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

SEI Investments (NASDAQ:SEIC) announced a quarterly dividend on Wednesday, May 28th, RTT News reports. Shareholders of record on Tuesday, June 17th will be given a dividend of 0.49 per share by the asset manager on Monday, June 9th. This represents a $1.96 annualized dividend and a yield of 2.30%. This is a 6.5% increase from SEI Investments’s previous quarterly dividend of $0.46.

SEI Investments has increased its dividend 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 payout ratio of 19.4% meaning its dividend is sufficiently covered by earnings. 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

NASDAQ SEIC traded down $0.67 during trading on Wednesday, hitting $85.30. The stock had a trading volume of 1,055,252 shares, compared to its average volume of 678,354. The company has a market capitalization of $10.62 billion, a PE ratio of 19.30, a P/E/G ratio of 1.41 and a beta of 0.90. The company’s 50-day moving average price is $77.47 and its two-hundred day moving average price is $80.17. SEI Investments has a 12 month low of $62.38 and a 12 month high of $87.25.

SEI Investments (NASDAQ:SEIC) last released its earnings results on Wednesday, April 23rd. The asset manager reported $1.17 EPS for the quarter, beating the consensus estimate of $1.12 by $0.05. The firm had revenue of $551.34 million for the quarter, compared to analysts’ expectations of $556.76 million. SEI Investments had a return on equity of 25.51% and a net margin of 27.35%. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.99 EPS. As a group, equities analysts anticipate that SEI Investments will post 4.86 earnings per share for the current fiscal year.

Insider Activity at SEI Investments

In related news, insider Sanjay Sharma sold 20,000 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $83.40, for a total value of $1,668,000.00. Following the sale, the insider now owns 23,895 shares in the company, valued at approximately $1,992,843. This represents a 45.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark Andrew Warner sold 5,000 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $80.39, for a total value of $401,950.00. Following the completion of the sale, the insider now owns 1,300 shares in the company, valued at approximately $104,507. This trade represents a 79.37% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 170,214 shares of company stock worth $13,925,963. Company insiders own 14.60% of the company’s stock.

Institutional Investors Weigh In On SEI Investments

Large investors have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. grew its holdings in SEI Investments by 60.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 532 shares of the asset manager’s stock valued at $41,000 after buying an additional 200 shares in the last quarter. Baird Financial Group Inc. acquired a new position in SEI Investments in the 1st quarter valued at $201,000. Finally, Bison Wealth LLC acquired a new position in SEI Investments in the 4th quarter valued at $207,000. Institutional investors own 70.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SEIC shares. Raymond James raised SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 price target on the stock in a research report on Thursday, January 30th. Wall Street Zen raised SEI Investments from a “hold” rating to a “buy” rating in a research report on Tuesday, May 20th. Keefe, Bruyette & Woods boosted their price target on SEI Investments from $80.00 to $84.00 and gave the stock a “market perform” rating in a research report on Friday, April 25th. Piper Sandler boosted their price target on SEI Investments from $74.00 to $79.00 and gave the stock a “neutral” rating in a research report on Thursday, April 24th. Finally, William Blair reaffirmed a “market perform” rating on shares of SEI Investments in a research report on Thursday, April 24th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $87.60.

SEI Investments announced that its board has approved a stock buyback plan on Tuesday, March 18th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the asset manager to buy up to 5.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

About SEI Investments

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.