T. Rowe Price Group Inc. said Tuesday it will raise its quarterly dividend by 23% to 70 cents a share from 57 cents a share. The investment management company’s stock swung to a gain of 0.1% in midday trade, after being down as much as 1.6% earlier in the session. The new dividend will be payable March 29 to shareholders of record on March 15. At current share prices, the new annual dividend rate implies a dividend yield of 2.67%, above the implied S&P 500 dividend yield of 1.92%, according to FactSet. T. Rowe Price’s stock has lost 5.9% so far this month, but has rallied 12.4% over the past three months, while the S&P 500 has shed 6.2% in February but has gained 2.4% the past three months.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News