Dividend Aristocrat T. Rowe Price Group (TROW) will increase its quarterly dividend by 18.4 percent to 90 cents per share.

This marks the 34th consecutive year of dividend increases by the global investment management organization. Last year T. Rowe Price upped its dividend by 8.6 percent.

The quarterly dividend of $0.90 per share is payable March 30, 2020 to stockholders of record as of the close of business on March 16, 2020. A new annual dividend rate of $3.60 per share yields 2.6% at a stock price of $136. In the company´s press release dated February 12, 2020, announcing this latest dividend hike, the company states that this will mark the 34th consecutive year since the firm's initial public offering that the company will have increased its regular annual dividend.

T. Rowe Price Group will now pay an estimated $819 million in dividends to its shareholders annually. The average annual dividend increase announced by the Dividend Aristocrat in the last five years is 11.6 percent if we include this latest hike that was just announced by the company.

The 2020 dividend hike is the second double digit increase in the last five years, with T. Rowe Price announcing a dividend hike of 22.8 percent two years ago in 2018. With more than 25 consecutive years of dividend increases and a double digit dividend hike in 2020 T. Rowe Price is a 2020 dividend hike star.

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. T. Rowe Price Group has raised its dividend every year since its initial public offering in 1986. As of January 31, 2020 T. Rowe Price Group, Inc. had $1.21 trillion in assets under management.