SEI Investments (NASDAQ:SEIC) to Repurchase $650.00 million in Outstanding Stock

SEI Investments (NASDAQ:SEIC) announced that its Board of Directors has initiated a stock buyback program on Friday, October 24th, RTT News reports. The company plans to buyback $650.00 million in shares. This buyback authorization permits the asset manager to reacquire up to 6.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

SEIC has been the subject of a number of recent analyst reports. Oppenheimer upped their price target on shares of SEI Investments from $96.00 to $101.00 and gave the company an “outperform” rating in a report on Tuesday, July 8th. Piper Sandler decreased their price objective on shares of SEI Investments from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Thursday, July 24th. Raymond James Financial boosted their price objective on SEI Investments from $118.00 to $120.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 14th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of SEI Investments in a research note on Saturday. Finally, Zacks Research upgraded shares of SEI Investments from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, SEI Investments currently has a consensus rating of “Moderate Buy” and an average price target of $104.40.

SEI Investments Trading Up 0.5%

Shares of SEIC stock opened at $81.91 on Friday. SEI Investments has a 1-year low of $64.66 and a 1-year high of $93.96. The firm has a market cap of $10.13 billion, a PE ratio of 15.06, a price-to-earnings-growth ratio of 1.24 and a beta of 0.96. The company has a 50-day moving average of $85.88 and a two-hundred day moving average of $84.98. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.73 and a quick ratio of 6.06.

SEI Investments (NASDAQ:SEIC) last posted its quarterly earnings data on Wednesday, October 22nd. The asset manager reported $1.30 EPS for the quarter, beating the consensus estimate of $1.25 by $0.05. SEI Investments had a net margin of 31.09% and a return on equity of 30.21%. The business had revenue of $578.51 million during the quarter, compared to analyst estimates of $578.75 million. During the same quarter last year, the firm posted $1.19 earnings per share. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. On average, analysts predict that SEI Investments will post 4.86 EPS for the current year.

Insider Buying and Selling at SEI Investments

In other SEI Investments news, CEO Ryan Hicke sold 35,000 shares of SEI Investments stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $88.30, for a total value of $3,090,500.00. Following the transaction, the chief executive officer directly owned 171,260 shares in the company, valued at approximately $15,122,258. This trade represents a 16.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark Andrew Warner sold 5,000 shares of the firm’s stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $88.75, for a total value of $443,750.00. Following the completion of the transaction, the insider owned 1,300 shares of the company’s stock, valued at approximately $115,375. This represents a 79.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 60,000 shares of company stock worth $5,254,950 in the last 90 days. Company insiders own 14.60% of the company’s stock.

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.