Envestnet Asset Management Inc. Purchases 9,201 Shares of SEI Investments (NASDAQ:SEIC)

Envestnet Asset Management Inc. boosted its stake in SEI Investments (NASDAQ:SEICGet Rating) by 4.2% during the 1st quarter, HoldingsChannel.com reports. The fund owned 229,692 shares of the asset manager’s stock after purchasing an additional 9,201 shares during the period. Envestnet Asset Management Inc.’s holdings in SEI Investments were worth $13,830,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in SEIC. Artemis Wealth Advisors LLC bought a new stake in SEI Investments in the first quarter worth about $40,000. UMB Bank N A MO bought a new stake in SEI Investments in the fourth quarter worth about $52,000. Lazard Asset Management LLC raised its position in SEI Investments by 114.4% in the fourth quarter. Lazard Asset Management LLC now owns 879 shares of the asset manager’s stock worth $53,000 after acquiring an additional 469 shares during the period. Covestor Ltd bought a new stake in SEI Investments in the fourth quarter worth about $60,000. Finally, Dixon Hughes Goodman Wealth Advisors LLC bought a new stake in SEI Investments in the first quarter worth about $60,000. Institutional investors own 70.44% of the company’s stock.

SEI Investments Stock Performance

Shares of NASDAQ:SEIC opened at $55.63 on Friday. The company has a 50 day moving average of $54.65 and a 200 day moving average of $56.83. The stock has a market cap of $7.54 billion, a P/E ratio of 13.34, a P/E/G ratio of 1.26 and a beta of 0.99. SEI Investments has a 12 month low of $51.07 and a 12 month high of $65.22.

SEI Investments (NASDAQ:SEICGet Rating) last issued its quarterly earnings data on Wednesday, July 20th. The asset manager reported $0.81 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.02). SEI Investments had a net margin of 28.53% and a return on equity of 30.81%. The firm had revenue of $481.67 million for the quarter, compared to analysts’ expectations of $472.18 million. During the same period in the prior year, the firm posted $0.93 EPS. SEI Investments’s revenue was up 1.3% on a year-over-year basis. On average, equities analysts forecast that SEI Investments will post 3.71 earnings per share for the current fiscal year.

SEI Investments declared that its board has approved a share buyback program on Wednesday, June 1st that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the asset manager to buy up to 2.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

SEI Investments Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 22nd. Shareholders of record on Monday, June 13th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date was Friday, June 10th. This is a boost from SEI Investments’s previous quarterly dividend of $0.37. SEI Investments’s payout ratio is currently 19.18%.

Insiders Place Their Bets

In other SEI Investments news, insider Dennis Mcgonigle sold 35,000 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $55.15, for a total value of $1,930,250.00. Following the completion of the transaction, the insider now owns 576,663 shares of the company’s stock, valued at approximately $31,802,964.45. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 25.40% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Piper Sandler reduced their target price on shares of SEI Investments to $61.00 and set an “outperform” rating for the company in a research note on Wednesday, July 27th. StockNews.com downgraded shares of SEI Investments from a “buy” rating to a “hold” rating in a research note on Friday, July 22nd. The Goldman Sachs Group reduced their target price on shares of SEI Investments to $58.00 in a research note on Friday, July 22nd. William Blair reiterated a “mkt perform” rating on shares of SEI Investments in a research note on Monday, July 25th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of SEI Investments from $62.00 to $55.00 in a research note on Thursday, July 14th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, SEI Investments presently has an average rating of “Hold” and a consensus target price of $60.50.

SEI Investments Company Profile

(Get Rating)

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.

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Want to see what other hedge funds are holding SEIC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SEI Investments (NASDAQ:SEICGet Rating).

Institutional Ownership by Quarter for SEI Investments (NASDAQ:SEIC)

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