SEI Investments (NASDAQ:SEIC) Sets New 52-Week High – Here’s Why

SEI Investments (NASDAQ:SEIC)’s stock price reached a new 52-week high on Monday . The company traded as high as $84.75 and last traded at $84.45, with a volume of 126760 shares. The stock had previously closed at $84.09.

Wall Street Analyst Weigh In

SEIC has been the topic of several recent analyst reports. Oppenheimer lifted their target price on shares of SEI Investments from $81.00 to $85.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Morgan Stanley raised their price target on shares of SEI Investments from $70.00 to $75.00 and gave the company an “underweight” rating in a research note on Thursday, October 24th. Finally, Piper Sandler boosted their price objective on SEI Investments from $74.00 to $77.00 and gave the stock a “neutral” rating in a research note on Thursday, October 24th. 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 a consensus price target of $77.50.

SEI Investments Price Performance

The stock’s fifty day moving average price is $77.17 and its 200-day moving average price is $70.29. The firm has a market cap of $11.05 billion, a PE ratio of 20.63, a price-to-earnings-growth ratio of 1.59 and a beta of 0.98.

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

SEI Investments announced that its board has approved a stock repurchase plan on Tuesday, October 22nd that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the asset manager to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Insider Activity at SEI Investments

In other news, CEO Ryan Hicke sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $74.90, for a total transaction of $749,000.00. Following the completion of the sale, the chief executive officer now owns 147,609 shares in the company, valued at $11,055,914.10. This trade represents a 6.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Peterson sold 25,000 shares of SEI Investments stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $74.59, for a total transaction of $1,864,750.00. Following the sale, the executive vice president now directly owns 6,500 shares in the company, valued at approximately $484,835. The trade was a 79.37 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 93,058 shares of company stock valued at $7,245,697. 14.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SEI Investments

Hedge funds have recently modified their holdings of the business. Fairfield Financial Advisors LTD purchased a new stake in SEI Investments in the 2nd quarter valued at about $30,000. First Horizon Advisors Inc. increased its position in shares of SEI Investments by 101.3% during the third quarter. First Horizon Advisors Inc. now owns 461 shares of the asset manager’s stock valued at $32,000 after acquiring an additional 232 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of SEI Investments by 925.9% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 554 shares of the asset manager’s stock valued at $38,000 after acquiring an additional 500 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in shares of SEI Investments in the 3rd quarter valued at approximately $45,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of SEI Investments by 16.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,197 shares of the asset manager’s stock worth $77,000 after acquiring an additional 168 shares during the last quarter. 70.59% of the stock is currently owned by hedge funds and other institutional investors.

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.