SEI Investments (NASDAQ:SEIC) Shares Gap Up on Better-Than-Expected Earnings

SEI Investments (NASDAQ:SEIC)’s share price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $70.70, but opened at $74.00. SEI Investments shares last traded at $75.32, with a volume of 166,852 shares traded.

The asset manager reported $1.19 earnings per share 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 the consensus estimate of $534.08 million. SEI Investments had a return on equity of 23.25% and a net margin of 25.44%. SEI Investments’s revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.87 EPS.

SEI Investments announced that its Board of Directors has initiated 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 repurchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

SEIC has been the subject of several recent research reports. Morgan Stanley increased their price target on SEI Investments from $70.00 to $75.00 and gave the company an “underweight” rating in a report on Thursday. Piper Sandler increased their price target on SEI Investments from $74.00 to $77.00 and gave the company a “neutral” rating in a report on Thursday. Oppenheimer increased their price target on SEI Investments from $81.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $73.00 price objective (down from $74.00) on shares of SEI Investments in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $77.50.

Insider Buying and Selling at SEI Investments

In other SEI Investments news, Chairman Alfred P. West, Jr. sold 44,163 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $67.55, for a total value of $2,983,210.65. Following the sale, the chairman now owns 7,605,414 shares in the company, valued at approximately $513,745,715.70. This trade represents a 0.00 % 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. In related news, Chairman Alfred P. West, Jr. sold 44,163 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $67.55, for a total transaction of $2,983,210.65. Following the transaction, the chairman now owns 7,605,414 shares in the company, valued at $513,745,715.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Alfred P. West, Jr. sold 27,419 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $67.48, for a total transaction of $1,850,234.12. Following the transaction, the chairman now owns 7,649,577 shares in the company, valued at $516,193,455.96. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 132,582 shares of company stock worth $8,942,405. 14.30% of the stock is owned by company insiders.

Institutional Trading of SEI Investments

A number of large investors have recently added to or reduced their stakes in SEIC. Fairfield Financial Advisors LTD acquired a new position in SEI Investments in the 2nd quarter worth approximately $30,000. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in SEI Investments by 925.9% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 554 shares of the asset manager’s stock worth $38,000 after purchasing an additional 500 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of SEI Investments by 78.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 626 shares of the asset manager’s stock valued at $41,000 after buying an additional 275 shares during the period. Bessemer Group Inc. boosted its stake in shares of SEI Investments by 184.7% during the 1st quarter. Bessemer Group Inc. now owns 595 shares of the asset manager’s stock valued at $43,000 after buying an additional 386 shares during the period. Finally, Mather Group LLC. boosted its stake in shares of SEI Investments by 181.2% during the 2nd quarter. Mather Group LLC. now owns 776 shares of the asset manager’s stock valued at $50,000 after buying an additional 500 shares during the period. 70.59% of the stock is currently owned by institutional investors.

SEI Investments Stock Performance

The business’s 50 day simple moving average is $68.78 and its 200-day simple moving average is $67.37. The company has a market cap of $9.67 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 1.39 and a beta of 0.99.

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.