T. Rowe Price Group, Inc. (NYSE:TROW), with a market cap of $30.2 billion, is a major asset manager and a leader in financial services with over $1.1 trillion in total assets under management. The company has benefited over the past decade from a consolidating market leadership position with steady growth and higher earnings. Shareholders have been rewarded with a current 33-year streak of annually increasing the quarterly dividend rate, which has grown at an average 11% per year over the past decade. This article covers our forecast for another rate hike in February, along with a look at trends in the payout ratio.
TROW has a very consistent history of declaring a dividend increase each February going back over 10 years, typically announced one or two weeks following the Q4 earnings report. In February 2019, TROW hiked the dividend by 8.6% to the current quarterly rate of $0.76 per share. The table below highlights the annual rate increases since 2009. Notably, the record date and payment date are normally set around March 15th and March 30th each year for this quarter's distribution.
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