10 Magnificent Dividend Growth Stocks to Invest In

6. T. Rowe Price Group, Inc. (NASDAQ:TROW)

5-Year Average Dividend Growth Rate: 10.29%

T. Rowe Price Group, Inc. (NASDAQ:TROW) ranks sixth on our list of the best dividend aristocrat stocks. The American asset management company reported preliminary month-end assets under management of $1.65 trillion as of January 31, 2025, reflecting an increase from $1.60 trillion in the previous month. It also noted preliminary net outflows of $2.1 billion for January 2025.

In the fourth quarter of 2024, T. Rowe Price Group, Inc. (NASDAQ:TROW) reported $1.8 billion in revenue, reflecting an 11.1% increase from the same period the previous year. Operating expenses exceeded $1.25 billion, rising slightly by 0.1% year-over-year. The company is actively expanding its ETF business and targeting high-growth areas such as alternative investments. With no long-term debt on its balance sheet, it maintains significant financial flexibility to adapt and implement strategic initiatives.

On February 11, T. Rowe Price Group, Inc. (NASDAQ:TROW) announced a 2.4% increase in its quarterly dividend, raising it to $1.27 per share. This adjustment extended its dividend growth streak to 39 consecutive years. In the latest quarter, the company distributed $355 million to shareholders through dividends. As of March 9, the stock has a dividend yield of 5.05%.