5 Dividend Stocks for Passive Income

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

Dividend Yield as of July 28: 3.99%

T. Rowe Price Group, Inc. (NASDAQ:TROW) is a Maryland-based investment management company that offers advisory services, account management, and retirement plans for institutional and individual investors. As of May, the company has $1.4 trillion in assets under management.

T. Rowe Price Group, Inc. (NASDAQ:TROW)’s balance sheet remained strong in the first half of 2022, reporting $2.1 billion in cash and cash equivalents in Q2 2022, up from $1.5 billion at the end of December 2021. The company spent $476.6 million in dividends during the quarter. On May 10, T. Rowe Price Group, Inc. (NASDAQ:TROW) declared a quarterly dividend of $1.20 per share, consistent with its previous dividend. The company has been raising its dividends for the past 36 years consecutively. As of July 28, the stock’s dividend yield came in at 3.99%.

At the end of March 2022, 33 hedge funds tracked by Insider Monkey were bullish on T. Rowe Price Group, Inc. (NASDAQ:TROW), up from 30 in the previous quarter. The stakes owned by these hedge funds are valued at over $457 million. AQR Capital Management held the largest stake in the company in Q1, worth over $95.6 million.