SEI Investments (NASDAQ:SEIC – Get Rating) major shareholder Alfred P. West, Jr. sold 83,386 shares of the company's stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $55.07, for a total transaction of $4,592,067.02. Following the sale, the insider now owns 9,136,792 shares of the company's stock, valued at approximately $503,163,135.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.
SEI Investments Trading Down 1.2 %
Shares of NASDAQ SEIC opened at $51.82 on Friday. The firm has a market cap of $7.02 billion, a PE ratio of 12.43, a PEG ratio of 1.20 and a beta of 0.98. SEI Investments has a 1-year low of $51.07 and a 1-year high of $65.22. The company has a fifty day moving average price of $55.24 and a 200 day moving average price of $56.10.
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SEI Investments (NASDAQ:SEIC – Get Rating) last announced its earnings results on Wednesday, July 20th. The asset manager reported $0.81 earnings per share for the quarter, missing analysts' consensus estimates of $0.83 by ($0.02). The company had revenue of $481.67 million during the quarter, compared to analyst estimates of $472.18 million. SEI Investments had a return on equity of 30.81% and a net margin of 28.53%. SEI Investments's revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.93 earnings per share. Equities research analysts forecast that SEI Investments will post 3.71 EPS for the current year.
SEI Investments declared that its Board of Directors has authorized a share buyback program on Wednesday, June 1st that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the asset manager to purchase up to 2.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.
Hedge Funds Weigh In On SEI Investments
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SEIC. Beutel Goodman & Co Ltd. boosted its stake in shares of SEI Investments by 34.3% during the 1st quarter. Beutel Goodman & Co Ltd. now owns 3,792,881 shares of the asset manager's stock worth $228,369,000 after buying an additional 968,459 shares during the last quarter. Tandem Investment Advisors Inc. acquired a new position in shares of SEI Investments during the 2nd quarter worth about $36,895,000. Ceredex Value Advisors LLC acquired a new position in shares of SEI Investments during the 1st quarter worth about $29,924,000. State Street Corp boosted its stake in shares of SEI Investments by 8.0% during the 1st quarter. State Street Corp now owns 6,143,049 shares of the asset manager's stock worth $369,873,000 after buying an additional 452,434 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of SEI Investments by 1,344.4% during the 2nd quarter. Renaissance Technologies LLC now owns 342,326 shares of the asset manager's stock worth $18,492,000 after buying an additional 318,626 shares during the last quarter. 70.50% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several analysts have commented on SEIC shares. StockNews.com cut shares of SEI Investments from a "buy" rating to a "hold" rating in a research report on Friday, July 22nd. Keefe, Bruyette & Woods lowered their price objective on shares of SEI Investments from $62.00 to $55.00 in a research report on Thursday, July 14th. William Blair restated a "mkt perform" rating on shares of SEI Investments in a research report on Monday, July 25th. Piper Sandler lowered their price objective on shares of SEI Investments to $61.00 and set an "outperform" rating for the company in a research report on Wednesday, July 27th. Finally, The Goldman Sachs Group lowered their price objective on shares of SEI Investments to $58.00 in a research report on Friday, July 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, SEI Investments presently has an average rating of "Hold" and a consensus price target of $60.50.
SEI Investments Company Profile
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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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