7 Best Debt Free Dividend Stocks To Buy

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

Dividend Yield as of August 16: 4.56%

Market Cap as of August 16: $24.2 billion 

Enterprise Value as of August 16: $21.8 billion 

An American asset management company, T. Rowe Price Group, Inc. (NASDAQ:TROW) specializes in offering a wide range of related services to institutions, individuals, and businesses. Earlier this year, the company announced that it is focusing on corporate debt from countries like the Philippines, Brazil, and Mexico as the new year begins while moving away from the more volatile frontier-market bonds that performed well in 2023. According to Samy Muaddi, who manages the firm’s $25 billion emerging-market debt strategy, this approach allows them to invest in companies from relatively stable nations, especially as the rally in high-risk government bonds slows down. He favors bonds from commodity producers, utilities, and banks in major developing economies that either earn US dollars or can manage their currency risks effectively.

By the end of July 2024, T. Rowe Price Group, Inc. (NASDAQ:TROW)’s assets under management increased to $1.59 trillion, up from $1.57 trillion at the end of June. Management attributed this growth to favorable market conditions. However, the company also reported net outflows of $3.7 billion for the second quarter of 2024. Despite expecting continued outflows in the second half of the year, there is optimism for improvement due to higher sales and reduced redemptions.

T. Rowe Price Group, Inc. (NASDAQ:TROW) has been growing its dividends consistently for the past 38 years. The company currently pays a quarterly dividend of $1.24 per share and has a dividend yield of 4.56%, as of August 16. In the most recent quarter, it also returned $396 million to shareholders through dividends and share repurchases.

The number of hedge funds tracked by Insider Monkey owning stakes in T. Rowe Price Group, Inc. (NASDAQ:TROW) grew to 28 in Q2 2024, from 24 in the previous quarter. The total value of these stakes is nearly $500 million.