Alfred P. West Jr., the Executive Chairman of SEI Investments Co. (NASDAQ:SEIC), has recently sold a substantial portion of his holdings in the company. According to an SEC filing, West sold a total of 24,994 shares over two transactions, generating proceeds of approximately $2.07 million. The sales occurred on December 4 and December 6, with stock prices ranging from $82.49 to $84.23 per share. These transactions come as the $10.86 billion company trades near its 52-week high, having delivered an impressive 32.83% return year-to-date. According to InvestingPro analysis, the stock is currently fairly valued.
In addition to these sales, West also exercised options to acquire 35,000 shares of common stock at a price of $40.64 per share on December 4. This exercise was valued at approximately $1.42 million. Following these transactions, West's direct ownership of SEI Investments stands at 7,371,522 shares. InvestingPro data reveals that SEI has maintained dividend payments for 37 consecutive years, with 11 more key insights available to subscribers through the comprehensive Pro Research Report.
In other recent news, SEI, a financial services company, reported robust financial growth with its earnings per share (EPS) reaching $1.19, exceeding both analyst expectations and consensus estimates. This was driven by significant top-line growth and effective expense management, with net sales events totaling a record $46 million. SEI's revenue from the Federal Deposit Insurance Corporation (FDIC) cash program is projected to double in the fourth quarter due to enhancements that increased the cash sweep.
The company has also been chosen by Arrow Global Group Limited, a European alternative asset manager, to provide fund administration, loan operations, and investor services for its private credit fund based in Luxembourg. This collaboration aims to address the increasing demand for private credit by offering solutions to operational challenges faced by alternative asset managers.
Following these developments, Piper Sandler and Oppenheimer have revised their price targets for SEI Investments, raising them to $77 and $85 respectively, while maintaining their stances on the stock. These adjustments reflect confidence in SEI Investments' potential for continued financial growth. These recent developments underline SEI Investments' strong position in the financial sector.
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