SEI Investments (NASDAQ:SEIC) to Repurchase $500.00 million in Stock

SEI Investments (NASDAQ:SEIC) declared that its Board of Directors has approved a stock repurchase plan on Tuesday, March 18th, RTT News reports. The company plans to buyback $500.00 million in shares. This buyback authorization permits the asset manager to purchase up to 5.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Oppenheimer upped their price objective on shares of SEI Investments from $85.00 to $94.00 and gave the company an “outperform” rating in a research note on Tuesday, January 7th. Piper Sandler upped their price objective on shares of SEI Investments from $77.00 to $87.00 and gave the company a “neutral” rating in a research note on Monday, December 23rd. Morgan Stanley boosted their price target on shares of SEI Investments from $75.00 to $80.00 and gave the company an “underweight” rating in a research report on Friday, January 3rd. Raymond James upgraded shares of SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 price target on the stock in a research report on Thursday, January 30th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $90.00 price target (up previously from $86.00) on shares of SEI Investments in a research report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, SEI Investments currently has a consensus rating of “Hold” and an average target price of $90.00.

SEI Investments Price Performance

Shares of NASDAQ SEIC opened at $74.95 on Wednesday. SEI Investments has a 1 year low of $62.38 and a 1 year high of $87.25. The company’s 50-day moving average is $80.99 and its 200 day moving average is $77.93. The stock has a market capitalization of $9.51 billion, a P/E ratio of 16.96, a P/E/G ratio of 1.41 and a beta of 0.94.

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

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 dated Monday, March 3rd. The shares were sold at an average price of $80.39, for a total value of $401,950.00. Following the sale, the insider now owns 1,300 shares in the company, valued at approximately $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 can be accessed through this link. Also, Chairman Alfred P. West, Jr. sold 1,372 shares of the company’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $76.28, for a total transaction of $104,656.16. Following the completion of the sale, the chairman now owns 7,078,708 shares in the company, valued at approximately $539,963,846.24. This trade represents a 0.02 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 79,214 shares of company stock worth $6,293,903. 14.30% of the stock is currently owned by company 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.