Friday, February 2, 2024

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


Tuesday, January 30th the Board of Directors of T. Rowe Price Group, Inc. (TROW) announced a quarterly dividend increase of from $1.22 to $1.24 per share that’s payable March 28, 2024 to holders of record March 15, 2024. This represents a 1.64% increase over the last quarterly dividend. This will mark the 38th consecutive year since the firm's initial public offering that the company will have increased its regular annual dividend.

With current price $109.87 (yesterday's close), this raise brings their dividend yield to 4.51%.

T. Rowe Price Group is a Dividend Champions with a 38 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 1.7, 10.7, 11.8 and 12.4 (DividendChampions.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 a little disappointing, but it was as big as the last time. There are also strong signs that increases will continue to be at this level for the foreseeable future. However, an increase is always an increase and better than a cut.

This is the 9th dividend increase I've received from TROW since initiating a position in April 2015. (More here) During the period, the quarterly dividend has risen comfortably from $0.52 to $1.24, or 138.5 percent.

This increase raises my yield on cost to 5.66%.

Summary of 2024 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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