BALTIMORE, Feb. 14 /PRNewswire-FirstCall/ -- T. Rowe Price Group, Inc.
(Nasdaq: TROW) announced today that its Board of Directors declared a
quarterly dividend of $0.24 per share which will be paid on March 28, 2008
to stockholders of record as of the close of business on March 14, 2008.
The Board also announced that it is adjusting the dividend payment
schedule so that the declaration date and the payment date occur in the
same calendar quarter, effective with the first quarter of 2008. In
addition, it is anticipated that any future changes in the dividend rate
will be announced and made effective in the first quarter of the year.
Historically, the company has declared a dividend in one quarter and set
the pay date for the following quarter, and has changed its dividend rate
with the declaration in the fourth quarter of the year. Making the change
now allows stockholders adequate time for tax planning and to adjust
estimated payments or withholdings accordingly.
For 2008, if the same dividend declaration is made in each subsequent
quarter, the firm would have four quarters of declared dividends of $0.24
per share, but five payments of dividends of $0.24 per share, including the
January 11, 2008 payment of the dividend declared on December 13, 2007.
T. Rowe Price has raised its dividend every year since becoming a
public company in 1986.
Founded in 1937, Baltimore-based T. Rowe Price is a global investment
management organization with $400 billion in assets under management as of
December 31, 2007. 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 a variety of sophisticated investment planning and
guidance tools. T. Rowe Price's disciplined, risk-aware investment approach
focuses on diversification, style consistency, and fundamental research.
More information is available at http://www.troweprice.com.
SOURCE T. Rowe Price Group, Inc.
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Related links:
http://www.troweprice.com
CONTACT:
Brian Lewbart, +1-410-345-2242, or Steve
Norwitz, +1-410-345-2124, or Robert Benjamin, +1-410-345-2205,
all of T. Rowe Price Group, Inc.
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