Tuesday, February 8th the Board of Directors of T. Rowe Price Group, Inc. (TROW) announced a quarterly dividend increase of from $ 1.08 to $ 1.20 per share that’s payable March 30, 2022 to holders of record March 15, 2022. This represents an 11.1% increase over the last quarterly dividend.
With current price $ 143.42 (yesterday's close), this raise brings their dividend yield to 3.35%.
T. Rowe Price Group is a Dividend Champions with a 36 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 20.0, 15.6, 14.9 and 13.3 (Dividend Champions.xls)
Since I own 60 shares of TROW, this will increase my portfolio's projected annual net dividend income by $ 21.46.
The increase was perhaps a bit lower than I expected, but considering the additional dividend of $ 3.0 per share paid in July 2021, I must be very pleased.
This is the 7th dividend increase I've received from TROW since initiating a position in April 2015. (More here) During the period, the quarterly dividend has risen nicely from $ 0.52 to $ 1.20, or 130.1 percent.
This increase raises my YOC to 5.97%.
Summary of 2021 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long TROW
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Solid jump in dividends for TROW. YOC... a relatively unknown benefit of dividend growth investing.
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