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

by · The Markets Daily

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

SEI Investments Price Performance

NASDAQ SEIC traded up $0.69 during mid-day trading on Friday, hitting $75.10. The stock had a trading volume of 1,179,522 shares, compared to its average volume of 585,108. The firm’s 50 day moving average is $68.78 and its 200 day moving average is $67.37. The stock has a market capitalization of $9.75 billion, a price-to-earnings ratio of 19.48, a PEG ratio of 1.39 and a beta of 0.99. SEI Investments has a twelve month low of $52.19 and a twelve month high of $75.97.

Analyst Upgrades and Downgrades

SEIC has been the topic of several recent research reports. Keefe, Bruyette & Woods reaffirmed 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 $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 stock an “outperform” rating in a research report on Thursday. Finally, Morgan Stanley upped their target price on SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $77.50.

Check Out Our Latest Research Report on SEIC

SEI Investments announced that its Board of Directors has approved a stock buyback program on Tuesday, October 22nd that permits the company to buyback $400.00 million in shares. This buyback authorization permits the asset manager to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Transactions at SEI Investments

In other SEI Investments news, Chairman Alfred P. West, Jr. sold 61,000 shares of the firm’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 value of $4,108,960.00. Following the transaction, the chairman now directly owns 7,504,285 shares of the company’s stock, valued at $505,488,637.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Chairman Alfred P. West, Jr. sold 27,419 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $67.48, for a total value of $1,850,234.12. Following the completion of the sale, the chairman now owns 7,649,577 shares of the company’s stock, valued at approximately $516,193,455.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Alfred P. West, Jr. sold 61,000 shares of the firm’s stock in a transaction dated 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 sale, the chairman now owns 7,504,285 shares of the company’s stock, valued at approximately $505,488,637.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 132,582 shares of company stock valued at $8,942,405. Corporate insiders own 14.30% of the company’s stock.

SEI Investments Company Profile

(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.

Read More