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

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

T. Rowe Price Group has raised 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 dividend 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 Price Performance

Shares of T. Rowe Price Group stock traded up $2.20 during trading on Friday, hitting $112.06. The company’s stock had a trading volume of 1,728,400 shares, compared to its average volume of 1,254,026. The stock has a market cap of $24.94 billion, a price-to-earnings ratio of 12.97, a price-to-earnings-growth ratio of 1.74 and a beta of 1.41. T. Rowe Price Group has a 52 week low of $90.02 and a 52 week high of $122.27. The stock has a 50-day moving average price of $108.27 and a two-hundred day moving average price of $111.70.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TROW. Morgan Stanley increased their price target on T. Rowe Price Group from $125.00 to $127.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. TD Cowen lowered 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 report on Monday, July 29th. StockNews.com downgraded shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Evercore ISI lifted their target price on shares of 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. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the company a “hold” rating in a research report on Thursday, August 15th. Four equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus 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 company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the transaction, the vice president now directly owns 123,624 shares of the company’s stock, valued at $12,712,255.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $102.83, for a total value of $1,230,772.27. Following the sale, the vice president now owns 123,624 shares in the company, valued at $12,712,255.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jessica M. Hiebler sold 484 shares of T. Rowe Price Group 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 transaction, the insider now owns 13,939 shares of the company’s stock, valued at $1,459,831.47. This trade 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 company 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.