BALTIMORE, Feb. 19, 2014 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) announced today that its Board of Directors has declared a quarterly dividend of $0.44 per share payable March 28, 2014 to stockholders of record as of the close of business on March 14, 2014. The quarterly dividend rate represents a 16% increase over the previous quarterly dividend rate of $0.38 per share. This will mark the 28th consecutive year since the firm's initial public offering that the company will have increased its regular annual dividend. Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. ( troweprice.com) is a global investment management organization with $692.4 billion in assets under management as of December 31, 2013. 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 sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. SOURCE T. Rowe Price Group, Inc.