SEI Investments (NASDAQ:SEIC) Reaches New 52-Week High – Here’s What Happened

SEI Investments (NASDAQ:SEIC) shares hit a new 52-week high on Wednesday . The stock traded as high as $80.54 and last traded at $80.21, with a volume of 24555 shares changing hands. The stock had previously closed at $76.78.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SEIC shares. Piper Sandler upped their price target on SEI Investments from $74.00 to $77.00 and gave the company a “neutral” rating in a research report on Thursday, October 24th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $73.00 price objective (down from $74.00) on shares of SEI Investments in a research report on Thursday, July 25th. Morgan Stanley upped their price objective on shares of SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a research report on Thursday, October 24th. Finally, Oppenheimer upped their price objective on shares of SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, SEI Investments has a consensus rating of “Hold” and an average price target of $77.50.

SEI Investments Price Performance

The firm has a market cap of $10.33 billion, a PE ratio of 19.36, a price-to-earnings-growth ratio of 1.44 and a beta of 0.97. The company has a 50 day simple moving average of $70.69 and a 200-day simple moving average of $67.98.

SEI Investments (NASDAQ:SEIC) last issued its earnings results on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.12. The business had revenue of $537.40 million during the quarter, compared to analyst estimates of $534.08 million. SEI Investments had a return on equity of 24.29% and a net margin of 26.60%. SEI Investments’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.87 earnings per share. On average, sell-side analysts predict that SEI Investments will post 4.38 EPS for the current fiscal year.

SEI Investments announced that its board has authorized a share 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 reacquire up to 4.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other news, Chairman Alfred P. West, Jr. sold 61,000 shares of the stock in a transaction that occurred 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Chairman Alfred P. West, Jr. sold 44,163 shares of the firm’s stock in a transaction 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 completion of the sale, the chairman now owns 7,605,414 shares of the company’s stock, valued at $513,745,715.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Alfred P. West, Jr. sold 61,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $67.36, for a total value of $4,108,960.00. Following the completion of the sale, the chairman now directly owns 7,504,285 shares of the company’s stock, 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. Over the last 90 days, insiders sold 185,646 shares of company stock valued at $12,926,334. 14.30% of the stock is currently owned by company insiders.

Institutional Trading of SEI Investments

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fairfield Financial Advisors LTD bought a new position in SEI Investments in the second quarter worth $30,000. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in SEI Investments by 925.9% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 554 shares of the asset manager’s stock worth $38,000 after purchasing an additional 500 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in SEI Investments by 78.3% in the first quarter. EverSource Wealth Advisors LLC now owns 626 shares of the asset manager’s stock worth $41,000 after purchasing an additional 275 shares in the last quarter. Bessemer Group Inc. raised its holdings in SEI Investments by 184.7% in the first quarter. Bessemer Group Inc. now owns 595 shares of the asset manager’s stock worth $43,000 after purchasing an additional 386 shares in the last quarter. Finally, Mather Group LLC. raised its holdings in SEI Investments by 181.2% in the second quarter. Mather Group LLC. now owns 776 shares of the asset manager’s stock worth $50,000 after purchasing an additional 500 shares in the last quarter. 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.