SEI Investments (NASDAQ:SEIC – Get Rating) said its board of directors authorized a share buyback plan on Wednesday, June 1, reports RTT News. The company plans to repurchase $200.00 million of outstanding shares. This redemption authorization allows the asset manager to acquire up to 2.5% of its shares through purchases on the open market. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.
Shares of SEI Investments were down $0.79 during trading hours on Wednesday, hitting $57.64. The company’s shares had a trading volume of 557,080 shares, compared to an average volume of 696,204. SEI Investments has a 12-month low of $52.84 and a 12-month high of $65.22. The stock has a 50-day moving average of $57.46 and a 200-day moving average of $59.30. The company has a market capitalization of $7.91 billion, a PE ratio of 13.44, a growth price-earnings ratio of 1.20 and a beta of 1.04. The company has a debt ratio of 0.02, a current ratio of 5.19 and a quick ratio of 5.08.
SEI Investments (NASDAQ:SEIC – Get Rating) last announced its quarterly results on Wednesday, April 20. The asset manager reported earnings per share (EPS) of $1.36 for the quarter, hitting the consensus estimate of $1.36. SEI Investments achieved a return on equity of 32.49% and a net margin of 29.72%. The company posted revenue of $581.44 million in the quarter, versus a consensus estimate of $560.41 million. In the same period of the previous year, the company had earned earnings per share of $0.89. The company’s revenue for the quarter increased by 27.6% compared to the same quarter last year. Equity analysts expect SEI Investments to post an EPS of 4.07 for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 22. Shareholders of record on Monday, June 13 will receive a dividend of $0.40. This is an increase from SEI Investments’ previous quarterly dividend of $0.37. This represents an annualized dividend of $1.60 and a dividend yield of 2.78%. SEI Investments’ dividend payout ratio is 18.65%.
SEIC has been the subject of several analyst reports. Morgan Stanley cut its price target on SEI Investments shares from $68.00 to $62.00 and set an “equal weight” rating on the stock in a Thursday, April 21 report. StockNews.com launched coverage on SEI Investments shares in a Thursday, March 31 report. They issued a “buy” rating on the stock. Zacks Investment Research has downgraded SEI Investments shares from a “buy” rating to a “hold” rating and set a price target of $60.00 for the stock. in a report on Friday, April 22. Finally, Goldman Sachs Group cut SEI Investments shares from a “buy” rating to a “neutral” rating and lowered its price target for the stock from $67.00 to $65.00 in a report research on Monday, March 28. Five analysts gave the stock a hold rating and two gave the company a buy rating. According to MarketBeat, SEI Investments currently has a consensus rating of “Hold” and a consensus target price of $64.80.
About SEI Investments (Get a rating)
SEI Investments Company is a public asset management holding company. Through its subsidiaries, the Company provides its clients with wealth management, retirement and investment solutions, asset management, asset administration, investment processing outsourcing, financial services and investment advice.
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