Fmr LLC Grows Holdings in SEI Investments (NASDAQ:SEIC)

Fmr LLC boosted its holdings in shares of SEI Investments (NASDAQ:SEIC) by 249.7% in the third quarter, HoldingsChannel reports. The fund owned 885,113 shares of the asset manager’s stock after acquiring an additional 632,024 shares during the period. Fmr LLC’s holdings in SEI Investments were worth $61,241,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of SEIC. Dimensional Fund Advisors LP increased its stake in shares of SEI Investments by 19.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,380,311 shares of the asset manager’s stock valued at $89,291,000 after purchasing an additional 222,631 shares in the last quarter. Bank of New York Mellon Corp increased its position in SEI Investments by 3.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,186,439 shares of the asset manager’s stock valued at $76,751,000 after buying an additional 36,810 shares in the last quarter. Raymond James & Associates raised its stake in SEI Investments by 3.8% during the third quarter. Raymond James & Associates now owns 544,477 shares of the asset manager’s stock valued at $37,672,000 after buying an additional 19,846 shares during the last quarter. ProShare Advisors LLC boosted its holdings in SEI Investments by 0.6% in the second quarter. ProShare Advisors LLC now owns 465,011 shares of the asset manager’s stock worth $30,082,000 after acquiring an additional 2,698 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in shares of SEI Investments by 1.2% in the second quarter. Envestnet Asset Management Inc. now owns 381,372 shares of the asset manager’s stock worth $24,671,000 after acquiring an additional 4,656 shares during the last quarter. Institutional investors own 70.59% of the company’s stock.

SEI Investments Stock Performance

NASDAQ SEIC opened at $84.09 on Friday. SEI Investments has a one year low of $59.48 and a one year high of $84.55. The stock has a 50-day moving average of $76.54 and a 200 day moving average of $70.03. The company has a market capitalization of $10.84 billion, a price-to-earnings ratio of 20.31, a PEG ratio of 1.54 and a beta of 0.98.

SEI Investments (NASDAQ:SEIC) last announced its quarterly earnings results on Wednesday, October 23rd. The asset manager reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.12. The firm had revenue of $537.40 million during the quarter, compared to analyst estimates of $534.08 million. SEI Investments had a net margin of 26.60% and a return on equity of 24.29%. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.87 earnings per share. On average, equities analysts predict that SEI Investments will post 4.41 earnings per share for the current fiscal year.

SEI Investments announced that its board has initiated a stock buyback plan on Tuesday, October 22nd that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the asset manager to buy up to 4.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Morgan Stanley lifted their price target on SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a research report on Thursday, October 24th. Piper Sandler upped their target price on shares of SEI Investments from $74.00 to $77.00 and gave the stock a “neutral” rating in a research note on Thursday, October 24th. Finally, Oppenheimer increased their price target on shares of SEI Investments from $81.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $77.50.

Insider Transactions at SEI Investments

In other news, CEO Ryan Hicke sold 10,000 shares of SEI Investments stock in a transaction on Friday, October 25th. The shares were sold at an average price of $74.90, for a total transaction of $749,000.00. Following the transaction, the chief executive officer now owns 147,609 shares in the company, valued at $11,055,914.10. This trade represents a 6.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Alfred P. West, Jr. sold 5,984 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $84.23, for a total transaction of $504,032.32. Following the sale, the chairman now directly owns 7,371,522 shares of the company’s stock, valued at approximately $620,903,298.06. The trade was a 0.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 93,058 shares of company stock worth $7,245,697 in the last ninety days. Insiders own 14.30% 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.