Private Trust Co. NA Lowers Holdings in SEI Investments (NASDAQ:SEIC)

Private Trust Co. NA reduced its stake in shares of SEI Investments (NASDAQ:SEIC) by 20.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 902 shares of the asset manager’s stock after selling 234 shares during the period. Private Trust Co. NA’s holdings in SEI Investments were worth $62,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in SEI Investments by 19.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,380,311 shares of the asset manager’s stock worth $89,291,000 after purchasing an additional 222,631 shares during the period. Bank of New York Mellon Corp raised its holdings in SEI Investments by 3.2% in the second quarter. Bank of New York Mellon Corp now owns 1,186,439 shares of the asset manager’s stock valued at $76,751,000 after buying an additional 36,810 shares during the period. Raymond James & Associates raised its stake in shares of SEI Investments by 3.8% in the 3rd quarter. Raymond James & Associates now owns 544,477 shares of the asset manager’s stock valued at $37,672,000 after acquiring an additional 19,846 shares during the period. ProShare Advisors LLC lifted its holdings in shares of SEI Investments by 0.6% during the 2nd quarter. ProShare Advisors LLC now owns 465,011 shares of the asset manager’s stock valued at $30,082,000 after acquiring an additional 2,698 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in SEI Investments by 1.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 381,372 shares of the asset manager’s stock valued at $24,671,000 after purchasing an additional 4,656 shares in the last quarter. 70.59% of the stock is owned by institutional investors and hedge funds.

SEI Investments Stock Performance

NASDAQ:SEIC opened at $82.63 on Friday. The stock has a market cap of $10.65 billion, a price-to-earnings ratio of 19.96, a price-to-earnings-growth ratio of 1.56 and a beta of 0.97. SEI Investments has a one year low of $57.86 and a one year high of $83.11. The business’s 50-day simple moving average is $75.14 and its 200 day simple moving average is $69.52.

SEI Investments (NASDAQ:SEIC) last released its earnings results on Wednesday, October 23rd. The asset manager reported $1.19 EPS for the quarter, beating the consensus estimate of $1.07 by $0.12. SEI Investments had a return on equity of 24.29% and a net margin of 26.60%. The company had revenue of $537.40 million during the quarter, compared to analysts’ expectations of $534.08 million. During the same period in the prior year, the business posted $0.87 EPS. The business’s revenue was up 12.7% on a year-over-year basis. On average, equities research analysts predict that SEI Investments will post 4.41 EPS for the current year.

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

Insiders Place Their Bets

In other news, Director Carl Guarino sold 7,564 shares of the business’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 completion of the sale, the director now directly owns 13,867 shares in the company, valued at approximately $1,050,702.59. The trade was a 35.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ryan Hicke sold 10,000 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $74.90, for a total value of $749,000.00. Following the transaction, the chief executive officer now owns 147,609 shares in the company, valued at $11,055,914.10. This trade represents a 6.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,064 shares of company stock valued at $5,173,529 in the last ninety days. Corporate insiders own 14.30% of the company’s stock.

Analysts Set New Price Targets

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

About SEI Investments

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.