Dividend Aristocrat T. Rowe Price Group (TROW) will increase its quarterly dividend by 20 percent to $1.08 per share in 2021. This follows a dividend hike of 18.4 percent to 90 cents per share announced in 2020. This also marks the 35th consecutive year of dividend increases by the global investment management organization. 

The quarterly dividend of $0.90 per share is payable March 30, 2021 to stockholders of record as of the close of business on March 16, 2021. A new annual dividend rate of $4.32 per share yields 2.7% at a stock price of $163.

T. Rowe Price Group will now pay shareholders an estimated total dividend of $978 million annually. The average dividend growth rate in the last five years will jump to 14.9 percent if this new dividend hike just announced is included.

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.