SEI Investments (NASDAQ:SEIC - Get Free Report) announced that its Board of Directors has approved a share buyback plan on Tuesday, March 18th, RTT News reports. The company plans to repurchase $500.00 million in shares. This repurchase authorization permits the asset manager to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.
SEI Investments Trading Down 0.2 %
NASDAQ SEIC traded down $0.17 during trading hours on Friday, reaching $75.84. The company's stock had a trading volume of 3,108,780 shares, compared to its average volume of 611,996. The business has a 50-day simple moving average of $80.71 and a 200 day simple moving average of $78.03. SEI Investments has a 52 week low of $62.38 and a 52 week high of $87.25. The stock has a market cap of $9.63 billion, a PE ratio of 17.16, a PEG ratio of 1.41 and a beta of 0.94.
SEI Investments (NASDAQ:SEIC - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The asset manager reported $1.19 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.02). SEI Investments had a net margin of 27.35% and a return on equity of 25.51%. As a group, equities analysts predict that SEI Investments will post 4.86 EPS for the current year.
Analysts Set New Price Targets
A number of research firms recently issued reports on SEIC. Raymond James raised SEI Investments from a "market perform" rating to an "outperform" rating and set a $99.00 target price on the stock in a research note on Thursday, January 30th. Piper Sandler upped their price objective on SEI Investments from $77.00 to $87.00 and gave the stock a "neutral" rating in a report on Monday, December 23rd. Keefe, Bruyette & Woods restated a "market perform" rating and set a $90.00 price objective (up from $86.00) on shares of SEI Investments in a report on Thursday, January 30th. Morgan Stanley upped their price objective on SEI Investments from $75.00 to $80.00 and gave the stock an "underweight" rating in a report on Friday, January 3rd. Finally, Oppenheimer upped their price objective on SEI Investments from $85.00 to $94.00 and gave the stock an "outperform" rating in a report on Tuesday, January 7th. 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 stock. According to data from MarketBeat, SEI Investments has an average rating of "Hold" and an average price target of $90.00.
Check Out Our Latest Analysis on SEI Investments
Insider Buying and Selling at SEI Investments
In related news, Chairman Alfred P. West, Jr. sold 72,842 shares of SEI Investments stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $79.45, for a total value of $5,787,296.90. Following the transaction, the chairman now owns 7,160,080 shares in the company, valued at $568,868,356. This trade represents a 1.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mark Andrew Warner sold 5,000 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $80.39, for a total transaction of $401,950.00. Following the transaction, the insider now owns 1,300 shares in the company, valued at approximately $104,507. The trade was a 79.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 79,214 shares of company stock valued at $6,293,903 in the last quarter. Company insiders own 14.30% of the company's stock.
About SEI Investments
(
Get Free Report)
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.
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