Philip Mccabe Sells 10,500 Shares of SEI Investments (NASDAQ:SEIC) Stock

SEI Investments (NASDAQ:SEIC) EVP Philip Mccabe sold 10,500 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $75.91, for a total value of $797,055.00. Following the sale, the executive vice president now directly owns 43,544 shares in the company, valued at $3,305,425.04. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

SEI Investments Stock Up 0.1 %

SEIC opened at $76.27 on Thursday. The business has a fifty day moving average of $69.49 and a 200 day moving average of $67.54. SEI Investments has a 52-week low of $53.37 and a 52-week high of $76.95. The stock has a market cap of $9.91 billion, a P/E ratio of 18.42, a PEG ratio of 1.43 and a beta of 0.99.

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, beating analysts’ consensus estimates of $1.07 by $0.12. The firm had revenue of $537.40 million during the quarter, compared to analyst estimates of $534.08 million. SEI Investments had a net margin of 26.60% and a return on equity of 24.29%. The business’s revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.87 earnings per share. Equities analysts anticipate that SEI Investments will post 4.38 EPS for the current fiscal year.

SEI Investments declared that its Board of Directors has approved a share buyback program 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 programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SEIC shares. Keefe, Bruyette & Woods reissued 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. Oppenheimer increased their target price on shares of SEI Investments from $81.00 to $85.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Morgan Stanley raised their target price on shares of SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a report on Thursday, October 24th. Finally, Piper Sandler upped their price target 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $77.50.

Hedge Funds Weigh In On SEI Investments

A number of institutional investors have recently modified their holdings of SEIC. Dimensional Fund Advisors LP raised its stake in shares of SEI Investments by 19.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,380,311 shares of the asset manager’s stock valued at $89,291,000 after acquiring an additional 222,631 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in SEI Investments by 3.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,186,439 shares of the asset manager’s stock worth $76,751,000 after purchasing an additional 36,810 shares during the period. Raymond James & Associates raised its position in SEI Investments by 3.8% during the 3rd quarter. Raymond James & Associates now owns 544,477 shares of the asset manager’s stock valued at $37,672,000 after purchasing an additional 19,846 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of SEI Investments by 0.6% in the 2nd quarter. ProShare Advisors LLC now owns 465,011 shares of the asset manager’s stock worth $30,082,000 after buying an additional 2,698 shares during the period. Finally, Envestnet Asset Management Inc. grew its position in shares of SEI Investments by 1.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 381,372 shares of the asset manager’s stock worth $24,671,000 after buying an additional 4,656 shares in the last quarter. 70.59% of the stock is owned by hedge funds and other institutional investors.

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.