SEI Investments (NASDAQ:SEIC) to Buyback $500.00 million in Shares

SEI Investments (NASDAQ:SEIC) announced that its Board of Directors has initiated a share buyback program on Tuesday, March 18th, RTT News reports. The company plans to repurchase $500.00 million in shares. This repurchase authorization allows the asset manager to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have commented on SEIC. Morgan Stanley increased their price target on shares of SEI Investments from $75.00 to $80.00 and gave the company an “underweight” rating in a report on Friday, January 3rd. Piper Sandler raised their price objective on shares of SEI Investments from $77.00 to $87.00 and gave the stock a “neutral” rating in a research note on Monday, December 23rd. Oppenheimer raised their target price on shares of SEI Investments from $85.00 to $94.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $90.00 target price (up from $86.00) on shares of SEI Investments in a research report on Thursday, January 30th. Finally, Raymond James raised shares of SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 price objective on the stock in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $90.00.

SEI Investments Stock Performance

Shares of SEIC stock traded down $0.01 on Tuesday, reaching $74.95. 797,777 shares of the company were exchanged, compared to its average volume of 599,384. The company has a market cap of $9.51 billion, a price-to-earnings ratio of 16.96, a P/E/G ratio of 1.41 and a beta of 0.94. The business has a 50-day moving average price of $80.99 and a 200 day moving average price of $77.93. SEI Investments has a 1 year low of $62.38 and a 1 year high of $87.25.

SEI Investments (NASDAQ:SEIC) last announced its quarterly earnings data on Wednesday, January 29th. The asset manager reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.02). SEI Investments had a net margin of 27.35% and a return on equity of 25.51%. As a group, equities analysts anticipate that SEI Investments will post 4.86 earnings per share for the current year.

Insider Transactions at SEI Investments

In related news, Chairman Alfred P. West, Jr. sold 72,842 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $79.45, for a total transaction of $5,787,296.90. Following the sale, the chairman now directly owns 7,160,080 shares of the company’s stock, valued at $568,868,356. This represents a 1.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark Andrew Warner sold 5,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $80.39, for a total transaction of $401,950.00. Following the completion of the sale, the insider now directly owns 1,300 shares in the company, valued at approximately $104,507. This represents a 79.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 79,214 shares of company stock worth $6,293,903. 14.30% of the stock is currently owned by insiders.

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.