PNC Financial Services Group Inc. lessened its holdings in shares of SEI Investments (NASDAQ:SEIC – Get Rating) by 9.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 74,489 shares of the asset manager’s stock after selling 8,010 shares during the quarter. PNC Financial Services Group Inc. owned about 0.05% of SEI Investments worth $4,486,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Ceredex Value Advisors LLC purchased a new stake in shares of SEI Investments during the first quarter worth approximately $29,924,000. Millennium Management LLC grew its position in shares of 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 acquiring an additional 222,142 shares during the last quarter. Qube Research & Technologies Ltd purchased a new position in shares of SEI Investments during the fourth quarter worth approximately $11,371,000. JPMorgan Chase & Co. lifted its holdings in shares of SEI Investments by 55.3% during the first quarter. JPMorgan Chase & Co. now owns 408,652 shares of the asset manager’s stock worth $24,605,000 after purchasing an additional 145,432 shares during the period. Finally, Boston Trust Walden Corp lifted its holdings in shares of SEI Investments by 14.4% during the first quarter. Boston Trust Walden Corp now owns 1,139,330 shares of the asset manager’s stock worth $68,599,000 after purchasing an additional 143,693 shares during the period. Institutional investors and hedge funds own 70.50% of the company’s stock.
In related news, EVP Wayne Withrow sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $55.78, for a total transaction of $836,700.00. Following the sale, the executive vice president now directly owns 38,799 shares of the company’s stock, valued at approximately $2,164,208.22. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Dennis Mcgonigle sold 35,000 shares of the company’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 transaction of $1,930,250.00. Following the sale, 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 filing with the SEC, which is accessible through this hyperlink. Also, EVP Wayne Withrow sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $55.78, for a total value of $836,700.00. Following the sale, the executive vice president now directly owns 38,799 shares in the company, valued at $2,164,208.22. The disclosure for this sale can be found here. Company insiders own 25.40% of the company’s stock.
SEI Investments Stock Down 1.3 %
NASDAQ SEIC opened at $53.85 on Friday. The stock has a market cap of $7.30 billion, a PE ratio of 12.91, a P/E/G ratio of 1.23 and a beta of 0.99. The business has a 50 day moving average price of $55.10 and a two-hundred day moving average price of $56.50. SEI Investments has a fifty-two week low of $51.07 and a fifty-two week high of $65.22.
SEI Investments (NASDAQ:SEIC – Get Rating) last released 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 business had revenue of $481.67 million for the quarter, compared to analysts’ expectations of $472.18 million. SEI Investments had a net margin of 28.53% and a return on equity of 30.81%. The business’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.93 earnings per share. Sell-side analysts anticipate that SEI Investments will post 3.71 EPS for the current fiscal year.
SEI Investments announced that its Board of Directors has authorized a stock buyback program on Wednesday, June 1st that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the asset manager to repurchase up to 2.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Analyst Ratings Changes
A number of equities research analysts have commented on the company. Keefe, Bruyette & Woods reduced their target price on SEI Investments from $62.00 to $55.00 in a report on Thursday, July 14th. The Goldman Sachs Group cut their target price on shares of SEI Investments to $58.00 in a research note on Friday, July 22nd. Piper Sandler dropped their price objective on shares of SEI Investments to $61.00 and set an “outperform” rating for the company in a research note on Wednesday, July 27th. StockNews.com cut SEI Investments from a “buy” rating to a “hold” rating in a report on Friday, July 22nd. Finally, William Blair reiterated a “mkt perform” rating on shares of SEI Investments in a report on Monday, July 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, SEI Investments currently has a consensus rating of “Hold” and a consensus target price of $60.50.
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.
Receive News & Ratings for SEI Investments Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for SEI Investments and related companies with MarketBeat.com’s FREE daily email newsletter.