T. Rowe Price Group, Inc. (TROW) to Issue Quarterly Dividend of $1.24 on June 27th

T. Rowe Price Group, Inc. (NASDAQ:TROW) declared a quarterly dividend on Tuesday, May 7th, RTT News reports. Shareholders of record on Friday, June 14th will be given a dividend of 1.24 per share by the asset manager on Thursday, June 27th. This represents a $4.96 dividend on an annualized basis and a yield of 4.45%.

T. Rowe Price Group has increased its dividend payment by an average of 10.7% annually over the last three years and has raised its dividend annually for the last 38 consecutive years. T. Rowe Price Group has a payout ratio of 56.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect T. Rowe Price Group to earn $8.86 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 56.0%.

T. Rowe Price Group Stock Up 0.2 %

NASDAQ TROW opened at $111.49 on Thursday. The business’s fifty day simple moving average is $115.24 and its 200-day simple moving average is $107.68. The firm has a market cap of $24.90 billion, a PE ratio of 13.24, a P/E/G ratio of 1.93 and a beta of 1.40. T. Rowe Price Group has a 52 week low of $87.43 and a 52 week high of $132.76.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Friday, April 26th. The asset manager reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.34. The firm had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.71 billion. T. Rowe Price Group had a net margin of 29.09% and a return on equity of 19.70%. T. Rowe Price Group’s revenue was up 13.8% compared to the same quarter last year. During the same period last year, the business earned $1.69 earnings per share. Research analysts expect that T. Rowe Price Group will post 8.75 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently commented on TROW. Evercore ISI reduced their price target on shares of T. Rowe Price Group from $110.00 to $107.00 and set an “in-line” rating on the stock in a research report on Tuesday, April 30th. Citigroup upped their price target on T. Rowe Price Group from $110.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, April 5th. Wells Fargo & Company raised their price objective on T. Rowe Price Group from $105.00 to $108.00 and gave the stock an “underweight” rating in a research report on Friday, February 9th. Morgan Stanley boosted their price objective on shares of T. Rowe Price Group from $114.00 to $125.00 and gave the company an “equal weight” rating in a report on Wednesday, April 17th. Finally, TD Cowen raised shares of T. Rowe Price Group from a “sell” rating to a “hold” rating and increased their target price for the stock from $92.00 to $114.00 in a research note on Monday, April 8th. Four equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat.com, T. Rowe Price Group presently has a consensus rating of “Hold” and a consensus price target of $112.10.

Insider Transactions at T. Rowe Price Group

In related news, Director Freeman A. Hrabowski III sold 8,740 shares of T. Rowe Price Group stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $118.32, for a total value of $1,034,116.80. Following the completion of the transaction, the director now owns 21,073 shares in the company, valued at $2,493,357.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Freeman A. Hrabowski III sold 8,740 shares of T. Rowe Price Group stock in a transaction on Friday, March 8th. The stock was sold at an average price of $118.32, for a total value of $1,034,116.80. Following the completion of the transaction, the director now directly owns 21,073 shares in the company, valued at $2,493,357.36. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jessica M. Hiebler sold 1,138 shares of the business’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $107.13, for a total value of $121,913.94. Following the transaction, the insider now directly owns 14,113 shares of the company’s stock, valued at $1,511,925.69. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,921 shares of company stock valued at $1,500,133. 2.00% of the stock is currently owned by corporate insiders.

T. Rowe Price Group Company Profile

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.