Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Our common stock ($0.20 par value per share) trades on the NASDAQ Global Select Market under the symbol TROW. Dividends per share during the past two years were:
1st
quarter 2nd
quarter 3rd
quarter 4th
quarter
2024 $ 1.24 $ 1.24 $ 1.24 $ 1.24
2023 $ 1.22 $ 1.22 $ 1.22 $ 1.22
See Part III, Item 12. "Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters" for information relating to shares authorized for issuance under our equity compensation plans.
The following table presents repurchase activity during the fourth quarter of 2024.
Month Total number of
shares purchased Average price
paid per share Total number of
shares purchased as
part of publicly
announced program (1)
Maximum number of
shares that may yet
be purchased under
the program
October 3,951 $ 110.30 — 4,000,489
November 17,125 $ 121.70 — 4,000,489
December 630,014 $ 115.36 623,136 18,377,353
Total 651,090 $ 115.50 623,136
(1) In March 2020 the Board approved a share repurchase program of approximately 24.1 million shares and in December 2024, the Board approved an increase to the program of approximately 15.0 million shares. The share repurchase program does not have an expiration date.
Shares repurchased by us in a quarter may include repurchases conducted pursuant to publicly announced board authorizations, outstanding shares surrendered to the firm to pay the exercise price in connection with swap exercises of employee stock options and shares withheld to cover the minimum tax withholding obligation associated with the vesting of restricted stock awards. Of the total number of shares purchased during the fourth quarter of 2024, 27,954 were related to shares surrendered in connection with employee stock option exercises and none were related to shares withheld to cover tax withholdings associated with the vesting of restricted stock awards.
The following table details the changes in and status of the Board of Directors’ outstanding publicly announced authorization.
Authorization dates 12/31/2023 Additional shares authorized Total number of
shares purchased Maximum number of shares that may yet be purchased at 12/31/2024
March 2020 6,348,517 — (2,971,164) 3,377,353
December 2024 — 15,000,000 — 15,000,000
6,348,517 15,000,000 (2,971,164) 18,377,353
We have 878 stockholders of record and approximately 480,000 beneficial stockholder accounts held by brokers, banks, and other intermediaries holding our common stock. Common stock owned outright by our associates and directors, combined with outstanding vested stock options and unvested restricted stock awards, total nearly 6% of our outstanding stock and outstanding vested stock options at December 31, 2024.
Item 6. Reserved.
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