Share Repurchase Program Initiated by SEI Investments (NASDAQ:SEIC) Board

SEI Investments (NASDAQ:SEIC) declared that its Board of Directors has initiated a share buyback plan on Tuesday, October 22nd, RTT News reports. The company plans to repurchase $400.00 million in shares. This repurchase authorization authorizes the asset manager to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SEIC shares. Piper Sandler upped their target price on shares of SEI Investments from $71.00 to $74.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $73.00 price target (down previously from $74.00) on shares of SEI Investments in a research note on Thursday, July 25th. Finally, Oppenheimer raised their price objective on SEI Investments from $80.00 to $81.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $72.25.

SEI Investments Trading Down 1.6 %

Shares of SEIC opened at $71.12 on Wednesday. SEI Investments has a 12-month low of $52.19 and a 12-month high of $73.66. The stock has a market cap of $9.24 billion, a P/E ratio of 18.62, a PEG ratio of 1.44 and a beta of 0.99. The company has a 50-day moving average of $68.42 and a two-hundred day moving average of $67.29.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings data on Wednesday, July 24th. The asset manager reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.01. The firm had revenue of $518.99 million during the quarter, compared to the consensus estimate of $523.80 million. SEI Investments had a return on equity of 23.25% and a net margin of 25.44%. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.89 EPS. As a group, analysts forecast that SEI Investments will post 4.25 EPS for the current fiscal year.

Insider Activity

In other SEI Investments news, Chairman Alfred P. West, Jr. sold 27,419 shares of the firm’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 sale, the chairman now directly owns 7,649,577 shares of the company’s stock, valued at $516,193,455.96. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other SEI Investments news, Chairman Alfred P. West, Jr. sold 27,419 shares of the stock in a transaction on Friday, August 23rd. The stock was 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 of the company’s stock, valued at $516,193,455.96. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Alfred P. West, Jr. sold 61,000 shares of the firm’s 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 sale, the chairman now owns 7,504,285 shares in the company, valued at $505,488,637.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 132,582 shares of company stock worth $8,942,405 over the last three months. 14.30% of the stock is currently owned by corporate 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.