SEI Investments (NASDAQ:SEIC) Hits New 12-Month High - Here's Why

SEI Investments Company (NASDAQ:SEIC - Get Free Report)'s share price reached a new 52-week high on Thursday . The company traded as high as $89.39 and last traded at $88.63, with a volume of 96276 shares changing hands. The stock had previously closed at $86.85.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. William Blair restated a "market perform" rating on shares of SEI Investments in a report on Thursday, April 24th. Morgan Stanley restated an "overweight" rating and set a $100.00 price target (up previously from $84.00) on shares of SEI Investments in a report on Thursday. Wall Street Zen upgraded shares of SEI Investments from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. Keefe, Bruyette & Woods boosted their price objective on shares of SEI Investments from $80.00 to $84.00 and gave the stock a "market perform" rating in a research note on Friday, April 25th. Finally, Piper Sandler boosted their price objective on shares of SEI Investments from $74.00 to $79.00 and gave the stock a "neutral" rating in a research note on Thursday, April 24th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $91.20.

SEI Investments Stock Up 2.8%

The stock's 50-day moving average is $82.00 and its 200-day moving average is $80.61. The firm has a market cap of $11.11 billion, a P/E ratio of 19.40, a price-to-earnings-growth ratio of 1.53 and a beta of 0.91.

SEI Investments (NASDAQ:SEIC - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The asset manager reported $1.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.12 by $0.05. SEI Investments had a net margin of 27.77% and a return on equity of 26.40%. The business had revenue of $551.34 million for the quarter, compared to analyst estimates of $556.76 million. During the same quarter in the previous year, the firm posted $0.99 earnings per share. SEI Investments's revenue was up 7.8% compared to the same quarter last year. As a group, analysts expect that SEI Investments Company will post 4.86 EPS for the current fiscal year.

SEI Investments Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Monday, June 9th were given a dividend of $0.49 per share. The ex-dividend date of this dividend was Monday, June 9th. This represents a $1.96 dividend on an annualized basis and a yield of 2.20%. This is a positive change from SEI Investments's previous quarterly dividend of $0.46. SEI Investments's payout ratio is 21.30%.

SEI Investments declared that its Board of Directors has initiated a share buyback program on Tuesday, March 18th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the asset manager to buy up to 5.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling at SEI Investments

In other SEI Investments news, Chairman Alfred P. West, Jr. sold 75,000 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $85.78, for a total value of $6,433,500.00. Following the sale, the chairman now owns 7,003,708 shares of the company's stock, valued at $600,778,072.24. The trade was a 1.06% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Sanjay Sharma sold 20,000 shares of the business's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $83.40, for a total transaction of $1,668,000.00. Following the completion of the sale, the insider now directly owns 23,895 shares in the company, valued at $1,992,843. This trade represents a 45.56% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 232,126 shares of company stock valued at $19,638,659 in the last 90 days. 14.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SEI Investments

Several institutional investors and hedge funds have recently bought and sold shares of SEIC. Lord Abbett & CO. LLC acquired a new stake in shares of SEI Investments during the 1st quarter worth about $51,773,000. Millennium Management LLC increased its position in shares of SEI Investments by 339.3% during the 1st quarter. Millennium Management LLC now owns 783,619 shares of the asset manager's stock worth $60,832,000 after purchasing an additional 605,252 shares in the last quarter. Norges Bank acquired a new stake in shares of SEI Investments during the 4th quarter worth about $48,009,000. Amundi increased its position in shares of SEI Investments by 228.2% during the 1st quarter. Amundi now owns 782,035 shares of the asset manager's stock worth $57,472,000 after purchasing an additional 543,753 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of SEI Investments during the 4th quarter worth about $42,548,000. 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.