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

T. Rowe Price Group, Inc. (NASDAQ:TROW) declared a quarterly dividend on Tuesday, July 30th, RTT News reports. Stockholders of record on Friday, September 13th will be paid a dividend of 1.24 per share by the asset manager on Friday, September 27th. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.40%.

T. Rowe Price Group has raised its dividend by an average of 10.7% per year over the last three years and has increased its dividend annually for the last 38 consecutive years. T. Rowe Price Group has a dividend payout ratio of 54.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect T. Rowe Price Group to earn $9.11 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 54.4%.

T. Rowe Price Group Stock Performance

Shares of NASDAQ TROW traded down $0.40 during midday trading on Tuesday, reaching $112.70. The stock had a trading volume of 1,207,083 shares, compared to its average volume of 1,300,757. The company’s 50 day moving average price is $116.39 and its 200 day moving average price is $114.16. The firm has a market cap of $25.17 billion, a price-to-earnings ratio of 13.43, a price-to-earnings-growth ratio of 1.63 and a beta of 1.42. T. Rowe Price Group has a twelve month low of $87.43 and a twelve month high of $128.14.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Friday, July 26th. The asset manager reported $2.26 earnings per share for the quarter, missing the consensus estimate of $2.27 by ($0.01). The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.79 billion. T. Rowe Price Group had a net margin of 28.66% and a return on equity of 20.01%. The business’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.02 EPS. Equities analysts forecast that T. Rowe Price Group will post 8.98 earnings per share for the current fiscal year.

Analysts Set New Price Targets

TROW has been the subject of a number of recent research reports. Citigroup boosted their price target on shares of T. Rowe Price Group from $110.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, April 5th. TD Cowen decreased their price target on shares of T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating for the company in a research note on Monday. Deutsche Bank Aktiengesellschaft decreased their price target on shares of T. Rowe Price Group from $122.00 to $112.00 and set a “hold” rating for the company in a research note on Monday. Morgan Stanley lifted their price objective on shares of 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. Finally, UBS Group lifted their price objective on shares of T. Rowe Price Group from $100.00 to $109.00 and gave the stock a “sell” rating in a report on Friday, April 12th. Four equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $113.10.

Insider Buying and Selling

In related news, VP Dorothy C. Sawyer sold 2,000 shares of the business’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total value of $234,000.00. Following the transaction, the vice president now directly owns 34,710 shares of the company’s stock, valued at approximately $4,061,070. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the company’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total transaction of $234,000.00. Following the sale, the vice president now directly owns 34,710 shares of the company’s stock, valued at $4,061,070. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jessica M. Hiebler sold 1,401 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $115.85, for a total transaction of $162,305.85. Following the sale, the insider now directly owns 14,198 shares in the company, valued at $1,644,838.30. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

T. Rowe Price Group Company Profile

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.