T. Rowe Price Group Inc (NASDAQ:TROW) announced a quarterly dividend on Tuesday, August 20th, RTT News reports. Shareholders of record on Friday, September 13th will be given a dividend of 0.76 per share by the asset manager on Friday, September 27th. This represents a $3.04 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend is Thursday, September 12th.
T. Rowe Price Group has raised its dividend payment by an average of 10.4% per year over the last three years and has raised its dividend annually for the last 32 consecutive years. T. Rowe Price Group has a payout ratio of 41.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect T. Rowe Price Group to earn $8.14 per share next year, which means the company should continue to be able to cover its $3.04 annual dividend with an expected future payout ratio of 37.3%.
Shares of TROW traded up $0.04 during mid-day trading on Wednesday, hitting $117.89. 6,985 shares of the company’s stock were exchanged, compared to its average volume of 813,790. The stock has a market cap of $27.73 billion, a price-to-earnings ratio of 16.52, a P/E/G ratio of 1.78 and a beta of 1.05. The firm has a fifty day moving average of $110.31 and a two-hundred day moving average of $105.97. The company has a quick ratio of 3.91, a current ratio of 3.91 and a debt-to-equity ratio of 0.02. T. Rowe Price Group has a twelve month low of $84.59 and a twelve month high of $118.17.
T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Wednesday, July 24th. The asset manager reported $2.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.88 by $0.15. The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.39 billion. T. Rowe Price Group had a net margin of 36.17% and a return on equity of 28.80%. T. Rowe Price Group’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.87 EPS. On average, equities analysts predict that T. Rowe Price Group will post 7.77 earnings per share for the current year.
In other news, VP Sebastien Page sold 4,418 shares of T. Rowe Price Group stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $107.05, for a total value of $472,946.90. Following the transaction, the vice president now directly owns 51,302 shares in the company, valued at $5,491,879.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Christopher D. Alderson sold 36,898 shares of T. Rowe Price Group stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $114.41, for a total value of $4,221,500.18. Following the completion of the transaction, the vice president now owns 414,144 shares in the company, valued at $47,382,215.04. The disclosure for this sale can be found here. Insiders have sold 60,709 shares of company stock valued at $6,927,939 over the last 90 days. Corporate insiders own 3.10% of the company’s stock.
TROW has been the topic of several recent research reports. BidaskClub upgraded T. Rowe Price Group from a “hold” rating to a “buy” rating in a report on Tuesday. UBS Group upped their price target on T. Rowe Price Group from $109.00 to $111.00 and gave the stock a “neutral” rating in a research note on Monday, July 8th. Morgan Stanley upped their price target on T. Rowe Price Group from $117.00 to $122.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Deutsche Bank lowered their price objective on T. Rowe Price Group from $115.00 to $112.00 and set a “hold” rating on the stock in a report on Friday, August 9th. Finally, Citigroup raised their price objective on T. Rowe Price Group from $113.00 to $115.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $109.75.
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.
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