Ascent Group LLC Cuts Stock Holdings in SEI Investments Company $SEIC

Ascent Group LLC lowered its position in shares of SEI Investments Company (NASDAQ:SEIC) by 71.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,354 shares of the asset manager’s stock after selling 32,661 shares during the period. Ascent Group LLC’s holdings in SEI Investments were worth $1,133,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Loomis Sayles & Co. L P increased its holdings in shares of SEI Investments by 1.4% in the 2nd quarter. Loomis Sayles & Co. L P now owns 8,841,249 shares of the asset manager’s stock worth $794,475,000 after purchasing an additional 121,198 shares in the last quarter. Bank of America Corp DE boosted its position in shares of SEI Investments by 4.4% during the second quarter. Bank of America Corp DE now owns 3,160,636 shares of the asset manager’s stock valued at $284,015,000 after buying an additional 133,057 shares during the last quarter. First Trust Advisors LP increased its holdings in SEI Investments by 9.1% in the 2nd quarter. First Trust Advisors LP now owns 1,727,334 shares of the asset manager’s stock worth $155,218,000 after buying an additional 144,789 shares in the last quarter. Boston Trust Walden Corp raised its position in SEI Investments by 3.3% in the 2nd quarter. Boston Trust Walden Corp now owns 1,369,674 shares of the asset manager’s stock worth $123,079,000 after buying an additional 44,195 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in SEI Investments by 6.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 801,056 shares of the asset manager’s stock worth $62,186,000 after buying an additional 45,019 shares during the last quarter. 70.59% of the stock is owned by institutional investors.

SEI Investments Trading Down 1.4%

Shares of SEI Investments stock opened at $82.02 on Friday. SEI Investments Company has a 1-year low of $64.66 and a 1-year high of $93.96. The company’s fifty day simple moving average is $81.99 and its 200-day simple moving average is $85.57. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.73 and a quick ratio of 5.62. The stock has a market capitalization of $10.04 billion, a PE ratio of 15.08 and a beta of 0.98.

SEI Investments (NASDAQ:SEIC) last posted its quarterly earnings data on Wednesday, October 22nd. The asset manager reported $1.30 EPS for the quarter, topping the consensus estimate of $1.25 by $0.05. The firm had revenue of $578.51 million during 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%.SEI Investments’s revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.19 EPS. As a group, equities analysts anticipate that SEI Investments Company will post 4.86 earnings per share for the current year.

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

SEI Investments Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Monday, January 12th. Stockholders of record on Monday, December 29th will be given a dividend of $0.52 per share. This represents a dividend yield of 124.0%. The ex-dividend date of this dividend is Monday, December 29th. SEI Investments’s payout ratio is presently 19.12%.

Insider Activity

In related news, Chairman Alfred P. West, Jr. sold 24,770 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $80.87, for a total value of $2,003,149.90. Following the completion of the sale, the chairman directly owned 6,942,812 shares of the company’s stock, valued at approximately $561,465,206.44. This represents a 0.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 14.60% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Piper Sandler raised shares of SEI Investments from a “neutral” rating to an “overweight” rating and raised their price target for the company from $93.00 to $102.00 in a report on Tuesday, December 23rd. Raymond James Financial raised their target price on shares of SEI Investments from $118.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, October 14th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of SEI Investments in a research report on Wednesday, October 8th. Zacks Research cut SEI Investments from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 11th. Finally, Keefe, Bruyette & Woods raised SEI Investments from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $93.00 to $97.00 in a report on Tuesday, December 16th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $107.00.

SEI Investments Profile

SEI Investments Company is a global provider of asset management, investment processing, and investment operations solutions. The firm offers a range of services designed to help financial institutions, private banks, wealth managers and family offices streamline back-office functions and enhance front-office capabilities. SEI’s technology platforms support various stages of the investment lifecycle, including trade execution, performance reporting, risk analytics and client communications.

The company’s core offerings include outsourced fund administration, custody and trust services, managed account solutions, and wealth management technology.