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

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

SEI Investments Stock Up 0.6 %

SEI Investments stock traded up $0.47 during trading hours on Friday, reaching $74.88. 119,485 shares of the company’s stock were exchanged, compared to its average volume of 579,987. The firm’s 50 day simple moving average is $68.78 and its 200 day simple moving average is $67.37. SEI Investments has a twelve month low of $52.19 and a twelve month high of $75.97. The firm has a market capitalization of $9.73 billion, a PE ratio of 19.48, a PEG ratio of 1.39 and a beta of 0.99.

SEI Investments announced that its Board of Directors has approved a share buyback plan on Tuesday, October 22nd that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the asset manager to buy up to 4.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity

In related news, Chairman Alfred P. West, Jr. sold 44,163 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $67.55, for a total transaction of $2,983,210.65. Following the completion of the sale, the chairman now owns 7,605,414 shares of the company’s stock, valued at $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 is available at the SEC website. In other SEI Investments news, Chairman Alfred P. West, Jr. sold 61,000 shares of SEI Investments stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $67.36, for a total value of $4,108,960.00. Following the completion of the sale, the chairman now directly owns 7,504,285 shares of the company’s stock, valued at approximately $505,488,637.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Alfred P. West, Jr. sold 44,163 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $67.55, for a total transaction of $2,983,210.65. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold 132,582 shares of company stock valued at $8,942,405 in the last ninety days. 14.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

SEIC has been the subject of several recent research reports. Piper Sandler upped their price target on shares of SEI Investments from $74.00 to $77.00 and gave the company a “neutral” rating in a research report on Thursday. Oppenheimer increased their price objective on SEI Investments from $81.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday. Morgan Stanley lifted their target price on SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a report on Thursday. 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 note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $77.50.

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.