SEI Increases Stock Share Repurchase Program by $400 Million

Rhea-AI Summary

SEI Investments Company (SEIC) has announced a significant expansion of its stock repurchase program. The Board of Directors has approved an increase of $400 million to the existing program, bringing the total available authorization to approximately $429 million. This new authorization includes the $29 million remaining from the company's previous share repurchase allowance.

The decision, made on October 22, 2024, demonstrates SEI's commitment to enhancing shareholder value and confidence in the company's financial position. Stock buybacks typically aim to reduce the number of outstanding shares, potentially increasing earnings per share and the stock's value for remaining shareholders.

Positive

• Increase of $400 million in stock repurchase program
• Total available authorization now at $429 million
• Potential increase in earnings per share
• Demonstrates confidence in company's financial position

Negative

• Reduction in cash reserves for other potential investments or operations

News Market Reaction

-0.59%

1 alert

-0.59% News Effect

On the day this news was published, SEIC declined 0.59%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

OAKS, Pa., Oct. 22, 2024 /PRNewswire/ -- The Board of Directors of SEI Investments Company approved an increase in its stock repurchase program by an additional $400 million, increasing the available authorization under the program to approximately $429 million, which includes $29 million remaining under the company existing share repurchase authorization.

About SEI^®
SEI (NASDAQ:SEIC) delivers technology and investment solutions that connect the financial services industry. With capabilities across investment processing, operations, and asset management, SEI works with corporations, financial institutions and professionals, and ultra-high-net-worth families to solve problems, manage change, and help protect assets—for growth today and in the future. As of June 30, 2024, SEI manages, advises, or administers approximately $1.5 trillion in assets. For more information, please visit seic.com.

Investor Relations Contact:	Media Contact:
Brad Burke	Leslie Wojcik
SEI	SEI
+1 610-676-5350	+1 610-676-4191
bburke2@seic.com	lwojcik@seic.com

 

View original content:https://www.prnewswire.com/news-releases/sei-increases-stock-share-repurchase-program-by-400-million-302283678.html

SOURCE SEI Investments Company

FAQ

What is the new total authorization for SEI Investments Company's (SEIC) stock repurchase program?

The new total authorization for SEI Investments Company's (SEIC) stock repurchase program is approximately $429 million, which includes the newly approved $400 million increase and the $29 million remaining from the previous authorization.

When did SEI Investments Company (SEIC) announce the increase in its stock repurchase program?

SEI Investments Company (SEIC) announced the increase in its stock repurchase program on October 22, 2024.

How much did SEI Investments Company (SEIC) increase its stock repurchase program by?

SEI Investments Company (SEIC) increased its stock repurchase program by $400 million.

What was the remaining amount in SEI Investments Company's (SEIC) previous share repurchase authorization?

The remaining amount in SEI Investments Company's (SEIC) previous share repurchase authorization was $29 million.