Apparently liking what it saw in last week earnings report from SEI Investments (SEIC +1.2%), Oppenheimer upgrades the stock to Outperform with $42 price target.
The company last week cruised past estimates with revenues rising 16% Y/Y to $318.8M. Market appreciation allowed for much of that, but there was also increased processing fees in the Private Banks segment, where revenue of $114M rose 20% Y/Y.
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)
SEI Investments Company is a provider of investment processing, investment management and investment operations solutions that help financial institutions, financial advisors, institutional investors and investment managers create and manage wealth.