State of Michigan Retirement System Acquires 500 Shares of SEI Investments (NASDAQ:SEIC)

State of Michigan Retirement System grew its holdings in shares of SEI Investments (NASDAQ:SEIC) by 1.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 26,624 shares of the asset manager’s stock after buying an additional 500 shares during the period. State of Michigan Retirement System’s holdings in SEI Investments were worth $1,914,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. abrdn plc grew its holdings in SEI Investments by 91.0% in the fourth quarter. abrdn plc now owns 36,923 shares of the asset manager’s stock worth $2,346,000 after purchasing an additional 17,590 shares during the period. IFG Advisory LLC raised its stake in SEI Investments by 109.1% during the 4th quarter. IFG Advisory LLC now owns 58,292 shares of the asset manager’s stock worth $3,704,000 after buying an additional 30,408 shares during the period. Norges Bank bought a new position in SEI Investments in the fourth quarter worth approximately $32,161,000. Diversified Trust Co grew its stake in SEI Investments by 299.3% in the fourth quarter. Diversified Trust Co now owns 55,230 shares of the asset manager’s stock valued at $3,510,000 after acquiring an additional 41,397 shares during the period. Finally, Point72 Europe London LLP bought a new stake in shares of SEI Investments during the fourth quarter valued at approximately $863,000. Institutional investors own 70.59% of the company’s stock.

SEI Investments Price Performance

SEIC opened at $65.64 on Friday. SEI Investments has a 1 year low of $52.19 and a 1 year high of $72.54. The company has a market capitalization of $8.62 billion, a price-to-earnings ratio of 17.93, a P/E/G ratio of 1.32 and a beta of 0.99. The firm’s fifty day moving average price is $66.63 and its two-hundred day moving average price is $66.58.

SEI Investments (NASDAQ:SEIC) last released its quarterly earnings results on Wednesday, April 24th. The asset manager reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.01. The business had revenue of $511.58 million for the quarter, compared to analysts’ expectations of $510.41 million. SEI Investments had a net margin of 24.80% and a return on equity of 22.91%. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.79 earnings per share. As a group, equities analysts anticipate that SEI Investments will post 4.15 EPS for the current year.

SEI Investments Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Monday, June 10th were issued a dividend of $0.46 per share. This is a positive change from SEI Investments’s previous quarterly dividend of $0.40. This represents a $1.84 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date was Monday, June 10th. SEI Investments’s dividend payout ratio (DPR) is 25.14%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $74.00 target price (up from $72.00) on shares of SEI Investments in a report on Thursday, April 25th. Piper Sandler reduced their price objective on shares of SEI Investments from $72.00 to $69.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. Finally, Oppenheimer upped their target price on shares of SEI Investments from $77.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $71.00.

Insider Buying and Selling

In other news, Chairman Alfred P. West, Jr. sold 48,000 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $68.09, for a total transaction of $3,268,320.00. Following the completion of the sale, the chairman now directly owns 7,677,471 shares of the company’s stock, valued at approximately $522,759,000.39. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Chairman Alfred P. West, Jr. sold 70,000 shares of SEI Investments stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $68.62, for a total value of $4,803,400.00. Following the sale, the chairman now owns 7,795,471 shares of the company’s stock, valued at approximately $534,925,220.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Alfred P. West, Jr. sold 48,000 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $68.09, for a total value of $3,268,320.00. Following the transaction, the chairman now directly owns 7,677,471 shares of the company’s stock, valued at $522,759,000.39. The disclosure for this sale can be found here. Over the last three months, insiders have sold 123,000 shares of company stock worth $8,406,920. 14.30% of the stock is owned by company insiders.

SEI Investments Profile

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.