SEI Investments Co.'s board declared an increase to the semiannual dividend and an expanded stock repurchase program.

The company declared a semiannual dividend of 28 cents per share, a 2-cent increase from its previous dividend. It is payable Jan. 6, 2017, to shareholders of record as of Dec. 27.

The board also increased the share repurchase program by $200 million, bringing the remaining available authorization under the program to about $242 million.