Along with declaring a boosted dividend today, SEI Investments (SEIC -0.4%) ads $100M to its repurchase program, bringing the authorization to $103M. The company has repurchased about 6.2M share YTD for a cost of about $188.4M. The current float is roughly 170M shares.
SEI Investments Company (SEIC) declares $0.20/share semi Annual dividend, 25% increase from prior dividend of $0.16. Forward yield 1.32%. For shareholders of record June 17. Payable June 25. Ex-div date June 13. The board approved an increase in its stock repurchase program by an additional $100M. (PR)
ETFs are likely to displace mutual funds within the next 15 years, says financial advisor Ric Edelman, preaching to the choir at IU's Inside ETFs conference. Mutual funds are a "pencil and paper" business model in a high-tech world, he says, reminding ETFs are still a very young investment vehicle, with just a 3% rate of U.S. ownership.
The money management business inspires a lively exchange at the Barron's Roundtable, with Brian Rogers' liking of Legg Mason (LM) as either a value or takeover play getting the thumbs up from Mario Gabelli, but a razzing from Bill Gross who says the stock-picking industry is in secular decline thanks to ETFs. Gabelli to Gross: "If you want to preach in favor of mindless investing, we don't have to stand by."
SEI Investments Company (SEIC) declares $0.16/share semi-annual dividend, 6.6% increase from prior dividend of $0.15. Forward yield 1.45%. For shareholders of record Dec. 21. Payable Dec. 28. Ex-div date Dec. 19. Additionally, the board declares special dividend of $0.32/share payable with regular dividend. The board approved an increase of additional $50M for stock repurchase program, bringing the total available under share repurchase program to $100M. (PR)
S&P Dow Jones Indices adds 14 stocks to its "Dividend Aristocrat" list after reducing to 20 from 25 the number of consecutive years a member must have increased their regular payout. Among those added are Chevron (CVX), General Dynamics (GD), and Avon (AVP). Tracking the index is SDY, +2.7% YTD and yielding 3.24%.
SEI Investments (SEIC -6.2%) trades down after its Q3 results fell short of estimates. Net revenue was hurt by the volatile capital markets and a decline in assets under management, while margins were hit by the company's heavy investment in infrastructure projects.