SEI Investments (NASDAQ:SEIC) Shares Gap Up After Strong Earnings

SEI Investments (NASDAQ:SEIC - Get Free Report) gapped up before the market opened 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 changing hands.

The asset manager reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.12. SEI Investments had a net margin of 25.44% and a return on equity of 23.25%. The business had revenue of $537.40 million for the quarter, compared to analysts' expectations of $534.08 million. During the same period in the previous year, the company earned $0.87 earnings per share. The firm's revenue for the quarter was up 12.7% compared to the same quarter last year.

SEI Investments declared that its board has authorized a share buyback plan on Tuesday, October 22nd that authorizes the company to repurchase $400.00 million in outstanding 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 usually an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Morgan Stanley boosted their target price on shares of SEI Investments from $70.00 to $75.00 and gave the company an "underweight" rating in a research note on Thursday. Piper Sandler boosted their price target on shares of SEI Investments from $74.00 to $77.00 and gave the company a "neutral" rating in a research report on Thursday. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $73.00 price target (down previously from $74.00) on shares of SEI Investments in a research report on Thursday, July 25th. Finally, Oppenheimer boosted their price target on shares of SEI Investments from $81.00 to $85.00 and gave the company an "outperform" rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, SEI Investments has a consensus rating of "Hold" and a consensus target price of $77.50.

Insider Buying and Selling

In related news, Chairman Alfred P. West, Jr. sold 61,000 shares of the company's stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $67.36, for a total transaction of $4,108,960.00. Following the sale, the chairman now owns 7,504,285 shares of the company's stock, valued at approximately $505,488,637.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related 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 shares were sold at an average price of $67.55, for a total transaction of $2,983,210.65. Following the sale, the chairman now 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Alfred P. West, Jr. sold 61,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $67.36, for a total transaction of $4,108,960.00. Following the completion of the transaction, the chairman now directly owns 7,504,285 shares in the company, valued at $505,488,637.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 132,582 shares of company stock valued at $8,942,405. Company insiders own 14.30% of the company's stock.

Hedge Funds Weigh In On SEI Investments

Institutional investors have recently made changes to their positions in the stock. Fairfield Financial Advisors LTD bought a new position in shares of SEI Investments in the 2nd quarter worth $30,000. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in shares of 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 buying an additional 500 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of SEI Investments by 78.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 626 shares of the asset manager's stock worth $41,000 after buying an additional 275 shares during the last quarter. Bessemer Group Inc. increased its holdings in shares of SEI Investments by 184.7% in the 1st quarter. Bessemer Group Inc. now owns 595 shares of the asset manager's stock worth $43,000 after buying an additional 386 shares during the last quarter. Finally, Mather Group LLC. increased its holdings in shares of SEI Investments by 181.2% in the 2nd quarter. Mather Group LLC. now owns 776 shares of the asset manager's stock worth $50,000 after buying an additional 500 shares during the last quarter. Institutional investors own 70.59% of the company's stock.

SEI Investments Stock Performance

The company has a market cap of $9.67 billion, a PE ratio of 19.42, a PEG ratio of 1.39 and a beta of 0.99. The stock's 50 day moving average price is $68.63 and its 200-day moving average price is $67.32.

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.