Stock Repurchase Program Declared by SEI Investments (NASDAQ:SEIC)

SEI Investments (NASDAQ:SEIC) announced that its Board of Directors has authorized a stock buyback program on Tuesday, October 22nd, RTT News reports. The company plans to buyback $400.00 million in shares. This buyback authorization authorizes the asset manager to repurchase up to 4.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

SEI Investments Price Performance

Shares of SEIC traded down $1.18 during trading hours on Tuesday, hitting $71.12. 573,038 shares of the company were exchanged, compared to its average volume of 571,174. The firm has a fifty day simple moving average of $68.42 and a 200-day simple moving average of $67.29. The company has a market capitalization of $9.24 billion, a PE ratio of 18.62, a PEG ratio of 1.44 and a beta of 0.99. SEI Investments has a one year low of $52.19 and a one year high of $73.66.

SEI Investments (NASDAQ:SEIC) last posted its quarterly earnings results on Wednesday, July 24th. The asset manager reported $1.05 EPS for the quarter, beating the consensus estimate of $1.04 by $0.01. SEI Investments had a net margin of 25.44% and a return on equity of 23.25%. The business had revenue of $518.99 million for the quarter, compared to analysts’ expectations of $523.80 million. During the same period in the previous year, the company posted $0.89 EPS. SEI Investments’s revenue was up 6.1% on a year-over-year basis. Sell-side analysts expect that SEI Investments will post 4.25 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Piper Sandler raised their price target on SEI Investments from $71.00 to $74.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $73.00 price target (down from $74.00) on shares of SEI Investments in a research report on Thursday, July 25th. Finally, Oppenheimer raised their price target on shares of SEI Investments from $80.00 to $81.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $72.25.

Insiders Place Their Bets

In other SEI Investments news, Chairman Alfred P. West, Jr. sold 44,163 shares of the company’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 value of $2,983,210.65. Following the completion of the transaction, the chairman now owns 7,605,414 shares of the company’s stock, valued at $513,745,715.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Chairman Alfred P. West, Jr. sold 61,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $67.36, for a total value of $4,108,960.00. Following the transaction, the chairman now owns 7,504,285 shares in the company, valued at $505,488,637.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Alfred P. West, Jr. sold 44,163 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $67.55, for a total value of $2,983,210.65. Following the completion of the transaction, the chairman now directly owns 7,605,414 shares in the company, valued at $513,745,715.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 132,582 shares of company stock valued at $8,942,405 over the last quarter. Insiders own 14.30% 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.