SEI Investments (NASDAQ:SEIC) Announces Earnings Results

SEI Investments (NASDAQ:SEIC) announced its quarterly earnings data on Wednesday. The asset manager reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.12, Briefing.com reports. SEI Investments had a return on equity of 23.25% and a net margin of 25.44%. The company had revenue of $537.40 million for the quarter, compared to analysts’ expectations of $534.08 million. During the same quarter in the prior year, the business posted $0.87 EPS. The business’s revenue was up 12.7% compared to the same quarter last year.

SEI Investments Stock Performance

Shares of NASDAQ SEIC traded up $0.47 during trading hours on Friday, hitting $74.88. 119,485 shares of the stock were exchanged, compared to its average volume of 579,987. The company’s fifty day simple moving average is $68.78 and its two-hundred day simple moving average is $67.37. The company has a market cap of $9.73 billion, a PE ratio of 19.48, a price-to-earnings-growth ratio of 1.39 and a beta of 0.99. SEI Investments has a 1-year low of $52.19 and a 1-year high of $75.97.

Insiders Place Their Bets

In other news, Chairman Alfred P. West, Jr. sold 61,000 shares of SEI Investments stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $67.36, for a total value of $4,108,960.00. Following the transaction, the chairman now owns 7,504,285 shares in the company, valued at approximately $505,488,637.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Chairman Alfred P. West, Jr. sold 61,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $67.36, for a total value of $4,108,960.00. Following the sale, the chairman now directly owns 7,504,285 shares in the company, valued at approximately $505,488,637.60. This trade 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. Also, Chairman Alfred P. West, Jr. sold 44,163 shares of the company’s stock in a transaction that occurred 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 transaction, the chairman now owns 7,605,414 shares of the company’s stock, valued at approximately $513,745,715.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 132,582 shares of company stock worth $8,942,405 over the last three months. Insiders own 14.30% of the company’s stock.

Wall Street Analysts Forecast Growth

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

SEI Investments declared that its Board of Directors has initiated a share buyback program on Tuesday, October 22nd that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the asset manager to buy up to 4.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

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.