SEI Investments (NASDAQ:SEIC) to Repurchase $500.00 million in Stock

SEI Investments (NASDAQ:SEIC) declared that its board has approved a stock buyback program on Tuesday, March 18th, RTT News reports. The company plans to buyback $500.00 million in outstanding shares. This buyback authorization permits the asset manager to reacquire up to 5.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

SEI Investments Price Performance

SEIC opened at $74.95 on Wednesday. The company has a fifty day moving average price of $80.99 and a 200-day moving average price of $77.93. The firm has a market capitalization of $9.51 billion, a P/E ratio of 16.96, a price-to-earnings-growth ratio of 1.41 and a beta of 0.94. SEI Investments has a one year low of $62.38 and a one year high of $87.25.

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

Wall Street Analysts Forecast Growth

SEIC has been the topic of several recent analyst reports. Morgan Stanley lifted their target price on shares of SEI Investments from $75.00 to $80.00 and gave the stock an “underweight” rating in a research report on Friday, January 3rd. Oppenheimer lifted their price target on shares of SEI Investments from $85.00 to $94.00 and gave the stock an “outperform” rating in a report on Tuesday, January 7th. Piper Sandler lifted their price target on shares of SEI Investments from $77.00 to $87.00 and gave the stock a “neutral” rating in a report on Monday, December 23rd. Raymond James raised 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 report on Thursday, January 30th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $90.00 price target (up previously from $86.00) on shares of SEI Investments in a report on Thursday, January 30th. 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 company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $90.00.

Insider Buying and Selling

In other SEI Investments news, insider Mark Andrew Warner sold 5,000 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $80.39, for a total value of $401,950.00. Following the completion of the sale, the insider now directly owns 1,300 shares of the company’s stock, valued at $104,507. The trade was a 79.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 transaction of $104,656.16. Following the completion of the sale, the chairman now directly owns 7,078,708 shares of the company’s stock, valued at $539,963,846.24. This represents a 0.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 79,214 shares of company stock worth $6,293,903. Corporate insiders own 14.30% of the company’s stock.

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.