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

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

T. Rowe Price Group has increased its dividend 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 54.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect T. Rowe Price Group to earn $9.16 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 54.1%.

T. Rowe Price Group Stock Down 0.4 %

Shares of NASDAQ TROW opened at $112.70 on Wednesday. T. Rowe Price Group has a twelve month low of $87.43 and a twelve month high of $128.14. The company has a market cap of $25.09 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 1.70 and a beta of 1.42. The business’s 50 day moving average price is $116.30 and its two-hundred day moving average price is $114.18.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly 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 net margin of 28.66% and a return on equity of 20.01%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.79 billion. During the same period in the prior year, the business earned $2.02 EPS. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, research analysts anticipate that T. Rowe Price Group will post 9 EPS for the current fiscal year.

Insider Transactions at T. Rowe Price Group

In related news, 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 value of $162,305.85. Following the completion of the transaction, the insider now owns 14,198 shares of the company’s stock, valued at $1,644,838.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP Dorothy C. Sawyer sold 2,000 shares of the stock in a transaction that occurred 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 sale, the vice president now owns 34,710 shares in the company, valued at approximately $4,061,070. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jessica M. Hiebler sold 1,401 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $115.85, for a total transaction of $162,305.85. Following the transaction, the insider now owns 14,198 shares of the company’s stock, valued at $1,644,838.30. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $120.00 price target (down previously from $121.00) on shares of T. Rowe Price Group in a research note on Monday. Morgan Stanley upped their target price on T. Rowe Price Group from $114.00 to $125.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 17th. 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. UBS Group boosted their price target on T. Rowe Price Group from $100.00 to $109.00 and gave the company a “sell” rating in a research note on Friday, April 12th. Finally, StockNews.com lowered T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Monday. Four investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average 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.