SEI Investments (NASDAQ:SEIC) Given New $94.00 Price Target at Oppenheimer

SEI Investments (NASDAQ:SEIC) had its target price lifted by Oppenheimer from $85.00 to $94.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an outperform rating on the asset manager’s stock.

Several other research analysts have also recently issued reports on SEIC. Piper Sandler lifted their target price on shares of SEI Investments from $77.00 to $87.00 and gave the stock a “neutral” rating in a report on Monday, December 23rd. Morgan Stanley raised their price target on shares of SEI Investments from $75.00 to $80.00 and gave the company an “underweight” rating in a research report on Friday, January 3rd. Finally, Keefe, Bruyette & Woods upped their price objective on SEI Investments from $76.00 to $86.00 and gave the company a “market perform” rating in a research report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $86.75.

SEI Investments Stock Down 0.8 %

SEIC stock opened at $81.18 on Tuesday. The business has a 50 day moving average of $81.78 and a 200 day moving average of $72.73. The firm has a market cap of $10.46 billion, a PE ratio of 19.61, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98. SEI Investments has a twelve month low of $62.34 and a twelve month high of $87.25.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings results on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.12. The firm had revenue of $537.40 million during the quarter, compared to the consensus estimate of $534.08 million. SEI Investments had a return on equity of 24.29% and a net margin of 26.60%. The company’s revenue was up 12.7% on a year-over-year basis. During the same period last year, the company earned $0.87 earnings per share. On average, research analysts expect that SEI Investments will post 4.41 earnings per share for the current fiscal year.

SEI Investments Increases Dividend

The company also recently declared a semi-annual dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Friday, December 27th will be paid a dividend of $0.49 per share. This is an increase from SEI Investments’s previous semi-annual dividend of $0.46. This represents a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, December 27th. SEI Investments’s payout ratio is currently 23.67%.

SEI Investments declared that its Board of Directors has authorized a stock buyback program on Tuesday, October 22nd that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the asset manager to buy up to 4.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, CEO Ryan Hicke sold 10,000 shares of SEI Investments stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $74.90, for a total transaction of $749,000.00. Following the transaction, the chief executive officer now directly owns 147,609 shares of the company’s stock, valued at $11,055,914.10. The trade was a 6.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Peterson sold 25,000 shares of SEI Investments stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $74.59, for a total transaction of $1,864,750.00. Following the transaction, the executive vice president now directly owns 6,500 shares in the company, valued at $484,835. This represents a 79.37 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 239,258 shares of company stock valued at $19,753,402. 14.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Geode Capital Management LLC grew its position in shares of SEI Investments by 13.5% during the third quarter. Geode Capital Management LLC now owns 2,520,430 shares of the asset manager’s stock worth $174,092,000 after purchasing an additional 300,704 shares in the last quarter. Dimensional Fund Advisors LP raised its position 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 buying an additional 222,631 shares during the last quarter. FMR LLC boosted its position in shares of SEI Investments by 249.7% during the third quarter. FMR LLC now owns 885,113 shares of the asset manager’s stock worth $61,241,000 after acquiring an additional 632,024 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in SEI Investments by 2.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 546,187 shares of the asset manager’s stock valued at $37,791,000 after acquiring an additional 10,576 shares in the last quarter. Finally, Raymond James & Associates increased its holdings in SEI Investments by 3.8% in the 3rd quarter. Raymond James & Associates now owns 544,477 shares of the asset manager’s stock valued at $37,672,000 after acquiring an additional 19,846 shares during the last quarter. Hedge funds and other institutional investors own 70.59% of the company’s stock.

About SEI Investments

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.