Cibc World Markets Corp Sells 1,512 Shares of SEI Investments (NASDAQ:SEIC)

Cibc World Markets Corp lessened its stake in shares of SEI Investments (NASDAQ:SEIC) by 23.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 4,996 shares of the asset manager’s stock after selling 1,512 shares during the period. Cibc World Markets Corp’s holdings in SEI Investments were worth $412,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. FMR LLC lifted its holdings in SEI Investments by 249.7% in the third quarter. FMR LLC now owns 885,113 shares of the asset manager’s stock valued at $61,241,000 after buying an additional 632,024 shares during the period. Raymond James Financial Inc. bought a new stake in shares of SEI Investments during the fourth quarter worth about $42,548,000. Los Angeles Capital Management LLC bought a new stake in shares of SEI Investments during the fourth quarter worth about $26,702,000. Geode Capital Management LLC increased its position in shares of SEI Investments by 13.5% during the third quarter. Geode Capital Management LLC now owns 2,520,430 shares of the asset manager’s stock worth $174,092,000 after acquiring an additional 300,704 shares in the last quarter. Finally, Portman Square Capital LLP grew its position in SEI Investments by 113.1% in the 4th quarter. Portman Square Capital LLP now owns 17,408 shares of the asset manager’s stock worth $1,436,000 after purchasing an additional 149,840 shares in the last quarter. Institutional investors and hedge funds own 70.59% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SEIC shares. Raymond James raised shares of SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 price objective for the company in a research report on Thursday, January 30th. Morgan Stanley upped their price objective on shares of SEI Investments from $75.00 to $80.00 and gave the stock an “underweight” rating in a research report on Friday, January 3rd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $90.00 price objective (up from $86.00) on shares of SEI Investments in a research report on Thursday, January 30th. Oppenheimer upped their price objective on shares of SEI Investments from $85.00 to $94.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 7th. Finally, Piper Sandler upped their price objective on shares of SEI Investments from $77.00 to $87.00 and gave the stock a “neutral” rating in a research report on Monday, December 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $90.00.

SEI Investments Stock Down 0.2 %

SEIC opened at $75.84 on Monday. The stock has a market cap of $9.63 billion, a price-to-earnings ratio of 17.16, a PEG ratio of 1.41 and a beta of 0.94. SEI Investments has a twelve month low of $62.38 and a twelve month high of $87.25. The company’s 50-day moving average price is $80.71 and its two-hundred day moving average price is $78.11.

SEI Investments (NASDAQ:SEIC) last released its earnings results on Wednesday, January 29th. The asset manager reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.02). SEI Investments had a net margin of 27.35% and a return on equity of 25.51%. As a group, sell-side analysts anticipate that SEI Investments will post 4.86 earnings per share for the current year.

SEI Investments announced that its Board of Directors has approved a share buyback plan on Tuesday, March 18th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the asset manager to purchase up to 5.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at SEI Investments

In related news, insider Mark Andrew Warner sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $80.39, for a total transaction of $401,950.00. Following the sale, the insider now directly owns 1,300 shares in the company, valued at approximately $104,507. This represents a 79.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Alfred P. West, Jr. sold 72,842 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $79.45, for a total transaction of $5,787,296.90. Following the sale, the chairman now owns 7,160,080 shares in the company, valued at $568,868,356. The trade was a 1.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 79,214 shares of company stock worth $6,293,903. 14.30% of the stock is owned by corporate insiders.

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.