Teachers Retirement System of The State of Kentucky lessened its holdings in shares of SEI Investments (NASDAQ:SEIC – Get Rating) by 6.4% in the 1st quarter, HoldingsChannel.com reports. The firm owned 14,705 shares of the asset manager's stock after selling 1,000 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in SEI Investments were worth $885,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in SEIC. State of Alaska Department of Revenue increased its position in shares of SEI Investments by 8.3% in the 1st quarter. State of Alaska Department of Revenue now owns 54,887 shares of the asset manager's stock valued at $3,304,000 after acquiring an additional 4,206 shares during the period. Commerce Bank increased its position in shares of SEI Investments by 2.2% in the 4th quarter. Commerce Bank now owns 11,386 shares of the asset manager's stock valued at $694,000 after acquiring an additional 240 shares during the period. New York State Teachers Retirement System increased its position in shares of SEI Investments by 1.5% in the 1st quarter. New York State Teachers Retirement System now owns 145,007 shares of the asset manager's stock valued at $8,731,000 after acquiring an additional 2,100 shares during the period. Envestnet Asset Management Inc. increased its position in shares of SEI Investments by 4.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 229,692 shares of the asset manager's stock valued at $13,830,000 after acquiring an additional 9,201 shares during the period. Finally, Profund Advisors LLC increased its position in shares of SEI Investments by 3.8% in the 1st quarter. Profund Advisors LLC now owns 5,637 shares of the asset manager's stock valued at $339,000 after acquiring an additional 207 shares during the period. Hedge funds and other institutional investors own 70.50% of the company's stock.
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NASDAQ:SEIC opened at $51.52 on Friday. SEI Investments has a 52 week low of $51.07 and a 52 week high of $65.22. The stock has a market capitalization of $6.98 billion, a PE ratio of 12.35, a price-to-earnings-growth ratio of 1.16 and a beta of 0.98. The stock's 50-day moving average price is $55.22 and its 200-day moving average price is $56.07.
SEI Investments (NASDAQ:SEIC – Get Rating) last posted its earnings results on Wednesday, July 20th. The asset manager reported $0.81 EPS for the quarter, missing analysts' consensus estimates of $0.83 by ($0.02). SEI Investments had a net margin of 28.53% and a return on equity of 30.81%. The business had revenue of $481.67 million for the quarter, compared to analyst estimates of $472.18 million. During the same quarter last year, the business earned $0.93 earnings per share. SEI Investments's revenue was up 1.3% on a year-over-year basis. Sell-side analysts expect that SEI Investments will post 3.71 earnings per share for the current fiscal year.SEI Investments declared that its board has authorized a share buyback program on Wednesday, June 1st that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the asset manager to purchase up to 2.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.
Insider Activity
In related news, major shareholder Alfred P. West, Jr. sold 83,386 shares of the firm's stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $55.07, for a total value of $4,592,067.02. Following the transaction, the insider now directly owns 9,136,792 shares of the company's stock, valued at approximately $503,163,135.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Wayne Withrow sold 15,000 shares of the firm's stock in a transaction dated Tuesday, August 9th. The shares were 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Alfred P. West, Jr. sold 83,386 shares of the firm's stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $55.07, for a total transaction of $4,592,067.02. Following the completion of the transaction, the insider now directly owns 9,136,792 shares in the company, valued at $503,163,135.44. The disclosure for this sale can be found here. Insiders have sold 133,386 shares of company stock worth $7,359,017 in the last ninety days. Company insiders own 25.40% of the company's stock.
Wall Street Analysts Forecast Growth
SEIC has been the topic of several research reports. Piper Sandler cut their target price on SEI Investments to $61.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 27th. StockNews.com downgraded SEI Investments from a "buy" rating to a "hold" rating in a research report on Friday, July 22nd. Morgan Stanley cut their price target on SEI Investments from $55.00 to $52.00 and set an "underweight" rating on the stock in a research report on Thursday, July 21st. William Blair reaffirmed a "mkt perform" rating on shares of SEI Investments in a research report on Monday, July 25th. Finally, Keefe, Bruyette & Woods cut their price target on SEI Investments from $62.00 to $55.00 in a research report on Thursday, July 14th. One investment 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.com, SEI Investments currently has a consensus rating of "Hold" and an average target price of $60.50.
About SEI Investments
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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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