SEI Investments (NASDAQ:SEIC) Reaches New 52-Week High - Here's Why

SEI Investments (NASDAQ:SEIC - Get Free Report) shares hit a new 52-week high on Tuesday . The company traded as high as $76.44 and last traded at $76.43, with a volume of 248378 shares changing hands. The stock had previously closed at $75.81.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Morgan Stanley lifted their target price on SEI Investments from $70.00 to $75.00 and gave the company an "underweight" rating in a research report on Thursday, October 24th. Piper Sandler lifted their price objective on shares of SEI Investments from $74.00 to $77.00 and gave the company a "neutral" rating in a report on Thursday, October 24th. Oppenheimer boosted their price objective on shares of SEI Investments from $81.00 to $85.00 and gave the stock an "outperform" rating in a research note on Thursday, October 24th. Finally, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $73.00 target price (down previously from $74.00) on shares of SEI Investments in a research report on Thursday, July 25th. One 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's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $77.50.

SEI Investments Price Performance

The stock's fifty day simple moving average is $69.31 and its 200-day simple moving average is $67.47. The firm has a market cap of $9.90 billion, a PE ratio of 18.41, a PEG ratio of 1.43 and a beta of 0.99.

SEI Investments (NASDAQ:SEIC - Get Free Report) last released its earnings results on Wednesday, October 23rd. The asset manager reported $1.19 EPS for the quarter, topping analysts' consensus estimates of $1.07 by $0.12. SEI Investments had a return on equity of 24.29% and a net margin of 26.60%. The firm had revenue of $537.40 million during the quarter, compared to the consensus estimate of $534.08 million. During the same quarter in the previous year, the company posted $0.87 earnings per share. The company's revenue was up 12.7% compared to the same quarter last year. Analysts expect that SEI Investments will post 4.38 earnings per share for the current year.

SEI Investments declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, October 22nd that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the asset manager to purchase up to 4.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other news, Chairman Alfred P. West, Jr. sold 44,163 shares of the company's stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $67.55, for a total transaction of $2,983,210.65. Following the completion of the transaction, the chairman now directly owns 7,605,414 shares of the company's stock, valued at $513,745,715.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Carl Guarino sold 7,564 shares of the company's stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $75.77, for a total value of $573,124.28. Following the completion of the sale, the director now directly owns 13,867 shares in the company, valued at $1,050,702.59. This 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 this link. Also, Chairman Alfred P. West, Jr. sold 44,163 shares of SEI Investments stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $67.55, for a total value of $2,983,210.65. Following the transaction, the chairman now owns 7,605,414 shares in the company, valued at approximately $513,745,715.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,646 shares of company stock valued at $12,926,334. Corporate insiders own 14.30% of the company's stock.

Institutional Trading of SEI Investments

Several institutional investors have recently made changes to their positions in SEIC. IFG Advisory LLC lifted its position in SEI Investments by 0.3% in the second quarter. IFG Advisory LLC now owns 59,228 shares of the asset manager's stock valued at $3,831,000 after buying an additional 166 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of SEI Investments by 16.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,197 shares of the asset manager's stock worth $77,000 after acquiring an additional 168 shares during the last quarter. Creative Planning boosted its position in shares of SEI Investments by 2.3% during the 3rd quarter. Creative Planning now owns 8,086 shares of the asset manager's stock worth $559,000 after purchasing an additional 182 shares during the period. Diversified Trust Co increased its holdings in SEI Investments by 0.4% in the 2nd quarter. Diversified Trust Co now owns 54,212 shares of the asset manager's stock valued at $3,507,000 after purchasing an additional 202 shares during the last quarter. Finally, Signaturefd LLC raised its position in SEI Investments by 7.8% in the second quarter. Signaturefd LLC now owns 2,942 shares of the asset manager's stock valued at $190,000 after purchasing an additional 213 shares during the period. Hedge funds and other institutional investors own 70.59% 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.