SEI Investments (NASDAQ:SEIC) Posts Earnings Results, Beats Estimates By $0.12 EPS

SEI Investments (NASDAQ:SEIC) released its quarterly earnings results on Wednesday. The asset manager reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.12, Briefing.com reports. SEI Investments had a net margin of 25.44% and a return on equity of 23.25%. The company had revenue of $537.40 million for the quarter, compared to analyst estimates of $534.08 million. During the same period last year, the firm earned $0.87 earnings per share. The firm’s revenue was up 12.7% on a year-over-year basis.

SEI Investments Price Performance

Shares of SEIC traded up $4.82 during trading hours on Thursday, hitting $75.52. The company’s stock had a trading volume of 394,317 shares, compared to its average volume of 572,446. The company has a market cap of $9.81 billion, a price-to-earnings ratio of 19.77, a PEG ratio of 1.39 and a beta of 0.99. The business has a 50 day simple moving average of $68.63 and a two-hundred day simple moving average of $67.32. SEI Investments has a 52-week low of $52.19 and a 52-week high of $75.97.

SEI Investments declared that its board has authorized a stock repurchase program on Tuesday, October 22nd that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the asset manager to buy up to 4.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SEIC. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $73.00 price target (down from $74.00) on shares of SEI Investments in a research report on Thursday, July 25th. Piper Sandler lifted their price objective on shares of SEI Investments from $71.00 to $74.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Finally, Oppenheimer lifted their price objective on shares of SEI Investments from $80.00 to $81.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, SEI Investments has a consensus rating of “Hold” and a consensus price target of $72.25.

Insider Transactions at SEI Investments

In other news, Chairman Alfred P. West, Jr. sold 44,163 shares of SEI Investments stock in a transaction dated 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 completion of 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Chairman Alfred P. West, Jr. sold 27,419 shares of the business’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 completion of the transaction, the chairman now owns 7,649,577 shares of the company’s stock, valued at approximately $516,193,455.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Alfred P. West, Jr. sold 44,163 shares of the business’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 directly owns 7,605,414 shares of the company’s stock, valued at approximately $513,745,715.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 132,582 shares of company stock worth $8,942,405 over the last quarter. Corporate insiders own 14.30% 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.