T. Rowe Price Group, Inc. (NASDAQ:TROW) Raises Dividend to $1.30 Per Share

T. Rowe Price Group, Inc. (NASDAQ:TROW) declared a quarterly dividend on Monday, February 9th. Shareholders of record on Monday, March 16th will be paid a dividend of 1.30 per share by the asset manager on Monday, March 30th. This represents a c) dividend on an annualized basis and a yield of 5.4%. The ex-dividend date is Monday, March 16th. This is a 2.4% increase from T. Rowe Price Group’s previous quarterly dividend of $1.27.

T. Rowe Price Group has increased its dividend by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 39 consecutive years. T. Rowe Price Group has a dividend payout ratio of 60.3% indicating that its dividend is sufficiently covered by earnings. 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 0.7%

NASDAQ:TROW opened at $96.50 on Tuesday. The company has a 50-day moving average price of $104.25 and a 200-day moving average price of $104.34. The stock has a market cap of $21.06 billion, a price-to-earnings ratio of 10.37, a P/E/G ratio of 4.87 and a beta of 1.53. T. Rowe Price Group has a 12 month low of $77.85 and a 12 month high of $118.22.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Wednesday, February 4th. The asset manager reported $2.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.47 by ($0.03). T. Rowe Price Group had a return on equity of 20.36% and a net margin of 28.53%.The company had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.92 billion. During the same period in the previous year, the company earned $2.12 earnings per share. T. Rowe Price Group’s quarterly revenue was up 6.0% on a year-over-year basis. Equities analysts forecast that T. Rowe Price Group will post 9.29 EPS for the current fiscal year.

Analyst Ratings Changes

TROW has been the topic of several recent research reports. TD Cowen reduced their price target on T. Rowe Price Group from $109.00 to $97.00 and set a “hold” rating on the stock in a research note on Thursday, February 5th. Evercore reduced their target price on shares of T. Rowe Price Group from $116.00 to $106.00 and set an “in-line” rating on the stock in a research report on Thursday, February 5th. Zacks Research cut shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 9th. Morgan Stanley dropped their price objective on shares of T. Rowe Price Group from $128.00 to $123.00 and set an “equal weight” rating on the stock in a research note on Monday, February 2nd. Finally, Barclays set a $94.00 target price on shares of T. Rowe Price Group in a research note on Thursday. Twelve equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $103.50.

T. Rowe Price Group Company Profile

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.