Envestnet Asset Management Inc. Lowers Position in SEI Investments Company (NASDAQ:SEIC)

Envestnet Asset Management Inc. decreased its position in shares of SEI Investments Company (NASDAQ:SEIC) by 2.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 395,285 shares of the asset manager’s stock after selling 11,295 shares during the period. Envestnet Asset Management Inc. owned about 0.31% of SEI Investments worth $30,686,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in SEIC. Norges Bank purchased a new stake in SEI Investments in the fourth quarter worth $48,009,000. Raymond James Financial Inc. purchased a new stake in shares of SEI Investments in the 4th quarter worth about $42,548,000. GAMMA Investing LLC grew its position in shares of SEI Investments by 9,563.5% in the 1st quarter. GAMMA Investing LLC now owns 470,515 shares of the asset manager’s stock worth $36,526,000 after buying an additional 465,646 shares during the period. FMR LLC lifted its position in SEI Investments by 39.3% during the 4th quarter. FMR LLC now owns 1,233,225 shares of the asset manager’s stock valued at $101,716,000 after acquiring an additional 348,112 shares during the period. Finally, Aware Super Pty Ltd as trustee of Aware Super purchased a new position in SEI Investments during the 4th quarter valued at about $23,710,000. Institutional investors own 70.59% of the company’s stock.

Insider Activity at SEI Investments

In related news, EVP Michael Peterson sold 50,000 shares of SEI Investments stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $84.27, for a total value of $4,213,500.00. Following the completion of the sale, the executive vice president owned 13,500 shares of the company’s stock, valued at $1,137,645. The trade was a 78.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ryan Hicke sold 21,000 shares of the business’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $83.36, for a total value of $1,750,560.00. Following the sale, the chief executive officer owned 171,260 shares of the company’s stock, valued at approximately $14,276,233.60. This represents a 10.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 232,126 shares of company stock valued at $19,638,659 in the last quarter. 14.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Piper Sandler lifted their target price on shares of SEI Investments from $79.00 to $96.00 and gave the company a “neutral” rating in a report on Wednesday, July 2nd. Morgan Stanley reissued an “overweight” rating and issued a $100.00 target price (up from $84.00) on shares of SEI Investments in a report on Thursday, June 26th. Keefe, Bruyette & Woods raised their price target on SEI Investments from $80.00 to $84.00 and gave the company a “market perform” rating in a report on Friday, April 25th. Wall Street Zen raised SEI Investments from a “hold” rating to a “buy” rating in a research report on Tuesday, May 20th. Finally, William Blair reissued a “market perform” rating on shares of SEI Investments in a research report on Thursday, April 24th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.00.

SEI Investments Price Performance

Shares of NASDAQ:SEIC opened at $92.78 on Tuesday. SEI Investments Company has a 1 year low of $62.38 and a 1 year high of $93.82. The company has a market cap of $11.55 billion, a P/E ratio of 20.17, a PEG ratio of 1.57 and a beta of 0.92. The stock’s fifty day moving average price is $85.89 and its 200-day moving average price is $81.19.

SEI Investments (NASDAQ:SEIC) last posted its earnings results on Wednesday, April 23rd. The asset manager reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.05. SEI Investments had a net margin of 27.77% and a return on equity of 26.40%. The business had revenue of $551.34 million for the quarter, compared to analysts’ expectations of $556.76 million. During the same quarter in the prior year, the business earned $0.99 EPS. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, sell-side analysts anticipate that SEI Investments Company will post 4.86 earnings per share for the current year.

SEI Investments announced that its board has approved a stock repurchase program on Tuesday, March 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the asset manager to repurchase up to 5.3% 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 Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Monday, June 9th were given a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend was Monday, June 9th. This is an increase from SEI Investments’s previous quarterly dividend of $0.46. SEI Investments’s payout ratio is 21.30%.

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.