TD Asset Management Inc. grew its holdings in SEI Investments (NASDAQ:SEIC – Get Rating) by 21.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 161,146 shares of the asset manager’s stock after acquiring an additional 28,429 shares during the quarter. TD Asset Management Inc. owned about 0.12% of SEI Investments worth $9,703,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. First Trust Advisors LP boosted its stake in SEI Investments by 311.8% in the fourth quarter. First Trust Advisors LP now owns 1,376,254 shares of the asset manager’s stock valued at $83,869,000 after acquiring an additional 1,042,033 shares in the last quarter. Ceredex Value Advisors LLC purchased a new position in SEI Investments during the 1st quarter worth approximately $29,924,000. Millennium Management LLC increased its position in SEI Investments by 28.7% during the fourth quarter. Millennium Management LLC now owns 995,701 shares of the asset manager’s stock worth $60,678,000 after buying an additional 222,142 shares during the period. Qube Research & Technologies Ltd purchased a new stake in SEI Investments in the fourth quarter valued at approximately $11,371,000. Finally, Boston Trust Walden Corp boosted its holdings in shares of SEI Investments by 14.4% in the first quarter. Boston Trust Walden Corp now owns 1,139,330 shares of the asset manager’s stock valued at $68,599,000 after acquiring an additional 143,693 shares during the period. Institutional investors and hedge funds own 70.44% of the company’s stock.
Insider Transactions at SEI Investments
In related news, insider Dennis Mcgonigle sold 35,000 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $55.15, for a total value of $1,930,250.00. Following the completion of the transaction, the insider now directly owns 576,663 shares of the company’s stock, valued at approximately $31,802,964.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other SEI Investments news, insider Dennis Mcgonigle sold 35,000 shares of the company’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $55.15, for a total value of $1,930,250.00. Following the sale, the insider now owns 576,663 shares of the company’s stock, valued at $31,802,964.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Wayne Withrow sold 15,000 shares of SEI Investments stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $55.78, for a total value of $836,700.00. Following the transaction, the executive vice president now directly owns 38,799 shares of the company’s stock, valued at approximately $2,164,208.22. The disclosure for this sale can be found here. Corporate insiders own 25.40% of the company’s stock.
SEI Investments Price Performance
SEIC opened at $55.92 on Thursday. The business has a 50 day simple moving average of $54.83 and a 200-day simple moving average of $56.71. SEI Investments has a 12 month low of $51.07 and a 12 month high of $65.22. The stock has a market capitalization of $7.58 billion, a P/E ratio of 13.41, a P/E/G ratio of 1.27 and a beta of 0.99.
SEI Investments (NASDAQ:SEIC – Get Rating) last issued its earnings results on Wednesday, July 20th. The asset manager reported $0.81 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.02). The company had revenue of $481.67 million for the quarter, compared to analysts’ expectations of $472.18 million. SEI Investments had a return on equity of 30.81% and a net margin of 28.53%. SEI Investments’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.93 earnings per share. Research analysts anticipate that SEI Investments will post 3.71 EPS for the current year.
SEI Investments declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 1st that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the asset manager to purchase up to 2.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
SEI Investments Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 22nd. Stockholders of record on Monday, June 13th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.86%. This is an increase from SEI Investments’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, June 10th. SEI Investments’s dividend payout ratio (DPR) is presently 19.18%.
Analyst Ratings Changes
Several analysts recently commented on the stock. The Goldman Sachs Group reduced their price target on shares of SEI Investments to $58.00 in a research report on Friday, July 22nd. Morgan Stanley decreased their target price on shares of SEI Investments from $55.00 to $52.00 and set an “underweight” rating for the company in a research note on Thursday, July 21st. William Blair reaffirmed a “mkt perform” rating on shares of SEI Investments in a research note on Monday, July 25th. Piper Sandler lowered their target price on SEI Investments to $61.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 27th. Finally, Keefe, Bruyette & Woods cut their price target on SEI Investments from $62.00 to $55.00 in a research note on Thursday, July 14th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $60.50.
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.
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