SEI Investments (NASDAQ:SEIC) Releases Quarterly Earnings Results, Beats Expectations By $0.60 EPS

SEI Investments (NASDAQ:SEIC - Get Free Report) released its quarterly earnings data on Wednesday. The asset manager reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.60, Zacks reports. The company had revenue of $559.60 million for the quarter, compared to analyst estimates of $550.72 million. SEI Investments had a net margin of 31.25% and a return on equity of 30.12%. SEI Investments's revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.05 EPS.

SEI Investments Stock Performance

Shares of SEI Investments stock traded up $0.20 on Friday, reaching $89.99. 1,205,396 shares of the stock were exchanged, compared to its average volume of 871,419. The firm's 50 day moving average is $87.58 and its 200-day moving average is $81.77. SEI Investments has a one year low of $62.38 and a one year high of $93.96. The firm has a market cap of $11.20 billion, a PE ratio of 16.88, a P/E/G ratio of 1.53 and a beta of 0.92.

SEI Investments Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Monday, June 9th were issued a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date was Monday, June 9th. This is an increase from SEI Investments's previous quarterly dividend of $0.46. SEI Investments's dividend payout ratio is 21.30%.

Insider Activity

In other news, CEO Ryan Hicke sold 21,000 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $83.36, for a total transaction of $1,750,560.00. Following the completion of the sale, the chief executive officer owned 171,260 shares of the company's stock, valued at approximately $14,276,233.60. This represents a 10.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Alfred P. West, Jr. sold 66,126 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $84.28, for a total transaction of $5,573,099.28. Following the completion of the transaction, the chairman directly owned 6,937,582 shares of the company's stock, valued at approximately $584,699,410.96. The trade was a 0.94% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 232,126 shares of company stock worth $19,638,659. Insiders own 14.60% of the company's stock.

Hedge Funds Weigh In On SEI Investments

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. increased its position in SEI Investments by 60.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 532 shares of the asset manager's stock valued at $41,000 after acquiring an additional 200 shares during the period. Bison Wealth LLC acquired a new position in SEI Investments in the 4th quarter valued at approximately $207,000. Finally, Baird Financial Group Inc. acquired a new position in SEI Investments in the 1st quarter valued at approximately $201,000. Institutional investors own 70.59% of the company's stock.

Wall Street Analyst Weigh In

SEIC has been the subject of several research analyst reports. Raymond James Financial lifted their target price on shares of SEI Investments from $115.00 to $118.00 and gave the stock an "outperform" rating in a report on Thursday. Oppenheimer lifted their target price on shares of SEI Investments from $96.00 to $101.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Piper Sandler reduced their target price on shares of SEI Investments from $96.00 to $93.00 and set a "neutral" rating for the company in a report on Thursday. William Blair reaffirmed a "market perform" rating on shares of SEI Investments in a report on Thursday, April 24th. Finally, Wall Street Zen raised shares of SEI Investments from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, SEI Investments has an average rating of "Moderate Buy" and a consensus price target of $102.00.

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.