T. Rowe Price Group, Inc. (TROW) to Issue Quarterly Dividend of $1.30 on December 29th

T. Rowe Price Group, Inc. (NASDAQ:TROW) announced a quarterly dividend on Wednesday, November 4th. Stockholders of record on Wednesday, December 16th will be given a dividend of $1.30 per share by the asset manager on Tuesday, December 29th. This represents a $5.20 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend is Wednesday, December 16th.

T. Rowe Price Group has increased its dividend by an average of 0.1% per year 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 61.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect T. Rowe Price Group to earn $10.10 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 51.5%.

T. Rowe Price Group Trading Down 3.4%

NASDAQ:TROW opened at $108.71 on Friday. T. Rowe Price Group has a 1 year low of $85.22 and a 1 year high of $122.00. The firm has a 50 day moving average of $105.34 and a 200-day moving average of $103.75. The stock has a market capitalization of $23.19 billion, a P/E ratio of 10.83, a price-to-earnings-growth ratio of 4.31 and a beta of 1.43.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Thursday, October 29th. The asset manager reported $2.86 EPS for the quarter, topping the consensus estimate of $2.63 by $0.23. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.98 billion. T. Rowe Price Group had a return on equity of 20.63% and a net margin of 28.40%. T. Rowe Price Group’s revenue was up 5.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.81 EPS. As a group, analysts forecast that T. Rowe Price Group will post 10.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TROW. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $113.00 price objective (up from $112.00) on shares of T. Rowe Price Group in a research report on Friday, October 30th. Weiss Ratings upgraded T. Rowe Price Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, September 4th. BMO Capital Markets lowered their target price on T. Rowe Price Group from $120.00 to $110.00 and set a “market perform” rating for the company in a research note on Tuesday, October 13th. UBS Group began coverage on T. Rowe Price Group in a research note on Wednesday, October 7th. They issued a “neutral” rating and a $107.00 target price for the company. Finally, Evercore set a $109.00 price target on T. Rowe Price Group in a report on Friday, October 9th. One analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $102.83.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment strategies and advisory services to individual investors, retirement plans, financial intermediaries, institutions and other clients.

The company offers a range of actively managed and multi-asset investment products, including mutual funds, exchange-traded funds, separately managed accounts and other portfolio solutions.