Fifth Third Bancorp Increases Stock Holdings in SEI Investments Company $SEIC

Fifth Third Bancorp grew its position in SEI Investments Company (NASDAQ:SEIC) by 12.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,315 shares of the asset manager’s stock after buying an additional 141 shares during the quarter. Fifth Third Bancorp’s holdings in SEI Investments were worth $118,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Gries Financial LLC increased its position in SEI Investments by 6.3% during the 2nd quarter. Gries Financial LLC now owns 29,847 shares of the asset manager’s stock worth $2,682,000 after purchasing an additional 1,773 shares in the last quarter. GAMMA Investing LLC increased its position in SEI Investments by 11.0% during the 2nd quarter. GAMMA Investing LLC now owns 6,729 shares of the asset manager’s stock worth $605,000 after purchasing an additional 668 shares in the last quarter. Farther Finance Advisors LLC increased its position in SEI Investments by 33.4% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,780 shares of the asset manager’s stock worth $160,000 after purchasing an additional 446 shares in the last quarter. Financiere des Professionnels Fonds d investissement inc. purchased a new stake in SEI Investments during the 2nd quarter worth about $199,000. Finally, Marshall Financial Group LLC purchased a new stake in SEI Investments during the 2nd quarter worth about $1,034,000. Hedge funds and other institutional investors own 70.59% of the company’s stock.

Wall Street Analysts Forecast Growth

SEIC has been the subject of a number of recent research reports. Oppenheimer lifted their price objective on SEI Investments from $96.00 to $101.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 8th. Piper Sandler dropped their price objective on SEI Investments from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Thursday, July 24th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $98.00 price objective (down previously from $100.00) on shares of SEI Investments in a research report on Thursday, July 24th. Morgan Stanley raised their price target on SEI Investments from $105.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, September 19th. Finally, Zacks Research lowered SEI Investments from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 1st. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $105.00.

SEI Investments Price Performance

NASDAQ SEIC opened at $84.07 on Thursday. The firm has a market capitalization of $10.39 billion, a P/E ratio of 15.77, a P/E/G ratio of 1.29 and a beta of 0.97. SEI Investments Company has a 1-year low of $64.66 and a 1-year high of $93.96. The business’s 50-day simple moving average is $87.69 and its 200-day simple moving average is $83.94.

SEI Investments (NASDAQ:SEIC) last released its quarterly earnings data on Wednesday, July 23rd. The asset manager reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.60. The business had revenue of $559.60 million for the quarter, compared to analyst estimates of $550.72 million. SEI Investments had a return on equity of 29.96% and a net margin of 31.25%.The company’s revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.05 EPS. On average, equities research analysts expect that SEI Investments Company will post 4.86 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Carl Guarino sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $86.41, for a total transaction of $864,100.00. Following the transaction, the director directly owned 16,042 shares of the company’s stock, valued at approximately $1,386,189.22. The trade was a 38.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Mark Andrew Warner sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $88.75, for a total value of $443,750.00. Following the transaction, the insider directly owned 1,300 shares in the company, valued at $115,375. This trade represents a 79.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 60,000 shares of company stock valued at $5,254,950. Insiders own 14.60% of the company’s stock.

About SEI Investments

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.