SEI Investments (NASDAQ:SEIC – Get Rating) insider Dennis Mcgonigle sold 35,000 shares of SEI Investments stock in a transaction on Friday, July 29th. The shares were sold at an average price of $55.15, for a total transaction of $1,930,250.00. Following the completion of the transaction, the insider now directly owns 576,663 shares in the company, valued at $31,802,964.45. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.
SEI Investments Stock Performance
Shares of SEIC opened at $55.18 on Tuesday. SEI Investments has a 1 year low of $51.07 and a 1 year high of $65.22. The stock has a market capitalization of $7.48 billion, a P/E ratio of 13.23, a P/E/G ratio of 1.24 and a beta of 0.99. The company’s fifty day moving average is $54.76 and its two-hundred day moving average is $56.94.
SEI Investments (NASDAQ:SEIC – Get Rating) last posted its quarterly 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). SEI Investments had a return on equity of 30.81% and a net margin of 28.53%. The company had revenue of $481.67 million for the quarter, compared to analyst estimates of $472.18 million. During the same period last year, the company earned $0.93 earnings per share. The business’s revenue for the quarter was up 1.3% compared to the same quarter last year. Sell-side analysts predict that SEI Investments will post 3.71 EPS for the current year.
SEI Investments declared that its board has authorized a share buyback program on Wednesday, June 1st that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the asset manager to purchase up to 2.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
SEI Investments Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 22nd. Stockholders of record on Monday, June 13th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, June 10th. This is a boost from SEI Investments’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.90%. SEI Investments’s dividend payout ratio is 19.18%.
Hedge Funds Weigh In On SEI Investments
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. State of Alaska Department of Revenue boosted its position in shares of SEI Investments by 8.3% in the 1st quarter. State of Alaska Department of Revenue now owns 54,887 shares of the asset manager’s stock worth $3,304,000 after buying an additional 4,206 shares in the last quarter. American Century Companies Inc. boosted its position in shares of SEI Investments by 15.1% in the 4th quarter. American Century Companies Inc. now owns 18,549 shares of the asset manager’s stock worth $1,131,000 after buying an additional 2,428 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of SEI Investments by 1.0% in the 4th quarter. Teacher Retirement System of Texas now owns 112,997 shares of the asset manager’s stock worth $6,886,000 after buying an additional 1,126 shares in the last quarter. Commerce Bank boosted its position in shares of SEI Investments by 2.2% in the 4th quarter. Commerce Bank now owns 11,386 shares of the asset manager’s stock worth $694,000 after buying an additional 240 shares in the last quarter. Finally, New York State Teachers Retirement System boosted its position in shares of SEI Investments by 1.5% in the 1st quarter. New York State Teachers Retirement System now owns 145,007 shares of the asset manager’s stock worth $8,731,000 after buying an additional 2,100 shares in the last quarter. 70.44% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on the stock. Piper Sandler cut their target price on shares of SEI Investments to $61.00 and set an “outperform” rating on the stock in a report on Wednesday, July 27th. William Blair reaffirmed a “mkt perform” rating on shares of SEI Investments in a report on Monday, July 25th. Keefe, Bruyette & Woods dropped their price objective on shares of SEI Investments from $62.00 to $55.00 in a research note on Thursday, July 14th. Morgan Stanley dropped their price objective on shares of SEI Investments from $55.00 to $52.00 and set an “underweight” rating on the stock in a research note on Thursday, July 21st. Finally, StockNews.com cut shares of SEI Investments from a “buy” rating to a “hold” rating in a research note on Friday, July 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, SEI Investments presently has an average rating of “Hold” and an average target price of $60.50.
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.
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