Share Repurchase Plan Declared by SEI Investments (NASDAQ:SEIC) Board

SEI Investments (NASDAQ:SEIC) announced that its Board of Directors has authorized a share repurchase program on Tuesday, March 18th, RTT News reports. The company plans to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the asset manager to purchase up to 5.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

SEI Investments Stock Performance

Shares of SEIC opened at $76.07 on Thursday. SEI Investments has a one year low of $62.38 and a one year high of $87.25. The stock’s fifty day moving average is $80.88 and its 200-day moving average is $77.92. The firm has a market capitalization of $9.66 billion, a price-to-earnings ratio of 17.21, a price-to-earnings-growth ratio of 1.41 and a beta of 0.94.

SEI Investments (NASDAQ:SEIC) last released its earnings results on Wednesday, January 29th. The asset manager reported $1.19 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.02). SEI Investments had a net margin of 27.35% and a return on equity of 25.51%. Analysts forecast that SEI Investments will post 4.86 EPS for the current fiscal year.

Analysts Set New Price Targets

SEIC has been the subject of a number of analyst reports. Morgan Stanley boosted their price objective on SEI Investments from $75.00 to $80.00 and gave the company an “underweight” rating in a research report on Friday, January 3rd. Oppenheimer boosted their price target on shares of SEI Investments from $85.00 to $94.00 and gave the company an “outperform” rating in a report on Tuesday, January 7th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $90.00 price objective (up previously from $86.00) on shares of SEI Investments in a report on Thursday, January 30th. Piper Sandler boosted their target price on shares of SEI Investments from $77.00 to $87.00 and gave the company a “neutral” rating in a research note on Monday, December 23rd. Finally, Raymond James upgraded shares of SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 price target on the stock in a research note on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, SEI Investments presently has a consensus rating of “Hold” and an average price target of $90.00.

Insider Activity at SEI Investments

In other SEI Investments news, insider Mark Andrew Warner sold 5,000 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $80.39, for a total transaction of $401,950.00. Following the completion of the transaction, the insider now directly owns 1,300 shares of the company’s stock, valued at approximately $104,507. This trade represents a 79.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Alfred P. West, Jr. sold 1,372 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $76.28, for a total value of $104,656.16. Following the completion of the sale, the chairman now directly owns 7,078,708 shares in the company, valued at $539,963,846.24. This represents a 0.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 79,214 shares of company stock worth $6,293,903 over the last quarter. 14.30% of the stock is currently owned by company insiders.

About SEI Investments

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.