Bank of America Corp DE cut its position in SEI Investments (NASDAQ:SEIC – Get Rating) by 2.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,608,412 shares of the asset manager’s stock after selling 86,505 shares during the period. Bank of America Corp DE owned 2.63% of SEI Investments worth $217,263,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in SEIC. Hazlett Burt & Watson Inc. acquired a new position in SEI Investments during the 1st quarter valued at about $36,000. Artemis Wealth Advisors LLC acquired a new position in SEI Investments during the 1st quarter valued at about $40,000. Quadrant Capital Group LLC boosted its stake in SEI Investments by 104.6% during the 1st quarter. Quadrant Capital Group LLC now owns 843 shares of the asset manager’s stock valued at $51,000 after purchasing an additional 431 shares during the last quarter. Dixon Hughes Goodman Wealth Advisors LLC acquired a new position in SEI Investments during the 1st quarter valued at about $60,000. Finally, Fifth Third Bancorp boosted its stake in shares of SEI Investments by 23.6% in the 1st quarter. Fifth Third Bancorp now owns 1,445 shares of the asset manager’s stock worth $87,000 after buying an additional 276 shares during the last quarter. 70.50% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of brokerages have recently weighed in on SEIC. Morgan Stanley cut their target price on SEI Investments from $55.00 to $52.00 and set an “underweight” rating on the stock in a research note on Thursday, July 21st. William Blair restated a “mkt perform” rating on shares of SEI Investments in a research note on Monday, July 25th. Piper Sandler cut their target price on SEI Investments to $61.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 27th. The Goldman Sachs Group cut their target price on SEI Investments to $58.00 in a research note on Friday, July 22nd. Finally, Keefe, Bruyette & Woods cut their target price on 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 assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $60.50.
Insider Buying and Selling at SEI Investments
SEI Investments Trading Down 1.2 %
NASDAQ:SEIC opened at $53.41 on Wednesday. The stock has a market capitalization of $7.24 billion, a PE ratio of 12.81, a price-to-earnings-growth ratio of 1.22 and a beta of 0.98. The firm’s 50 day moving average is $55.24 and its 200 day moving average is $56.16. SEI Investments has a 12 month low of $51.07 and a 12 month high of $65.22.
SEI Investments (NASDAQ:SEIC – Get Rating) last posted its quarterly earnings results on Wednesday, July 20th. The asset manager reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.02). The company had revenue of $481.67 million during the quarter, compared to the consensus estimate of $472.18 million. SEI Investments had a return on equity of 30.81% and a net margin of 28.53%. The company’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same period last year, the firm posted $0.93 EPS. Research analysts predict that SEI Investments will post 3.71 earnings per share for the current year.
SEI Investments declared that its board has authorized a stock repurchase program on Wednesday, June 1st that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the asset manager to buy up to 2.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
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.
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