JPMorgan Chase & Co. Raises Stake in SEI Investments (NASDAQ:SEIC)

JPMorgan Chase & Co. raised its position in SEI Investments (NASDAQ:SEIC) by 13.6% during the third quarter, HoldingsChannel reports. The firm owned 507,916 shares of the asset manager’s stock after buying an additional 60,824 shares during the quarter. JPMorgan Chase & Co.’s holdings in SEI Investments were worth $35,143,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Aurora Investment Counsel raised its stake in SEI Investments by 0.6% during the 3rd 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 in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in SEI Investments by 16.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,197 shares of the asset manager’s stock valued at $77,000 after acquiring an additional 168 shares during the period. Creative Planning lifted its position in SEI Investments by 2.3% during the 3rd quarter. Creative Planning now owns 8,086 shares of the asset manager’s stock worth $559,000 after acquiring an additional 182 shares during the period. First Horizon Advisors Inc. increased its holdings in shares of SEI Investments by 101.3% in 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 period. Finally, Caprock Group LLC lifted its holdings in shares of SEI Investments by 7.9% during the second quarter. Caprock Group LLC now owns 3,596 shares of the asset manager’s stock worth $233,000 after purchasing an additional 264 shares during the period. 70.59% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Ryan Hicke sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $74.90, for a total transaction of $749,000.00. Following the sale, the chief executive officer now owns 147,609 shares in the company, valued at approximately $11,055,914.10. This trade represents a 6.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Alfred P. West, Jr. sold 19,010 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $82.49, for a total value of $1,568,134.90. Following the completion of the transaction, the chairman now owns 7,377,506 shares of the company’s stock, valued at $608,570,469.94. This trade represents a 0.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 239,258 shares of company stock valued at $19,753,402 in the last ninety days. Insiders own 14.30% of the company’s stock.

Analyst Upgrades and Downgrades

SEIC has been the topic of a number of analyst reports. Oppenheimer lifted their price objective on SEI Investments from $81.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Keefe, Bruyette & Woods boosted their price objective on shares of SEI Investments from $76.00 to $86.00 and gave the stock a “market perform” rating in a report on Friday, December 20th. Piper Sandler upped their price target on SEI Investments from $77.00 to $87.00 and gave the stock a “neutral” rating in a report on Monday, December 23rd. Finally, Morgan Stanley boosted their target price on SEI Investments from $75.00 to $80.00 and gave the stock an “underweight” rating in a research report on Friday. 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. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $84.50.

SEI Investments Price Performance

Shares of SEIC opened at $81.85 on Tuesday. SEI Investments has a 1-year low of $62.34 and a 1-year high of $87.25. The stock has a market cap of $10.55 billion, a price-to-earnings ratio of 19.77, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98. The firm has a 50 day simple moving average of $81.69 and a 200-day simple moving average of $72.62.

SEI Investments (NASDAQ:SEIC) last released its quarterly earnings results 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. 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 the consensus estimate of $534.08 million. During the same quarter last year, the business posted $0.87 earnings per share. SEI Investments’s revenue was up 12.7% compared to the same quarter last year. On average, equities analysts expect that SEI Investments will post 4.41 earnings per share for the current fiscal year.

SEI Investments announced that its board has initiated a stock buyback program on Tuesday, October 22nd that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the asset manager to repurchase up to 4.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

SEI Investments Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Friday, December 27th will be issued a $0.49 dividend. This represents a yield of 1.1%. This is a positive change from SEI Investments’s previous semi-annual dividend of $0.46. The ex-dividend date of this dividend is Friday, December 27th. SEI Investments’s dividend payout ratio is 23.67%.

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.