SEI Investments (NASDAQ:SEIC) Reaches New 1-Year High – Here’s What Happened

SEI Investments (NASDAQ:SEIC)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $82.11 and last traded at $81.72, with a volume of 160826 shares traded. The stock had previously closed at $81.57.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SEIC shares. Oppenheimer boosted their price objective on SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Piper Sandler boosted 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, October 24th. Finally, Morgan Stanley raised their price objective on shares of SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $77.50.

SEI Investments Price Performance

The company has a market cap of $10.58 billion, a price-to-earnings ratio of 19.70, a PEG ratio of 1.53 and a beta of 0.97. The firm has a 50 day simple moving average of $74.00 and a 200-day simple moving average of $69.13.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings data on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.12. The firm had revenue of $537.40 million during the quarter, compared to the consensus estimate of $534.08 million. SEI Investments had a return on equity of 24.29% and a net margin of 26.60%. The company’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period last year, the company earned $0.87 EPS. Research analysts anticipate that SEI Investments will post 4.41 EPS for the current fiscal year.

SEI Investments announced that its Board of Directors has authorized a share repurchase plan on Tuesday, October 22nd that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the asset manager to repurchase up to 4.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other SEI Investments news, CEO Ryan Hicke sold 10,000 shares of SEI Investments stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $74.90, for a total value of $749,000.00. Following the completion of the transaction, the chief executive officer now directly owns 147,609 shares of the company’s stock, valued at $11,055,914.10. The trade was a 6.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Philip Mccabe sold 10,500 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $75.91, for a total transaction of $797,055.00. Following the sale, the executive vice president now directly owns 43,544 shares in the company, valued at $3,305,425.04. This represents a 19.43 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 129,064 shares of company stock valued at $9,282,489. Company insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On SEI Investments

Several institutional investors have recently modified their holdings of SEIC. FMR LLC grew its stake in SEI Investments by 249.7% during the 3rd quarter. FMR LLC now owns 885,113 shares of the asset manager’s stock worth $61,241,000 after purchasing an additional 632,024 shares in the last quarter. Geode Capital Management LLC grew its position in shares of SEI Investments by 13.5% during the third quarter. Geode Capital Management LLC now owns 2,520,430 shares of the asset manager’s stock worth $174,092,000 after buying an additional 300,704 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in SEI Investments by 19.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,380,311 shares of the asset manager’s stock valued at $89,291,000 after acquiring an additional 222,631 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new position in SEI Investments in the second quarter worth approximately $7,787,000. Finally, Verition Fund Management LLC grew its holdings in SEI Investments by 2,766.3% during the 3rd quarter. Verition Fund Management LLC now owns 111,098 shares of the asset manager’s stock worth $7,687,000 after acquiring an additional 107,222 shares in the last quarter. Institutional investors and hedge funds own 70.59% 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.