDAQ TROW opened at $102.68 on Friday. The business's 50 day moving average is $93.48 and its two-hundred day moving average is $99.20. T. Rowe Price Group has a 1-year low of $85.22 and a 1-year high of $118.22. The stock has a market capitalization of $22.00 billion, a P/E ratio of 11.00, a PEG ratio of 4.64 and a beta of 1.51.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The asset manager reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.37 by $0.15. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The company had revenue of $1.86 billion for the quarter, compared to analysts' expectations of $1.85 billion. During the same period in the previous year, the firm posted $2.23 earnings per share. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities research analysts anticipate that T. Rowe Price Group will post 9.61 earnings per share for the current fiscal year.

Institutional Trading of T. Rowe Price Group

Hedge funds have recently bought and sold shares of the stock. TD Private Client Wealth LLC lifted its holdings in T. Rowe Price Group by 91.8% during the fourth quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager's stock worth $26,000 after buying an additional 123 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in T. Rowe Price Group by 540.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 282 shares of the asset manager's stock worth $29,000 after buying an additional 238 shares during the period. Root Financial Partners LLC purchased a new stake in T. Rowe Price Group during the third quarter worth $30,000. Canton Hathaway LLC purchased a new stake in T. Rowe Price Group during the fourth quarter worth $31,000. Finally, Sound Income Strategies LLC lifted its holdings in T. Rowe Price Group by 170.3% during the fourth quarter. Sound Income Strategies LLC now owns 300 shares of the asset manager's stock worth $32,000 after buying an additional 189 shares during the period. Hedge funds and other 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 by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm's product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.