SEI Investments (NASDAQ:SEIC) Stake Cut by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its holdings in SEI Investments (NASDAQ:SEIC) by 4.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 234,754 shares of the asset manager’s stock after selling 10,100 shares during the period. New York State Common Retirement Fund’s holdings in SEI Investments were worth $16,243,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of SEIC. Fairfield Financial Advisors LTD purchased a new stake in SEI Investments in the 2nd quarter worth about $30,000. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in SEI Investments by 925.9% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 554 shares of the asset manager’s stock worth $38,000 after acquiring an additional 500 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in SEI Investments by 78.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 626 shares of the asset manager’s stock worth $41,000 after acquiring an additional 275 shares in the last quarter. Bessemer Group Inc. lifted its stake in SEI Investments by 184.7% in the 1st quarter. Bessemer Group Inc. now owns 595 shares of the asset manager’s stock worth $43,000 after acquiring an additional 386 shares in the last quarter. Finally, Mather Group LLC. lifted its stake in SEI Investments by 181.2% in the 2nd quarter. Mather Group LLC. now owns 776 shares of the asset manager’s stock worth $50,000 after acquiring an additional 500 shares in the last quarter. 70.59% of the stock is owned by hedge funds and other institutional investors.

SEI Investments Stock Performance

Shares of NASDAQ SEIC opened at $76.78 on Wednesday. The firm has a market cap of $9.90 billion, a price-to-earnings ratio of 18.55, a P/E/G ratio of 1.44 and a beta of 0.97. The business’s 50-day simple moving average is $69.98 and its 200-day simple moving average is $67.73. SEI Investments has a 52 week low of $55.52 and a 52 week high of $76.95.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings data on Wednesday, October 23rd. The asset manager reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.12. The business had revenue of $537.40 million for the quarter, compared to analyst estimates of $534.08 million. SEI Investments had a return on equity of 24.29% and a net margin of 26.60%. The firm’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.87 EPS. As a group, equities research analysts forecast that SEI Investments will post 4.38 earnings per share for the current year.

SEI Investments announced that its Board of Directors has approved a share buyback program on Tuesday, October 22nd that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the asset manager to buy up to 4.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at SEI Investments

In other SEI Investments news, EVP Philip Mccabe sold 10,500 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $75.91, for a total value of $797,055.00. Following the sale, the executive vice president now owns 43,544 shares of the company’s stock, valued at $3,305,425.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other SEI Investments news, Director Carl Guarino sold 7,564 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $75.77, for a total value of $573,124.28. Following the sale, the director now owns 13,867 shares of the company’s stock, valued at $1,050,702.59. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Philip Mccabe sold 10,500 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $75.91, for a total value of $797,055.00. Following the completion of the sale, the executive vice president now directly owns 43,544 shares in the company, valued at $3,305,425.04. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,646 shares of company stock valued at $12,926,334 in the last 90 days. 14.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

SEIC has been the topic of several research reports. Morgan Stanley upped their target price on SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a research report on Thursday, October 24th. Piper Sandler upped their target price on SEI Investments from $74.00 to $77.00 and gave the stock a “neutral” rating in a research report on Thursday, October 24th. Oppenheimer upped their target price on SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $73.00 price objective (down previously from $74.00) on shares of SEI Investments in a report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $77.50.

SEI Investments Company 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.