SEI Investments (NASDAQ:SEIC) Posts Earnings Results, Beats Expectations By $0.12 EPS

SEI Investments (NASDAQ:SEIC) released its quarterly earnings data on Wednesday. The asset manager reported $1.19 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $537.40 million during the quarter, compared to analysts’ expectations of $534.08 million. During the same period in the previous year, the company earned $0.87 earnings per share. The firm’s quarterly revenue was up 12.7% on a year-over-year basis.

SEI Investments Stock Performance

Shares of SEI Investments stock traded up $4.75 during trading hours on Thursday, hitting $75.45. The company’s stock had a trading volume of 626,812 shares, compared to its average volume of 573,903. SEI Investments has a 12-month low of $52.19 and a 12-month high of $75.97. The business has a 50 day moving average price of $68.63 and a two-hundred day moving average price of $67.32. The company has a market cap of $9.80 billion, a PE ratio of 19.77, a PEG ratio of 1.39 and a beta of 0.99.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SEIC shares. Oppenheimer increased their price target on SEI Investments from $80.00 to $81.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Piper Sandler raised their target price on SEI Investments from $71.00 to $74.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set 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 issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, SEI Investments has a consensus rating of “Hold” and an average price target 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 that occurred on 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 completion of 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 transaction of $1,850,234.12. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 completion of the sale, the chairman now directly owns 7,605,414 shares in the company, valued at $513,745,715.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 132,582 shares of company stock valued at $8,942,405. 14.30% of the stock is owned by company insiders.

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

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.