Mirae Asset Global Investments Co. Ltd. Decreases Stock Position in SEI Investments (NASDAQ:SEIC)

Mirae Asset Global Investments Co. Ltd. cut its holdings in SEI Investments (NASDAQ:SEICGet Rating) by 2.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 99,696 shares of the asset manager’s stock after selling 2,626 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in SEI Investments were worth $6,003,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. purchased a new stake in SEI Investments in the first quarter valued at about $36,000. Artemis Wealth Advisors LLC purchased a new position in shares of SEI Investments in the first quarter worth about $40,000. Quadrant Capital Group LLC raised its stake in shares of SEI Investments by 104.6% in the first quarter. Quadrant Capital Group LLC now owns 843 shares of the asset manager’s stock worth $51,000 after purchasing an additional 431 shares during the last quarter. Dixon Hughes Goodman Wealth Advisors LLC purchased a new position in shares of SEI Investments in the first quarter worth about $60,000. Finally, Fifth Third Bancorp raised its stake in shares of SEI Investments by 23.6% in the first quarter. Fifth Third Bancorp now owns 1,445 shares of the asset manager’s stock worth $87,000 after purchasing an additional 276 shares during the last quarter. 70.50% of the stock is currently owned by hedge funds and other institutional investors.

SEI Investments Price Performance

Shares of NASDAQ:SEIC opened at $51.82 on Friday. The business’s 50 day moving average price is $55.24 and its 200-day moving average price is $56.10. The firm has a market capitalization of $7.02 billion, a PE ratio of 12.43, a P/E/G ratio of 1.20 and a beta of 0.98. SEI Investments has a 1 year low of $51.07 and a 1 year high of $65.22.

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

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Keefe, Bruyette & Woods reduced their price target on SEI Investments from $62.00 to $55.00 in a research report on Thursday, July 14th. Morgan Stanley reduced their price target on SEI Investments from $55.00 to $52.00 and set an “underweight” rating for the company in a research report on Thursday, July 21st. StockNews.com cut SEI Investments from a “buy” rating to a “hold” rating in a research report on Friday, July 22nd. The Goldman Sachs Group reduced their price target on SEI Investments to $58.00 in a research report on Friday, July 22nd. Finally, Piper Sandler reduced their price target on SEI Investments to $61.00 and set an “outperform” rating for the company in a research report on Wednesday, July 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, SEI Investments currently has a consensus rating of “Hold” and an average price target of $60.50.

Insider Transactions at SEI Investments

In related news, major shareholder Alfred P. West, Jr. sold 83,386 shares of SEI Investments stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $55.07, for a total transaction of $4,592,067.02. Following the transaction, the insider now owns 9,136,792 shares in the company, valued at $503,163,135.44. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other SEI Investments news, EVP Wayne Withrow sold 15,000 shares of the stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $55.78, for a total transaction of $836,700.00. Following the completion of the transaction, the executive vice president now owns 38,799 shares of the company’s stock, valued at $2,164,208.22. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Alfred P. West, Jr. sold 83,386 shares of the stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $55.07, for a total transaction of $4,592,067.02. Following the transaction, the insider now directly owns 9,136,792 shares of the company’s stock, valued at approximately $503,163,135.44. The disclosure for this sale can be found here. Insiders have sold 133,386 shares of company stock valued at $7,359,017 over the last ninety days. Insiders own 25.40% of the company’s stock.

SEI Investments Profile

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

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