SEI Investments (NASDAQ:SEIC) Shares Sold by Citigroup Inc.

Citigroup Inc. cut its position in shares of SEI Investments (NASDAQ:SEIC) by 7.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 182,649 shares of the asset manager’s stock after selling 14,717 shares during the period. Citigroup Inc.’s holdings in SEI Investments were worth $12,637,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in SEIC. Raymond James Trust N.A. boosted its holdings in shares of SEI Investments by 3.8% in the 3rd quarter. Raymond James Trust N.A. now owns 9,282 shares of the asset manager’s stock valued at $642,000 after buying an additional 343 shares during the period. Aurora Investment Counsel lifted its holdings in SEI Investments by 0.6% in the third quarter. Aurora Investment Counsel now owns 25,162 shares of the asset manager’s stock worth $1,741,000 after acquiring an additional 144 shares during the last quarter. Portfolio Design Labs LLC acquired a new position in SEI Investments in the third quarter valued at approximately $1,701,000. First Horizon Advisors Inc. grew its holdings in shares of SEI Investments by 101.3% during the third quarter. First Horizon Advisors Inc. now owns 461 shares of the asset manager’s stock valued at $32,000 after purchasing an additional 232 shares during the last quarter. Finally, Caprock Group LLC raised its position in shares of SEI Investments by 21.7% during the 3rd quarter. Caprock Group LLC now owns 4,375 shares of the asset manager’s stock worth $303,000 after purchasing an additional 779 shares during the period. Institutional investors and hedge funds own 70.59% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SEIC shares. Oppenheimer boosted their price objective on SEI Investments from $81.00 to $85.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Piper Sandler upped their price target on shares of SEI Investments from $74.00 to $77.00 and gave the stock a “neutral” rating in a research report on Thursday, October 24th. Finally, Morgan Stanley lifted their price objective on shares of SEI Investments from $70.00 to $75.00 and gave the company an “underweight” rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, SEI Investments presently has an average rating of “Hold” and an average target price of $77.50.

SEI Investments Stock Performance

Shares of SEIC stock opened at $82.44 on Friday. SEI Investments has a 1 year low of $57.43 and a 1 year high of $83.02. The firm has a market capitalization of $10.63 billion, a PE ratio of 19.91, a price-to-earnings-growth ratio of 1.54 and a beta of 0.97. The stock has a fifty day moving average of $74.59 and a two-hundred day moving average of $69.32.

SEI Investments (NASDAQ:SEIC) last posted its quarterly earnings data on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.12. The business had revenue of $537.40 million during the quarter, compared to the consensus estimate of $534.08 million. SEI Investments had a net margin of 26.60% and a return on equity of 24.29%. The company’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.87 earnings per share. Equities research analysts predict that SEI Investments will post 4.41 earnings per share for the current fiscal year.

SEI Investments declared that its board has authorized a stock buyback plan on Tuesday, October 22nd that allows the company to buyback $400.00 million in shares. This buyback authorization allows the asset manager to buy up to 4.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, Director Carl Guarino sold 7,564 shares of the company’s stock in a transaction 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 completion of the sale, the director now owns 13,867 shares in the company, valued at $1,050,702.59. This represents a 35.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Michael Peterson sold 25,000 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $74.59, for a total value of $1,864,750.00. Following the transaction, the executive vice president now directly owns 6,500 shares of the company’s stock, valued at $484,835. This represents a 79.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,064 shares of company stock worth $5,173,529 over the last three months. Corporate insiders own 14.30% of the company’s stock.

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.