SEI Investments Company (SEIC) Raises Dividend to $0.30 Per Share
SEI Investments Company (NASDAQ:SEIC) announced a semiannual dividend on Wednesday, December 13th, Wall Street Journal reports. Stockholders of record on Wednesday, December 27th will be given a dividend of 0.30 per share by the asset manager on Monday, January 8th. This represents a dividend yield of 0.85%. The ex-dividend date is Tuesday, December 26th. This is a boost from SEI Investments’s previous semiannual dividend of $0.28.
SEI Investments has increased its dividend by an average of 37.5% annually over the last three years and has raised its dividend every year for the last 7 years. SEI Investments has a dividend payout ratio of 23.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect SEI Investments to earn $2.70 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 20.7%.
SEI Investments (NASDAQ SEIC) traded down $0.16 during trading hours on Wednesday, hitting $70.96. The stock had a trading volume of 528,449 shares, compared to its average volume of 556,964. The company has a market cap of $11,204.22, a P/E ratio of 30.93, a price-to-earnings-growth ratio of 2.52 and a beta of 1.40. The company has a current ratio of 5.52, a quick ratio of 5.41 and a debt-to-equity ratio of 0.03. SEI Investments has a 1 year low of $47.88 and a 1 year high of $71.92.
SEI Investments announced that its Board of Directors has authorized a stock repurchase program on Wednesday, October 25th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the asset manager to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In other SEI Investments news, Director Kathryn Mccarthy sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $58.69, for a total value of $586,900.00. Following the completion of the transaction, the director now owns 80,200 shares of the company’s stock, valued at approximately $4,706,938. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Dennis Mcgonigle sold 15,000 shares of the stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $69.63, for a total value of $1,044,450.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 206,250 shares of company stock valued at $13,246,650. Insiders own 16.50% of the company’s stock.
Several analysts recently weighed in on the company. Mizuho restated a “buy” rating and set a $72.00 price objective on shares of SEI Investments in a research report on Friday, November 17th. Zacks Investment Research downgraded SEI Investments from a “buy” rating to a “hold” rating in a research report on Wednesday, September 6th. Keefe, Bruyette & Woods restated a “hold” rating and set a $58.00 price objective on shares of SEI Investments in a research report on Sunday, September 3rd. Finally, Oppenheimer upped their price objective on SEI Investments from $60.00 to $67.00 and gave the stock an “outperform” rating in a research report on Thursday, September 28th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. SEI Investments currently has an average rating of “Buy” and an average target price of $67.25.
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About SEI Investments
SEI Investments Company provides investment processing, investment management and investment operations solutions. The Company provides its solutions to financial institutions, financial advisors, institutional investors, investment managers and ultra-high-net-worth families in the United States, Canada, the United Kingdom, continental Europe and various other locations around the world.
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