T. Rowe Price Group Declares $1.00 Special Cash Dividend
T. Rowe Price Group (NASDAQ: TROW) announced today that its Board of Directors has declared a special cash dividend of $1.00 per share payable December 28, 2012 to stockholders of record as of the close of business on December 17, 2012.
James A.C. Kennedy, the company's chief executive officer and president, commented: "This special cash dividend is an efficient return of capital to our stockholders. After the special dividend payment, the company's balance sheet will remain strong, with cash and mutual fund investment holdings of nearly $2 billion, and no corporate debt. Further, we believe that the payment of the special cash dividend should not impact the company's ability to continue our outstanding dividend record for the foreseeable future."
Founded in 1937, Baltimore-based T. Rowe Price (troweprice.com) is a global investment management organization with $574.4 billion in assets under management as of September 30, 2012. 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.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.