Parsec Financial Management Inc. grew its holdings in shares of SEI Investments (NASDAQ:SEIC – Get Rating) by 60.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 93,335 shares of the asset manager's stock after acquiring an additional 35,107 shares during the period. Parsec Financial Management Inc.'s holdings in SEI Investments were worth $5,042,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of SEIC. Beutel Goodman & Co Ltd. grew its stake in shares of SEI Investments by 34.3% during the first quarter. Beutel Goodman & Co Ltd. now owns 3,792,881 shares of the asset manager's stock valued at $228,369,000 after acquiring an additional 968,459 shares in the last quarter. Ceredex Value Advisors LLC bought a new position in shares of SEI Investments during the first quarter worth about $29,924,000. State Street Corp lifted its position in shares of SEI Investments by 8.0% during the first quarter. State Street Corp now owns 6,143,049 shares of the asset manager's stock worth $369,873,000 after purchasing an additional 452,434 shares during the last quarter. BlackRock Inc. lifted its position in shares of SEI Investments by 2.3% during the first quarter. BlackRock Inc. now owns 11,645,954 shares of the asset manager's stock worth $701,203,000 after purchasing an additional 260,417 shares during the last quarter. Finally, Millennium Management LLC lifted 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 purchasing an additional 222,142 shares during the last quarter. 70.50% of the stock is currently owned by institutional investors and hedge funds.
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Wall Street Analyst Weigh In
SEIC has been the topic of several research analyst reports. The Goldman Sachs Group reduced their price target on shares of SEI Investments to $58.00 in a research report on Friday, July 22nd. Keefe, Bruyette & Woods cut their target price on shares of SEI Investments from $62.00 to $55.00 in a report on Thursday, July 14th. William Blair reaffirmed a "mkt perform" rating on shares of SEI Investments in a report on Monday, July 25th. StockNews.com lowered shares of SEI Investments from a "buy" rating to a "hold" rating in a research note on Friday, July 22nd. Finally, Piper Sandler lowered their price objective on shares of SEI Investments to $61.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 27th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $60.50.
Insider Buying and Selling at SEI Investments
In other SEI Investments news, insider Dennis Mcgonigle sold 35,000 shares of SEI Investments stock in a transaction on Friday, July 29th. The shares were sold at an average price of $55.15, for a total transaction of $1,930,250.00. Following the completion of the sale, the insider now owns 576,663 shares of the company's stock, valued at approximately $31,802,964.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Wayne Withrow sold 15,000 shares of SEI Investments stock in a transaction 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 completion of the sale, the executive vice president now owns 38,799 shares of the company's stock, valued at approximately $2,164,208.22. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Dennis Mcgonigle sold 35,000 shares of SEI Investments stock in a transaction on Friday, July 29th. The shares were sold at an average price of $55.15, for a total transaction of $1,930,250.00. Following the completion of the sale, the insider now directly owns 576,663 shares of the company's stock, valued at approximately $31,802,964.45. The disclosure for this sale can be found here. Company insiders own 25.40% of the company's stock.
SEI Investments Stock Down 1.4 %
SEI Investments stock traded down $0.78 during mid-day trading on Thursday, hitting $54.61. The company's stock had a trading volume of 10,141 shares, compared to its average volume of 520,924. SEI Investments has a twelve month low of $51.07 and a twelve month high of $65.22. The stock has a market capitalization of $7.40 billion, a P/E ratio of 13.26, a P/E/G ratio of 1.25 and a beta of 0.98. The stock's fifty day moving average price is $55.25 and its two-hundred day moving average price is $56.28.
SEI Investments (NASDAQ:SEIC – Get Rating) last posted its quarterly earnings data on Wednesday, July 20th. The asset manager reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.02). The firm 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%. The company'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. Equities analysts expect that SEI Investments will post 3.71 earnings per share for the current year.
SEI Investments declared that its Board of Directors has approved a stock repurchase program on Wednesday, June 1st that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the asset manager to buy up to 2.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.
SEI Investments Company Profile
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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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