T. Rowe Price Group (TROW) will raise its quarterly dividend by 8.6 percent to $0.76 per share in the first quarter of 2019. This follows last year's 22.8 percent dividend hike by the Dividend Aristocrat.

The adjusted dividend will be paid on March 29, 2018 to shareholders of record on March 15, 2019. A new annual dividend rate of $3.04 per share yields 3.1% at a stock price of $98.

T. Rowe Price Group, Inc. is a financial services holding company. The company provides global investment management services through its subsidiaries to investors across the world. The organization provides mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers sophisticated investment planning and guidance tools. The company was founded in 1937 and is based in Baltimore and has raised its dividend every year since its initial public offering in 1986.