Bank of Nova Scotia Buys 113,122 Shares of SEI Investments Company $SEIC

Bank of Nova Scotia lifted its stake in SEI Investments Company (NASDAQ:SEIC) by 2,917.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 117,000 shares of the asset manager’s stock after purchasing an additional 113,122 shares during the period. Bank of Nova Scotia owned 0.09% of SEI Investments worth $10,514,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. FORA Capital LLC acquired a new position in SEI Investments in the first quarter valued at approximately $990,000. Deutsche Bank AG raised its position in shares of SEI Investments by 41.9% during the 1st quarter. Deutsche Bank AG now owns 216,212 shares of the asset manager’s stock valued at $16,785,000 after acquiring an additional 63,810 shares during the last quarter. Raymond James Financial Inc. lifted its stake in shares of SEI Investments by 3.2% in the 1st quarter. Raymond James Financial Inc. now owns 532,195 shares of the asset manager’s stock valued at $41,314,000 after purchasing an additional 16,337 shares during the period. Atria Wealth Solutions Inc. bought a new position in shares of SEI Investments in the 1st quarter worth $287,000. Finally, Element Capital Management LLC acquired a new stake in shares of SEI Investments during the first quarter worth $2,703,000. Institutional investors and hedge funds own 70.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SEIC. Weiss Ratings reissued a “buy (b)” rating on shares of SEI Investments in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods cut their price target on shares of SEI Investments from $98.00 to $93.00 and set a “market perform” rating on the stock in a research report on Monday, October 13th. Morgan Stanley lifted their price objective on shares of SEI Investments from $105.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, September 19th. Zacks Research lowered shares of SEI Investments from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 11th. Finally, Raymond James Financial boosted their price target on shares of SEI Investments from $118.00 to $120.00 and gave the company an “outperform” rating in a report on Tuesday, October 14th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $104.40.

SEI Investments Trading Up 2.0%

SEIC opened at $83.20 on Thursday. The stock has a market capitalization of $10.19 billion, a P/E ratio of 15.29 and a beta of 0.98. The company has a current ratio of 5.73, a quick ratio of 5.62 and a debt-to-equity ratio of 0.04. SEI Investments Company has a 12 month low of $64.66 and a 12 month high of $93.96. The firm’s fifty day simple moving average is $81.71 and its 200 day simple moving average is $85.67.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings results on Wednesday, October 22nd. The asset manager reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.05. The company had revenue of $578.51 million for the quarter, compared to analyst estimates of $578.75 million. SEI Investments had a return on equity of 30.21% and a net margin of 31.09%.The company’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.19 earnings per share. As a group, research analysts anticipate that SEI Investments Company will post 4.86 EPS for the current fiscal year.

SEI Investments declared that its Board of Directors has authorized a stock buyback plan on Friday, October 24th that authorizes the company to repurchase $650.00 million in shares. This repurchase authorization authorizes the asset manager to buy up to 6.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Chairman Alfred P. West, Jr. sold 24,770 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $80.87, for a total transaction of $2,003,149.90. Following the completion of the transaction, the chairman directly owned 6,942,812 shares of the company’s stock, valued at $561,465,206.44. This trade represents a 0.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kathryn Mccarthy sold 10,000 shares of SEI Investments stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $85.66, for a total transaction of $856,600.00. Following the completion of the sale, the director owned 75,641 shares in the company, valued at $6,479,408.06. This trade represents a 11.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 44,770 shares of company stock valued at $3,723,850 in the last quarter. 14.60% of the stock is currently owned by insiders.

SEI Investments 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.