SEI Investments (NASDAQ:SEIC) Raises Dividend to $0.49 Per Share

SEI Investments (NASDAQ:SEIC - Get Free Report) announced a quarterly dividend on Wednesday, May 28th, RTT News reports. Investors of record on Monday, June 9th will be paid a dividend of 0.49 per share by the asset manager on Tuesday, June 17th. This represents a $1.96 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Monday, June 9th. This is a 6.5% increase from SEI Investments's previous quarterly dividend of $0.46.

SEI Investments has increased its dividend payment by an average of 7.3% per year over the last three years and has increased its dividend every year for the last 34 years. SEI Investments has a dividend payout ratio of 19.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect SEI Investments to earn $5.30 per share next year, which means the company should continue to be able to cover its $0.98 annual dividend with an expected future payout ratio of 18.5%.

SEI Investments Stock Performance

Shares of SEIC stock traded up $0.13 during trading on Friday, hitting $84.97. The company had a trading volume of 8,787,075 shares, compared to its average volume of 711,724. The firm has a market capitalization of $10.58 billion, a P/E ratio of 19.22, a price-to-earnings-growth ratio of 1.41 and a beta of 0.90. The stock's 50-day moving average price is $77.94 and its 200 day moving average price is $80.26. SEI Investments has a one year low of $62.38 and a one year high of $87.25.

SEI Investments (NASDAQ:SEIC - Get Free Report) last released its earnings results on Wednesday, April 23rd. The asset manager reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.05. SEI Investments had a return on equity of 25.51% and a net margin of 27.35%. The firm had revenue of $551.34 million during the quarter, compared to analysts' expectations of $556.76 million. During the same period in the prior year, the company earned $0.99 earnings per share. The company's quarterly revenue was up 7.8% on a year-over-year basis. On average, research analysts anticipate that SEI Investments will post 4.86 earnings per share for the current fiscal year.

SEI Investments announced that its board has authorized a stock repurchase program on Tuesday, March 18th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the asset manager to repurchase up to 5.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its shares are undervalued.

Insider Activity

In related news, Chairman Alfred P. West, Jr. sold 66,126 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $84.28, for a total transaction of $5,573,099.28. Following the completion of the transaction, the chairman now directly owns 6,937,582 shares of the company's stock, valued at $584,699,410.96. This trade represents a 0.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark Andrew Warner sold 5,000 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $80.39, for a total value of $401,950.00. Following the transaction, the insider now directly owns 1,300 shares of the company's stock, valued at approximately $104,507. This represents a 79.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,340 shares of company stock worth $25,932,562. Insiders own 14.60% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SEIC. Geneos Wealth Management Inc. raised its position in SEI Investments by 60.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 532 shares of the asset manager's stock worth $41,000 after purchasing an additional 200 shares during the last quarter. Baird Financial Group Inc. bought a new position in SEI Investments during the 1st quarter worth $201,000. Finally, Bison Wealth LLC bought a new position in SEI Investments during the 4th quarter worth $207,000. 70.59% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on SEIC shares. Morgan Stanley restated an "overweight" rating and set a $82.00 target price (up from $77.00) on shares of SEI Investments in a research note on Thursday, April 24th. William Blair restated a "market perform" rating on shares of SEI Investments in a research note on Thursday, April 24th. Keefe, Bruyette & Woods upped their target price on SEI Investments from $80.00 to $84.00 and gave the stock a "market perform" rating in a research note on Friday, April 25th. Wall Street Zen upgraded SEI Investments from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. Finally, Piper Sandler upped their target price on SEI Investments from $74.00 to $79.00 and gave the stock a "neutral" rating in a research note on Thursday, April 24th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $87.60.

SEI Investments Company Profile

SEI Investments Company is a publicly owned asset management holding company. Through its subsidiaries, the firm provides wealth management, retirement and investment solutions, asset management, asset administration, investment processing outsourcing solutions, financial services, and investment advisory services to its clients.