Monday, February 20, 2023

Dividend Increase - T. Rowe Price Group, Inc. (TROW)


Tuesday, February 7th the Board of Directors of T. Rowe Price Group, Inc. (TROW) announced a quarterly dividend increase of from $ 1.20 to $ 1.22 per share that’s payable March 30, 2023 to holders of record March 15, 2023. This represents a 1.67% increase over the last quarterly dividend. This will mark the 37th consecutive year since the firm's initial public offering that the company will have increased its regular annual dividend.

With current price $118.73 (Friday's close), this raise brings their dividend yield to 4.11%.

T. Rowe Price Group is a Dividend Champions with a 37 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 11.1, 16.4, 16.1 and 13.4 (Dividend Champions.xls)

Since I own 70 shares of TROW, this will increase my portfolio's projected annual net dividend income by $4.17.

The size of the increase was ridiculous. I certainly wasn't expecting a hike of more than 10%, as in recent years, but around 5% was my expectation. However, an increase is always an increase and every now and then there are worse times.

This is the 8th 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 $ 1.22, or 134.6 percent.

This increase raises my YOC to 5.56%.

Summary of 2023 Dividend Increases / Cuts

Click here to see my portfolio holdings.

You can follow the development of my dividends here.

Full Disclosure: Long TROW

Thanks for stopping by!

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