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

T. Rowe Price Group, Inc. (NASDAQ:TROW) announced a quarterly dividend on Tuesday, July 30th, RTT News reports. Stockholders of record on Friday, September 13th will be paid a dividend of 1.24 per share by the asset manager on Friday, September 27th. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.40%.

T. Rowe Price Group has increased 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 payout ratio of 54.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect T. Rowe Price Group to earn $9.11 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 54.4%.

T. Rowe Price Group Trading Down 0.4 %

Shares of NASDAQ TROW traded down $0.40 during midday trading on Tuesday, reaching $112.70. 1,207,083 shares of the stock were exchanged, compared to its average volume of 1,300,757. The company has a market capitalization of $25.17 billion, a P/E ratio of 13.43, a P/E/G ratio of 1.63 and a beta of 1.42. T. Rowe Price Group has a 52-week low of $87.43 and a 52-week high of $128.14. The stock has a 50 day moving average price of $116.39 and a 200-day moving average price of $114.16.

T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Friday, July 26th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.27 by ($0.01). T. Rowe Price Group had a return on equity of 20.01% and a net margin of 28.66%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.79 billion. During the same period in the prior year, the business posted $2.02 earnings per share. T. Rowe Price Group’s revenue was up 7.6% on a year-over-year basis. On average, analysts forecast that T. Rowe Price Group will post 8.98 earnings per share for the current year.

Insider Activity

In other news, VP Dorothy C. Sawyer sold 2,000 shares of the business’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total transaction of $234,000.00. Following the completion of the transaction, the vice president now owns 34,710 shares of the company’s stock, valued at $4,061,070. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the business’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total value of $234,000.00. Following the sale, the vice president now directly owns 34,710 shares in the company, valued at $4,061,070. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jessica M. Hiebler sold 1,401 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $115.85, for a total transaction of $162,305.85. Following the completion of the sale, the insider now owns 14,198 shares in the company, valued at $1,644,838.30. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on TROW. TD Cowen reduced their price target on shares of T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating on the stock in a research report on Monday. Deutsche Bank Aktiengesellschaft reduced their price target on shares of T. Rowe Price Group from $122.00 to $112.00 and set a “hold” rating on the stock in a research report on Monday. UBS Group lifted their price target on shares of T. Rowe Price Group from $100.00 to $109.00 and gave the company a “sell” rating in a research report on Friday, April 12th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $120.00 price target (down from $121.00) on shares of T. Rowe Price Group in a research report on Monday. Finally, JPMorgan Chase & Co. lifted their price objective on shares of T. Rowe Price Group from $102.00 to $107.00 and gave the company an “underweight” rating in a research note on Tuesday, July 23rd. Four analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $113.10.

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.