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

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

T. Rowe Price Group has increased its dividend by an average of 10.7% per year over the last three years and has raised its dividend every year for the last 38 years. T. Rowe Price Group has a dividend payout ratio of 53.4% meaning its dividend is sufficiently covered by earnings. 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 Stock Up 2.0 %

T. Rowe Price Group stock traded up $2.20 during trading hours on Friday, hitting $112.06. The stock had a trading volume of 1,728,400 shares, compared to its average volume of 1,254,026. T. Rowe Price Group has a fifty-two week low of $90.02 and a fifty-two week high of $122.27. The company has a 50-day moving average of $108.27 and a two-hundred day moving average of $111.70. The company has a market cap of $24.94 billion, a PE ratio of 12.97, a price-to-earnings-growth ratio of 1.74 and a beta of 1.41.

Insider Buying and Selling

In related news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the sale, the vice president now owns 123,624 shares in the company, valued at approximately $12,712,255.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of T. Rowe Price Group stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $102.83, for a total value of $1,230,772.27. Following the transaction, the vice president now owns 123,624 shares in the company, valued at $12,712,255.92. The trade was a 0.00 % decrease in their ownership of the stock. 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 the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $104.73, for a total transaction of $50,689.32. Following the completion of the transaction, the insider now directly 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.

Wall Street Analysts Forecast Growth

TROW has been the topic of several recent research reports. Barclays raised their price target on T. Rowe Price Group from $99.00 to $101.00 and gave the stock an “underweight” rating in a research report on Monday, October 14th. Morgan Stanley lifted their target price on T. Rowe Price Group from $125.00 to $127.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. lifted their price target on T. Rowe Price Group from $102.00 to $107.00 and gave the stock an “underweight” rating in a report on Tuesday, July 23rd. Wells Fargo & Company lifted their price target on T. Rowe Price Group from $109.00 to $112.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $120.00 price target (down previously from $121.00) on shares of T. Rowe Price Group in a report on Monday, July 29th. Four investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat, T. Rowe Price Group has an average rating of “Hold” and a consensus target price of $113.00.

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.