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

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

Analyst Ratings Changes

SEIC has been the topic of several analyst reports. Oppenheimer increased their target price on SEI Investments from $85.00 to $94.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 7th. Piper Sandler increased 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. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $90.00 price target (up previously from $86.00) on shares of SEI Investments in a research note on Thursday, January 30th. Morgan Stanley increased 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. Finally, Raymond James raised SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 price target for the company in a research note on Thursday, January 30th. 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 stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $90.00.

SEI Investments Stock Performance

NASDAQ:SEIC opened at $76.01 on Friday. The business has a fifty day moving average of $80.77 and a 200-day moving average of $77.90. SEI Investments has a 1 year low of $62.38 and a 1 year high of $87.25. The stock has a market cap of $9.65 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 1.41 and a beta of 0.94.

SEI Investments (NASDAQ:SEIC) last announced its earnings results on Wednesday, January 29th. The asset manager reported $1.19 earnings per share 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%. On average, equities research analysts predict that SEI Investments will post 4.86 EPS for the current year.

Insider Activity at SEI Investments

In other news, insider Mark Andrew Warner sold 5,000 shares of the company’s stock in a transaction 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 directly 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 SEC, which is available at the SEC website. Also, Chairman Alfred P. West, Jr. sold 1,372 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $76.28, for a total value of $104,656.16. Following the sale, the chairman now directly owns 7,078,708 shares of the company’s stock, valued at approximately $539,963,846.24. This represents a 0.02 % decrease in their ownership of the stock. 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 corporate 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.