Korea Investment CORP Sells 7,800 Shares of SEI Investments (NASDAQ:SEIC)

Korea Investment CORP decreased its holdings in shares of SEI Investments (NASDAQ:SEIC) by 4.0% in the fourth quarter, HoldingsChannel reports. The fund owned 189,484 shares of the asset manager’s stock after selling 7,800 shares during the quarter. Korea Investment CORP’s holdings in SEI Investments were worth $15,629,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in 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 valued at $174,092,000 after purchasing an additional 300,704 shares in the last quarter. Boston Trust Walden Corp raised its stake in shares of SEI Investments by 1.6% in the fourth quarter. Boston Trust Walden Corp now owns 1,306,329 shares of the asset manager’s stock worth $107,746,000 after buying an additional 20,020 shares during the period. Bank of New York Mellon Corp lifted its position in shares of SEI Investments by 4.1% during the 4th quarter. Bank of New York Mellon Corp now owns 1,171,743 shares of the asset manager’s stock valued at $96,645,000 after buying an additional 46,425 shares in the last quarter. FMR LLC grew its stake in shares of SEI Investments by 249.7% during the 3rd quarter. FMR LLC now owns 885,113 shares of the asset manager’s stock valued at $61,241,000 after acquiring an additional 632,024 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in SEI Investments by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 668,333 shares of the asset manager’s stock worth $55,124,000 after acquiring an additional 3,967 shares in the last quarter. 70.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

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

SEI Investments Stock Performance

Shares of NASDAQ SEIC opened at $77.11 on Monday. The company has a market cap of $9.79 billion, a P/E ratio of 17.45, a P/E/G ratio of 1.41 and a beta of 0.94. SEI Investments has a 52-week low of $62.38 and a 52-week high of $87.25. The firm’s fifty day moving average is $80.33 and its two-hundred day moving average is $78.52.

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

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

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.