SEI Investments (NASDAQ:SEIC) Issues Earnings Results

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

SEI Investments Stock Up 6.8 %

NASDAQ:SEIC traded up $4.82 during trading hours on Thursday, reaching $75.52. The company had a trading volume of 394,317 shares, compared to its average volume of 572,446. The firm has a market cap of $9.81 billion, a price-to-earnings ratio of 19.77, a P/E/G ratio of 1.39 and a beta of 0.99. The business’s 50-day simple moving average is $68.63 and its two-hundred day simple moving average is $67.32. SEI Investments has a twelve month low of $52.19 and a twelve month high of $75.97.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $73.00 price objective (down from $74.00) on shares of SEI Investments in a research note on Thursday, July 25th. Oppenheimer increased their price objective on shares of SEI Investments from $80.00 to $81.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Finally, Piper Sandler increased their price objective 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. One equities 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. According to data from MarketBeat.com, SEI Investments currently has an average rating of “Hold” and a consensus price target of $72.25.

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

Insiders Place Their Bets

In other SEI Investments news, Chairman Alfred P. West, Jr. sold 44,163 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $67.55, for a total value of $2,983,210.65. Following the completion of the sale, the chairman now directly owns 7,605,414 shares in the company, valued at approximately $513,745,715.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other SEI Investments news, Chairman Alfred P. West, Jr. sold 44,163 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $67.55, for a total value of $2,983,210.65. Following the completion of the sale, the chairman now directly owns 7,605,414 shares in the company, valued at approximately $513,745,715.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Alfred P. West, Jr. sold 27,419 shares of the firm’s 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 completion of the sale, the chairman now owns 7,649,577 shares of the company’s stock, valued at $516,193,455.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 132,582 shares of company stock worth $8,942,405. 14.30% of the stock is currently owned by company 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.