SEI Investments (NASDAQ:SEIC) Board Announces Share Buyback Program

SEI Investments (NASDAQ:SEIC) announced that its board has approved a share buyback plan on Tuesday, October 22nd, RTT News reports. The company plans to buyback $400.00 million in outstanding shares. This buyback authorization permits the asset manager to reacquire up to 4.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

SEI Investments Trading Up 5.2 %

Shares of SEIC stock opened at $74.41 on Friday. SEI Investments has a 12-month low of $52.19 and a 12-month high of $75.97. The firm’s 50 day moving average is $68.78 and its 200 day moving average is $67.37. The stock has a market capitalization of $9.67 billion, a P/E ratio of 19.48, a P/E/G ratio of 1.39 and a beta of 0.99.

SEI Investments (NASDAQ:SEIC) last issued its earnings results on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.12. SEI Investments had a net margin of 25.44% and a return on equity of 23.25%. The company had revenue of $537.40 million for the quarter, compared to analysts’ expectations of $534.08 million. During the same quarter last year, the company posted $0.87 earnings per share. The firm’s quarterly revenue was up 12.7% on a year-over-year basis. As a group, equities analysts predict that SEI Investments will post 4.25 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Piper Sandler increased their price target on shares of SEI Investments from $74.00 to $77.00 and gave the company a “neutral” rating in a report on Thursday. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $73.00 price target (down previously from $74.00) on shares of SEI Investments in a report on Thursday, July 25th. Morgan Stanley increased their price target on shares of SEI Investments from $70.00 to $75.00 and gave the company an “underweight” rating in a report on Thursday. Finally, Oppenheimer raised their target price on shares of SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $77.50.

Insider Transactions at SEI Investments

In other news, Chairman Alfred P. West, Jr. sold 27,419 shares of SEI Investments stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $67.48, for a total transaction of $1,850,234.12. Following the transaction, the chairman now owns 7,649,577 shares in the company, valued at $516,193,455.96. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Chairman Alfred P. West, Jr. sold 44,163 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $67.55, for a total transaction of $2,983,210.65. Following the sale, the chairman now directly owns 7,605,414 shares in the company, valued at $513,745,715.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Alfred P. West, Jr. sold 27,419 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $67.48, for a total transaction of $1,850,234.12. Following the sale, the chairman now owns 7,649,577 shares in the company, valued at $516,193,455.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 132,582 shares of company stock worth $8,942,405 in the last 90 days. 14.30% of the stock is currently owned by insiders.

SEI Investments Company Profile

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.