Continue to site >
Trending ETFs
T. Rowe Price logo

News

T. Rowe Price Hikes Dividend by 20%, After Strong Market Fuels Growth

T. Rowe Price Group Inc. (TROW) provides global investment management services with an array of mutual funds, sub-advised funds, separately managed accounts, collective investment trusts and other products.

The company generated 59% of its revenue from U.S. mutual fund advisory fees, 33% of its revenue from other investment advisory fees and the remainder from administrative, distribution and servicing fees in 2020. Within U.S. mutual funds, 67% of revenue came from equity funds, 26% came from multi-asset and the remainder came from fixed income.

Strong Asset Growth Fuels Earnings

T. Rowe Price reported fourth-quarter revenue that rose by 18% to $1.7 billion, in line with consensus estimates, with non-GAAP earnings of $2.89 per share, beating consensus estimates by 26 cents per share. Assets under management grew by 12%, thanks to $2.2 billion in inflows and strong market gains throughout the quarter.

The company raised its quarterly dividend by 20% to $1.08 per share, which represents a 2.5% forward yield. The dividend is payable on March 30, 2021 to shareholders on record as of March 16, 2021.

Want to keep track of all dividend increases? Subscribe to Dividend.com and have complete access to our exclusive dividend increases list here.