Principal Financial Group Inc. Has $22.14 Million Position in SEI Investments (NASDAQ:SEIC)

Principal Financial Group Inc. lessened its holdings in shares of SEI Investments (NASDAQ:SEIC) by 11.0% in the second quarter, according to its most recent filing with the SEC. The firm owned 342,180 shares of the asset manager’s stock after selling 42,191 shares during the period. Principal Financial Group Inc. owned 0.26% of SEI Investments worth $22,136,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of SEI Investments during the fourth quarter worth $32,161,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of SEI Investments in the 1st quarter valued at about $14,172,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of SEI Investments in the 4th quarter valued at about $6,990,000. Power Corp of Canada bought a new position in SEI Investments during the 4th quarter worth approximately $5,649,000. Finally, Bank of Nova Scotia boosted its stake in SEI Investments by 190.9% during the 4th quarter. Bank of Nova Scotia now owns 114,840 shares of the asset manager’s stock worth $7,298,000 after acquiring an additional 75,358 shares during the last quarter. Institutional investors own 70.59% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SEIC shares. Piper Sandler cut their target price on shares of SEI Investments from $72.00 to $71.00 and set a “neutral” rating on the stock in a report on Thursday, July 25th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $73.00 price objective (down previously from $74.00) on shares of SEI Investments in a research note on Thursday, July 25th. One investment 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 MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $71.25.

SEI Investments Stock Performance

Shares of SEIC opened at $67.63 on Tuesday. The firm has a market cap of $8.89 billion, a P/E ratio of 18.48, a PEG ratio of 1.34 and a beta of 0.99. SEI Investments has a twelve month low of $52.19 and a twelve month high of $72.54. The firm’s 50 day moving average price is $66.24 and its two-hundred day moving average price is $67.26.

SEI Investments (NASDAQ:SEIC) last posted its quarterly earnings data on Wednesday, July 24th. The asset manager reported $1.05 EPS for the quarter, beating the consensus estimate of $1.04 by $0.01. The business had revenue of $518.99 million for the quarter, compared to analysts’ expectations of $523.80 million. SEI Investments had a net margin of 25.44% and a return on equity of 23.25%. The firm’s revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.89 EPS. On average, sell-side analysts anticipate that SEI Investments will post 4.2 earnings per share for the current fiscal year.

Insider Activity

In related news, Chairman Alfred P. West, Jr. sold 27,419 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $67.48, for a total transaction of $1,850,234.12. Following the completion of the transaction, the chairman now directly owns 7,649,577 shares in the company, valued at $516,193,455.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Chairman Alfred P. West, Jr. sold 27,419 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $67.48, for a total value of $1,850,234.12. Following the completion of the transaction, the chairman now owns 7,649,577 shares of the company’s stock, valued at $516,193,455.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Alfred P. West, Jr. sold 61,000 shares of SEI Investments stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $67.36, for a total transaction of $4,108,960.00. Following the completion of the sale, the chairman now owns 7,504,285 shares in the company, valued at $505,488,637.60. The disclosure for this sale can be found here. Insiders have sold a total of 137,582 shares of company stock worth $9,277,605 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.