CIBC Asset Management Inc Sells 1,224 Shares of SEI Investments (NASDAQ:SEIC)

CIBC Asset Management Inc decreased its holdings in shares of SEI Investments (NASDAQ:SEIC) by 2.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 48,578 shares of the asset manager’s stock after selling 1,224 shares during the period. CIBC Asset Management Inc’s holdings in SEI Investments were worth $3,361,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Fairfield Financial Advisors LTD bought a new stake in shares of SEI Investments during the 2nd quarter worth about $30,000. Livforsakringsbolaget Skandia Omsesidigt increased its stake in shares of SEI Investments by 925.9% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 554 shares of the asset manager’s stock worth $38,000 after purchasing an additional 500 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in SEI Investments by 78.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 626 shares of the asset manager’s stock worth $41,000 after purchasing an additional 275 shares during the last quarter. Bessemer Group Inc. boosted 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 valued at $43,000 after purchasing an additional 386 shares during the period. Finally, Mather Group LLC. grew its holdings in SEI Investments by 181.2% in the 2nd quarter. Mather Group LLC. now owns 776 shares of the asset manager’s stock valued at $50,000 after buying an additional 500 shares in the last quarter. 70.59% of the stock is currently owned by institutional investors and hedge funds.

SEI Investments Stock Up 0.4 %

Shares of SEI Investments stock opened at $80.58 on Tuesday. SEI Investments has a 12-month low of $57.43 and a 12-month high of $81.97. The company has a market capitalization of $10.39 billion, a price-to-earnings ratio of 19.46, a PEG ratio of 1.52 and a beta of 0.97. The firm’s 50-day moving average price is $72.64 and its two-hundred day moving average price is $68.70.

SEI Investments (NASDAQ:SEIC) last announced its quarterly earnings data on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.12. SEI Investments had a net margin of 26.60% and a return on equity of 24.29%. The business had revenue of $537.40 million for the quarter, compared to analysts’ expectations of $534.08 million. During the same period last year, the firm posted $0.87 earnings per share. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year. On average, sell-side analysts expect that SEI Investments will post 4.41 earnings per share for the current year.

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

Insider Activity

In other SEI Investments news, Chairman Alfred P. West, Jr. sold 61,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $67.36, for a total value of $4,108,960.00. Following the completion of the transaction, the chairman now owns 7,504,285 shares of the company’s stock, valued at $505,488,637.60. This represents a 0.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ryan Hicke sold 10,000 shares of SEI Investments stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $74.90, for a total value of $749,000.00. Following the sale, the chief executive officer now directly owns 147,609 shares in the company, valued at $11,055,914.10. The trade was a 6.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 200,646 shares of company stock worth $14,115,934. Corporate insiders own 14.30% of the company’s stock.

Analyst Ratings Changes

SEIC has been the subject of a number of research reports. Morgan Stanley lifted their target price on SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a report on Thursday, October 24th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $73.00 price objective (down previously from $74.00) on shares of SEI Investments in a research note on Thursday, July 25th. Oppenheimer increased their target price on shares of SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Finally, Piper Sandler lifted their price target 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 equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $77.50.

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.