SEI Investments (NASDAQ:SEIC) Board Authorizes Share Buyback Plan

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

SEI Investments Price Performance

SEIC traded down $1.18 on Tuesday, hitting $71.12. The company had a trading volume of 573,038 shares, compared to its average volume of 571,174. The company’s fifty day moving average price is $68.42 and its 200 day moving average price is $67.29. SEI Investments has a 1-year low of $52.19 and a 1-year high of $73.66. The stock has a market cap of $9.24 billion, a price-to-earnings ratio of 18.62, a price-to-earnings-growth ratio of 1.44 and a beta of 0.99.

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

Analysts Set New Price Targets

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

Insider Activity at SEI Investments

In other SEI Investments news, Chairman Alfred P. West, Jr. sold 27,419 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $67.48, for a total value of $1,850,234.12. Following the completion of the sale, the chairman now owns 7,649,577 shares in the company, valued at approximately $516,193,455.96. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Chairman Alfred P. West, Jr. sold 61,000 shares of the business’s stock in a transaction that occurred 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 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 document filed with the SEC, which is available through the SEC website. Also, Chairman Alfred P. West, Jr. sold 27,419 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $67.48, for a total value of $1,850,234.12. Following the transaction, the chairman now directly owns 7,649,577 shares in the company, valued at approximately $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. Insiders have sold 132,582 shares of company stock worth $8,942,405 over the last ninety days. Insiders own 14.30% of the company’s stock.

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.