T. Rowe Price Group Inc (NASDAQ:TROW) declared a quarterly dividend on Wednesday, October 24th, RTT News reports. Investors of record on Friday, December 14th will be given a dividend of 0.70 per share by the asset manager on Friday, December 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend is Thursday, December 13th.
T. Rowe Price Group has increased its dividend payment by an average of 9.0% annually over the last three years and has raised its dividend every year for the last 31 years. T. Rowe Price Group has a dividend payout ratio of 38.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect T. Rowe Price Group to earn $7.31 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 38.3%.
Shares of NASDAQ TROW opened at $93.28 on Friday. T. Rowe Price Group has a one year low of $91.48 and a one year high of $127.43. The stock has a market cap of $22.83 billion, a price-to-earnings ratio of 13.32, a price-to-earnings-growth ratio of 1.08 and a beta of 1.21.
A number of equities research analysts have commented on the company. Deutsche Bank decreased their price objective on T. Rowe Price Group from $136.00 to $135.00 and set a “buy” rating for the company in a research report on Thursday, August 16th. Citigroup decreased their price objective on T. Rowe Price Group from $113.00 to $105.00 and set a “hold” rating for the company in a research report on Monday, October 29th. Zacks Investment Research upgraded T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $122.00 price objective for the company in a research report on Thursday, October 11th. Credit Suisse Group decreased their price objective on T. Rowe Price Group from $161.00 to $123.00 and set an “outperform” rating for the company in a research report on Friday, October 26th. Finally, Morgan Stanley raised their price objective on T. Rowe Price Group from $116.00 to $118.00 and gave the stock a “hold” rating in a research report on Tuesday, October 9th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $108.00.
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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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