SEI Investments (NASDAQ:SEIC) Sets New 1-Year High – Here’s Why

Shares of SEI Investments (NASDAQ:SEIC) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $80.54 and last traded at $80.21, with a volume of 24555 shares. The stock had previously closed at $76.78.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SEIC. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $73.00 price objective (down from $74.00) on shares of SEI Investments in a report on Thursday, July 25th. Piper Sandler increased their price target on SEI Investments from $74.00 to $77.00 and gave the company a “neutral” rating in a research note on Thursday, October 24th. Oppenheimer increased their price target on SEI Investments from $81.00 to $85.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, Morgan Stanley increased their price target on SEI Investments from $70.00 to $75.00 and gave the company an “underweight” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, SEI Investments currently has an average rating of “Hold” and a consensus target price of $77.50.

SEI Investments Stock Performance

The firm has a market capitalization of $10.27 billion, a P/E ratio of 18.55, a price-to-earnings-growth ratio of 1.44 and a beta of 0.97. The firm has a 50 day moving average price of $70.18 and a two-hundred day moving average price of $67.81.

SEI Investments (NASDAQ:SEIC) last released its quarterly earnings data on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.12. The business had revenue of $537.40 million during the quarter, compared to analyst estimates of $534.08 million. SEI Investments had a return on equity of 24.29% and a net margin of 26.60%. The company’s revenue was up 12.7% compared to the same quarter last year. During the same period last year, the company posted $0.87 EPS. Equities research analysts forecast that SEI Investments will post 4.38 earnings per share for the current fiscal year.

SEI Investments announced that its board has initiated a share buyback plan on Tuesday, October 22nd that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the asset manager to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, EVP Philip Mccabe sold 10,500 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $75.91, for a total value of $797,055.00. Following the completion of the sale, the executive vice president now owns 43,544 shares in the company, valued at $3,305,425.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Ryan Hicke sold 10,000 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $74.90, for a total transaction of $749,000.00. Following the completion of the sale, the chief executive officer now directly owns 147,609 shares in the company, valued at approximately $11,055,914.10. This trade represents 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 accessible through the SEC website. Also, EVP Philip Mccabe sold 10,500 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $75.91, for a total value of $797,055.00. Following the sale, the executive vice president now owns 43,544 shares of the company’s stock, valued at approximately $3,305,425.04. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,646 shares of company stock worth $12,926,334 over the last quarter. Corporate insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On SEI Investments

Several hedge funds have recently bought and sold shares of SEIC. Dimensional Fund Advisors LP increased its position in SEI Investments by 19.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,380,311 shares of the asset manager’s stock worth $89,291,000 after buying an additional 222,631 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in SEI Investments during the first quarter worth about $14,172,000. Jupiter Asset Management Ltd. acquired a new stake in SEI Investments during the second quarter worth about $7,787,000. West Coast Financial LLC grew its position in SEI Investments by 120.8% during the second quarter. West Coast Financial LLC now owns 116,128 shares of the asset manager’s stock worth $7,512,000 after buying an additional 63,537 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its stake in SEI Investments by 67.8% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 145,536 shares of the asset manager’s stock worth $10,376,000 after purchasing an additional 58,808 shares during the period. 70.59% of the stock is owned by institutional investors and hedge funds.

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.