SEI Investments (NASDAQ:SEIC) Announces Quarterly Earnings Results

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

SEI Investments Trading Up 0.9 %

SEIC traded up $0.69 on Friday, hitting $75.10. 1,179,522 shares of the company were exchanged, compared to its average volume of 585,108. The firm has a 50-day moving average price of $68.78 and a two-hundred day moving average price of $67.37. SEI Investments has a twelve month low of $52.19 and a twelve month high of $75.97. The company has a market cap of $9.75 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 1.39 and a beta of 0.99.

Wall Street Analysts Forecast Growth

SEIC has been the subject of several research reports. Oppenheimer lifted their target price on shares of SEI Investments from $81.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday. Piper Sandler boosted their price objective on SEI Investments from $74.00 to $77.00 and gave the company a “neutral” rating in a report on Thursday. Keefe, Bruyette & Woods restated a “market perform” rating and set a $73.00 target price (down from $74.00) on shares of SEI Investments in a report on Thursday, July 25th. Finally, Morgan Stanley boosted their price target on shares of SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a research note on Thursday. One 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’s stock. According to data from MarketBeat, SEI Investments presently has a consensus rating of “Hold” and a consensus target price of $77.50.

SEI Investments declared that its board has approved a stock buyback program on Tuesday, October 22nd that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the asset manager to repurchase up to 4.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other SEI Investments news, Chairman Alfred P. West, Jr. sold 61,000 shares of SEI Investments stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $67.36, for a total transaction of $4,108,960.00. Following the completion of the sale, the chairman now directly owns 7,504,285 shares of the company’s stock, valued at $505,488,637.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Chairman Alfred P. West, Jr. sold 61,000 shares of the business’s stock in a transaction 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 completion of the sale, the chairman now directly owns 7,504,285 shares of the company’s stock, valued at $505,488,637.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Alfred P. West, Jr. sold 44,163 shares of SEI Investments stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $67.55, for a total value of $2,983,210.65. Following the sale, the chairman now owns 7,605,414 shares in the company, valued at $513,745,715.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 132,582 shares of company stock worth $8,942,405. Company 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.