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

SEI Investments (NASDAQ:SEIC) announced that its Board of Directors has initiated a stock repurchase 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 purchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

SEI Investments Price Performance

SEIC opened at $76.01 on Friday. SEI Investments has a fifty-two week low of $62.38 and a fifty-two week high of $87.25. The business has a 50-day moving average of $80.77 and a 200-day moving average of $77.90. The company has a market capitalization of $9.65 billion, a PE ratio of 17.20, a price-to-earnings-growth ratio of 1.41 and a beta of 0.94.

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SEIC. Oppenheimer increased their price objective on SEI Investments from $85.00 to $94.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 7th. Raymond James raised SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 price objective for the company in a research note on Thursday, January 30th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $90.00 price target (up from $86.00) on shares of SEI Investments in a research note on Thursday, January 30th. Piper Sandler raised their price target on SEI Investments from $77.00 to $87.00 and gave the stock a “neutral” rating in a research note on Monday, December 23rd. Finally, Morgan Stanley raised their price target on SEI Investments from $75.00 to $80.00 and gave the stock an “underweight” rating in a research note on Friday, January 3rd. One equities research 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 data from MarketBeat.com, SEI Investments presently has an average rating of “Hold” and a consensus target price of $90.00.

Insiders Place Their Bets

In other SEI Investments news, insider Mark Andrew Warner sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was 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 owns 1,300 shares of the company’s stock, valued at $104,507. This represents a 79.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Alfred P. West, Jr. sold 72,842 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $79.45, for a total value 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. The trade was a 1.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 79,214 shares of company stock valued at $6,293,903 over the last 90 days. 14.30% of the stock is currently owned by company insiders.

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.