T. Rowe Price Group Declares Special Cash Dividend

Rhea-AI Summary

T. Rowe Price Group (NASDAQ: TROW) has declared a special cash dividend of $3.00 per share, payable on July 7, 2021, to stockholders of record by the close of business on June 25, 2021. The decision reflects the company's robust cash position, ensuring it can continue executing its business strategy post-dividend. CEO William J. Stromberg emphasized that the payout will not materially affect the company's financial stability or ongoing dividend history, maintaining strong liquidity against market fluctuations.

Positive

• Declaration of a special cash dividend of $3.00 per share.
• Strong cash position with ample liquidity for business strategy.
• Commitment to ongoing dividend payments.

Negative

• None.

BALTIMORE, June 14, 2021 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) announced today that its Board of Directors has declared a special cash dividend of $3.00 per share payable on July 7, 2021 to stockholders of record as of the close of business on June 25, 2021.

William J. Stromberg, the company's chair and chief executive officer, 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 to continue to execute on our business strategy. In addition, 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, or maintain a buffer against market volatility."

ABOUT T. ROWE PRICE

Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. is a global investment management organization with $1.59 trillion in assets under management as of May 31, 2021. The organization provides a broad array of 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. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com, Twitter, YouTube, LinkedIn, and Facebook sites.

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SOURCE T. Rowe Price Group, Inc.

FAQ

What is the amount of the special dividend declared by TROW?

T. Rowe Price declared a special cash dividend of $3.00 per share.

When will the special dividend be paid?

The special dividend will be payable on July 7, 2021.

What is the record date for the special dividend?

The record date for the special dividend is June 25, 2021.

How does the special dividend impact T. Rowe Price's financials?

The CEO stated that the special dividend will not materially impact the company's ongoing financial needs.

What is T. Rowe Price's total assets under management?

As of May 31, 2021, T. Rowe Price has $1.59 trillion in assets under management.