Bank of America Corp DE Cuts Position in SEI Investments (NASDAQ:SEIC)

Bank of America Corp DE cut its stake in SEI Investments (NASDAQ:SEICGet Rating) by 2.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,608,412 shares of the asset manager’s stock after selling 86,505 shares during the period. Bank of America Corp DE’s holdings in SEI Investments were worth $217,263,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Hazlett Burt & Watson Inc. purchased a new stake in SEI Investments during the first quarter valued at about $36,000. Artemis Wealth Advisors LLC purchased a new stake in SEI Investments during the first quarter valued at about $40,000. Quadrant Capital Group LLC boosted its position in SEI Investments by 104.6% during the first quarter. Quadrant Capital Group LLC now owns 843 shares of the asset manager’s stock valued at $51,000 after buying an additional 431 shares during the period. Dixon Hughes Goodman Wealth Advisors LLC purchased a new stake in SEI Investments during the first quarter valued at about $60,000. Finally, Fifth Third Bancorp boosted its position in SEI Investments by 23.6% during the first quarter. Fifth Third Bancorp now owns 1,445 shares of the asset manager’s stock valued at $87,000 after buying an additional 276 shares during the period. 70.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Wayne Withrow sold 15,000 shares of the 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 completion of the transaction, the executive vice president now directly owns 38,799 shares of the company’s stock, valued at $2,164,208.22. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other SEI Investments news, insider Dennis Mcgonigle sold 35,000 shares of SEI Investments stock in a transaction 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 completion of the transaction, the insider now owns 576,663 shares in the company, valued at $31,802,964.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Wayne Withrow sold 15,000 shares of the 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 completion of 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. 25.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Morgan Stanley cut their price target on shares of SEI Investments from $55.00 to $52.00 and set an “underweight” rating for the company in a research report on Thursday, July 21st. William Blair reaffirmed a “mkt perform” rating on shares of SEI Investments in a research note on Monday, July 25th. The Goldman Sachs Group lowered their price objective on shares of SEI Investments to $58.00 in a research note on Friday, July 22nd. Piper Sandler lowered 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. Finally, StockNews.com downgraded shares of SEI Investments from a “buy” rating to a “hold” rating in a research note on Friday, July 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $60.50.

SEI Investments Price Performance

SEIC stock opened at $53.41 on Wednesday. SEI Investments has a 1 year low of $51.07 and a 1 year high of $65.22. The company has a market cap of $7.24 billion, a P/E ratio of 12.81, a PEG ratio of 1.22 and a beta of 0.98. The firm has a 50-day moving average of $55.24 and a 200 day moving average of $56.16.

SEI Investments (NASDAQ:SEICGet Rating) last released its quarterly earnings results on Wednesday, July 20th. The asset manager reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.02). SEI Investments had a return on equity of 30.81% and a net margin of 28.53%. The company had revenue of $481.67 million during the quarter, compared to the consensus estimate of $472.18 million. During the same period in the previous year, the company earned $0.93 earnings per share. SEI Investments’s quarterly revenue was up 1.3% on a year-over-year basis. On average, equities research analysts expect that SEI Investments will post 3.71 earnings per share for the current fiscal year.

SEI Investments announced that its Board of Directors has authorized a stock buyback plan on Wednesday, June 1st that permits the company to buyback $200.00 million in shares. This buyback authorization permits the asset manager to reacquire up to 2.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

SEI Investments Company Profile

(Get Rating)

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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Institutional Ownership by Quarter for SEI Investments (NASDAQ:SEIC)

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