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

T. Rowe Price Group, Inc. (NASDAQ:TROW) declared a quarterly dividend on Tuesday, October 29th,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 4.03%. The ex-dividend date of this dividend is Friday, December 13th.

T. Rowe Price Group has raised its dividend payment by an average of 10.7% annually over the last three years and has raised 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. Analysts expect T. Rowe Price Group to earn $9.43 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 52.6%.

T. Rowe Price Group Trading Down 0.5 %

Shares of NASDAQ TROW opened at $123.03 on Wednesday. The stock has a market cap of $27.33 billion, a PE ratio of 13.46, a P/E/G ratio of 1.75 and a beta of 1.42. T. Rowe Price Group has a 12-month low of $97.50 and a 12-month high of $125.81. The company has a 50-day moving average of $115.55 and a 200 day moving average of $113.11.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.21. T. Rowe Price Group had a return on equity of 20.35% and a net margin of 30.35%. The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.84 billion. During the same period in the prior year, the business earned $2.17 earnings per share. The business’s revenue was up 6.9% compared to the same quarter last year. On average, sell-side analysts forecast that T. Rowe Price Group will post 9.39 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TROW. JPMorgan Chase & Co. cut their target price on T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating for the company in a research note on Monday, November 4th. The Goldman Sachs Group cut their price objective on shares of T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating for the company in a research report on Thursday, October 3rd. Evercore ISI increased their price target on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Wells Fargo & Company lifted their price target on shares of T. Rowe Price Group from $109.00 to $112.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 9th. Finally, TD Cowen decreased their price objective on T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Four equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $116.00.

Insiders Place Their Bets

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 484 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $104.73, for a total transaction of $50,689.32. Following the sale, the insider now directly owns 13,939 shares in the company, valued at $1,459,831.47. This represents a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is owned by 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.