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

T. Rowe Price Group, Inc. (NASDAQ:TROW) declared 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 dividend on an annualized basis 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. Equities 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 Price Performance

Shares of T. Rowe Price Group stock opened at $112.06 on Friday. The business has a 50-day moving average of $108.32 and a 200 day moving average of $111.69. The stock has a market capitalization of $24.94 billion, a price-to-earnings ratio of 13.23, a price-to-earnings-growth ratio of 1.71 and a beta of 1.41. T. Rowe Price Group has a 12 month low of $90.02 and a 12 month high of $122.27.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Friday, November 1st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.21. The business had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.84 billion. T. Rowe Price Group had a return on equity of 19.90% and a net margin of 28.66%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $2.17 EPS. Equities research analysts anticipate that T. Rowe Price Group will post 9.16 earnings per share for the current year.

Insiders Place Their Bets

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 484 shares of T. Rowe Price Group stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $104.73, for a total transaction of $50,689.32. Following the transaction, the insider now owns 13,939 shares of the company’s stock, valued at $1,459,831.47. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $12,712,255.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jessica M. Hiebler sold 484 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $104.73, for a total value of $50,689.32. Following the completion of the transaction, the insider now directly owns 13,939 shares in the company, valued at approximately $1,459,831.47. The trade was 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 corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Evercore ISI lifted their price objective on T. Rowe Price Group from $108.00 to $109.00 and gave the company an “in-line” rating in a research note on Friday, October 4th. The Goldman Sachs Group cut their target price on T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating on the stock in a research report on Thursday, October 3rd. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $120.00 target price (down previously from $121.00) on shares of T. Rowe Price Group in a research report on Monday, July 29th. JPMorgan Chase & Co. raised their target price on T. Rowe Price Group from $102.00 to $107.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 23rd. Finally, TD Cowen cut their target price on T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating on the stock in a research report on Monday, July 29th. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average 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.