M&T Bank Corp Decreases Holdings in SEI Investments (NASDAQ:SEIC)

M&T Bank Corp reduced its position in SEI Investments (NASDAQ:SEIC) by 48.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,981 shares of the asset manager’s stock after selling 4,604 shares during the period. M&T Bank Corp’s holdings in SEI Investments were worth $345,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of SEIC. Envestnet Portfolio Solutions Inc. boosted its position in SEI Investments by 55.1% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 7,549 shares of the asset manager’s stock worth $488,000 after purchasing an additional 2,681 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its stake in shares of SEI Investments by 12.8% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 13,129 shares of the asset manager’s stock worth $849,000 after purchasing an additional 1,490 shares during the period. Fifth Third Wealth Advisors LLC purchased a new position in shares of SEI Investments in the second quarter worth approximately $193,000. Bank of New York Mellon Corp grew its position in SEI Investments by 3.2% during the second 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 during the period. Finally, Leith Wheeler Investment Counsel Ltd. increased its holdings in SEI Investments by 0.7% during the second quarter. Leith Wheeler Investment Counsel Ltd. now owns 218,906 shares of the asset manager’s stock valued at $14,161,000 after buying an additional 1,600 shares during the last quarter. Institutional investors own 70.59% of the company’s stock.

SEI Investments Price Performance

Shares of SEIC stock opened at $80.76 on Thursday. SEI Investments has a one year low of $61.58 and a one year high of $87.25. The company’s fifty day moving average price is $78.98 and its 200-day moving average price is $71.01. The company has a market capitalization of $10.41 billion, a price-to-earnings ratio of 19.51, a PEG ratio of 1.62 and a beta of 0.98.

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

SEI Investments declared that its board has authorized a stock repurchase plan on Tuesday, October 22nd that permits the company to buyback $400.00 million in shares. This buyback authorization permits the asset manager to buy up to 4.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

SEI Investments Increases Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Wednesday, January 8th. Investors of record on Friday, December 27th will be issued a $0.49 dividend. The ex-dividend date of this dividend is Friday, December 27th. This is a boost from SEI Investments’s previous semi-annual dividend of $0.46. This represents a yield of 1.1%. SEI Investments’s payout ratio is currently 23.67%.

Insiders Place Their Bets

In other news, Chairman Alfred P. West, Jr. sold 52,042 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $85.23, for a total value of $4,435,539.66. Following the transaction, the chairman now owns 7,232,922 shares of the company’s stock, valued at approximately $616,461,942.06. The trade was a 0.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ryan Hicke sold 10,000 shares of the firm’s 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 directly owns 147,609 shares of the company’s stock, valued at $11,055,914.10. The trade was a 6.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 239,258 shares of company stock worth $19,753,402 in the last three months. 14.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Oppenheimer increased their price target on shares of SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Piper Sandler raised their target price on SEI Investments from $74.00 to $77.00 and gave the stock a “neutral” rating in a report on Thursday, October 24th. Finally, Morgan Stanley boosted their price target on SEI Investments from $70.00 to $75.00 and gave the company an “underweight” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $77.50.

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.