SEI Investments (NASDAQ:SEIC) Shares Gap Up After Earnings Beat

SEI Investments (NASDAQ:SEIC)’s stock price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $70.70, but opened at $74.00. SEI Investments shares last traded at $75.32, with a volume of 166,852 shares changing hands.

The asset manager reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.12. The company had revenue of $537.40 million during the quarter, compared to analysts’ expectations of $534.08 million. SEI Investments had a net margin of 25.44% and a return on equity of 23.25%. SEI Investments’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.87 earnings per share.

SEI Investments declared that its board has approved a share repurchase program on Tuesday, October 22nd that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the asset manager to buy up to 4.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

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

Hedge Funds Weigh In On SEI Investments

Institutional investors have recently modified their holdings of the stock. Fairfield Financial Advisors LTD bought a new position in SEI Investments during the 2nd quarter worth approximately $30,000. Livforsakringsbolaget Skandia Omsesidigt boosted its position in shares of SEI Investments by 925.9% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 554 shares of the asset manager’s stock worth $38,000 after purchasing an additional 500 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of SEI Investments by 78.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 626 shares of the asset manager’s stock valued at $41,000 after buying an additional 275 shares during the period. Bessemer Group Inc. increased its position in shares of SEI Investments by 184.7% in the 1st quarter. Bessemer Group Inc. now owns 595 shares of the asset manager’s stock valued at $43,000 after buying an additional 386 shares in the last quarter. Finally, Mather Group LLC. raised its stake in SEI Investments by 181.2% during the 2nd quarter. Mather Group LLC. now owns 776 shares of the asset manager’s stock worth $50,000 after buying an additional 500 shares during the period. 70.59% of the stock is currently owned by institutional investors and hedge funds.

SEI Investments Stock Up 0.9 %

The stock has a market capitalization of $9.75 billion, a P/E ratio of 19.66, a price-to-earnings-growth ratio of 1.39 and a beta of 0.99. The company has a fifty day simple moving average of $68.94 and a two-hundred day simple moving average of $67.40.

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.