Share Repurchase Plan Declared by SEI Investments (NASDAQ:SEIC) Board

SEI Investments (NASDAQ:SEIC) declared that its board has approved a stock buyback plan on Tuesday, March 18th, RTT News reports. The company plans to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the asset manager to buy up to 5.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

SEI Investments Stock Up 1.5 %

SEIC stock opened at $76.07 on Thursday. The stock’s 50 day moving average is $80.88 and its two-hundred day moving average is $77.92. SEI Investments has a 52-week low of $62.38 and a 52-week high of $87.25. The company has a market capitalization of $9.66 billion, a PE ratio of 17.21, a P/E/G ratio of 1.41 and a beta of 0.94.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings results on Wednesday, January 29th. The asset manager reported $1.19 earnings per share (EPS) 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%. As a group, sell-side analysts anticipate that SEI Investments will post 4.86 EPS for the current year.

Analyst Ratings Changes

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

Insider Activity

In other news, insider Mark Andrew Warner sold 5,000 shares of the business’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 value of $401,950.00. Following the completion of the sale, the insider now directly owns 1,300 shares in the company, valued at approximately $104,507. The trade was a 79.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Alfred P. West, Jr. sold 72,842 shares of the firm’s stock in a transaction 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 transaction, the chairman now owns 7,160,080 shares in the company, valued at $568,868,356. This trade represents a 1.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 79,214 shares of company stock worth $6,293,903. 14.30% of the stock is currently owned by corporate 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.