T. Rowe Price Group increases dividend for 29th consecutive year

T. Rowe Price Group will raise its dividend by 18,2%. Also a $2 special dividend will be paid.

The quarterly dividend will be hiked from $0,44 to $0,52 per share, marking 29 years of consecutive dividend increases.

James A.C. Kennedy, the company's chief executive officer and president, commented: "This special cash dividend is an efficient return of capital to our stockholders and reflects the healthy cash position on our balance sheet. After the special dividend payment, the company's balance sheet will remain very strong, with ample liquidity and no corporate debt. Further, we believe that the payment of the special cash dividend will not have a material impact on the company's ability to meet its ongoing financial needs, continue our outstanding dividend record for the foreseeable future, and maintain a buffer against market volatility."

T. Rowe Price (Nasdaq:TROW) currently has an indicated dividend yield of 2,5%.

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