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

SEI Investments (NASDAQ:SEIC) declared a semi-annual dividend on Thursday, December 12th,Wall Street Journal reports. Shareholders of record on Friday, December 27th will be given a dividend of 0.49 per share by the asset manager on Wednesday, January 8th. This represents a yield of 1.1%. The ex-dividend date of this dividend is Friday, December 27th. This is a positive change from SEI Investments’s previous semi-annual dividend of $0.46.

SEI Investments has increased its dividend payment by an average of 7.3% annually over the last three years and has raised its dividend every year for the last 34 years. SEI Investments has a dividend payout ratio of 20.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect SEI Investments to earn $4.88 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 20.1%.

SEI Investments Price Performance

SEIC opened at $84.46 on Wednesday. The business has a fifty day simple moving average of $79.95 and a 200 day simple moving average of $71.50. SEI Investments has a 1 year low of $61.58 and a 1 year high of $87.25. The company has a market capitalization of $10.89 billion, a PE ratio of 20.40, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98.

SEI Investments (NASDAQ:SEIC) last announced its earnings results on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.12. The firm had revenue of $537.40 million for the quarter, compared to analyst estimates of $534.08 million. SEI Investments had a net margin of 26.60% and a return on equity of 24.29%. The business’s revenue was up 12.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.87 EPS. Equities analysts anticipate that SEI Investments will post 4.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Chairman Alfred P. West, Jr. sold 19,010 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $82.49, for a total value of $1,568,134.90. Following the transaction, the chairman now owns 7,377,506 shares in the company, valued at approximately $608,570,469.94. This represents a 0.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Carmen Romeo sold 5,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $79.64, for a total value of $398,200.00. Following the completion of the sale, the director now owns 1,577,652 shares in the company, valued at $125,644,205.28. This represents a 0.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 239,258 shares of company stock worth $19,753,402. 14.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Piper Sandler raised their price objective on SEI Investments from $77.00 to $87.00 and gave the company a “neutral” rating in a research note on Monday. Morgan Stanley lifted their price target on shares of SEI Investments from $70.00 to $75.00 and gave the company an “underweight” rating in a report on Thursday, October 24th. Keefe, Bruyette & Woods increased their price objective on shares of SEI Investments from $76.00 to $86.00 and gave the company a “market perform” rating in a research note on Friday, December 20th. Finally, Oppenheimer upped their price target on shares of SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $83.25.

SEI Investments declared that its Board of Directors has approved a stock repurchase plan on Tuesday, October 22nd that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the asset manager to purchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

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.