Algert Global LLC Trims Stock Position in SEI Investments (NASDAQ:SEIC)

Algert Global LLC decreased its holdings in SEI Investments (NASDAQ:SEIC) by 20.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 49,690 shares of the asset manager’s stock after selling 12,610 shares during the quarter. Algert Global LLC’s holdings in SEI Investments were worth $3,438,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its position in SEI Investments by 19.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,380,311 shares of the asset manager’s stock worth $89,291,000 after acquiring an additional 222,631 shares during the period. Bank of New York Mellon Corp raised its holdings in SEI Investments by 3.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,186,439 shares of the asset manager’s stock worth $76,751,000 after purchasing an additional 36,810 shares during the period. Raymond James & Associates lifted its position in SEI Investments by 3.8% during the third quarter. Raymond James & Associates now owns 544,477 shares of the asset manager’s stock valued at $37,672,000 after purchasing an additional 19,846 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of SEI Investments by 0.6% in the second quarter. ProShare Advisors LLC now owns 465,011 shares of the asset manager’s stock worth $30,082,000 after buying an additional 2,698 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in shares of SEI Investments by 1.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 381,372 shares of the asset manager’s stock valued at $24,671,000 after buying an additional 4,656 shares in the last quarter. 70.59% of the stock is currently owned by institutional investors.

Insider Buying and Selling at SEI Investments

In other news, Chairman Alfred P. West, Jr. sold 61,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $67.36, for a total transaction of $4,108,960.00. Following the sale, the chairman now directly owns 7,504,285 shares of the company’s stock, valued at $505,488,637.60. This represents a 0.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Peterson sold 25,000 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $74.59, for a total value of $1,864,750.00. Following the transaction, the executive vice president now owns 6,500 shares of the company’s stock, valued at $484,835. This represents a 79.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 129,064 shares of company stock valued at $9,282,489 in the last 90 days. Insiders own 14.30% of the company’s stock.

SEI Investments Price Performance

SEIC stock opened at $81.57 on Tuesday. SEI Investments has a 1-year low of $57.43 and a 1-year high of $81.97. The business has a 50 day simple moving average of $74.00 and a two-hundred day simple moving average of $69.13. The company has a market capitalization of $10.52 billion, a price-to-earnings ratio of 19.70, a PEG ratio of 1.53 and a beta of 0.97.

SEI Investments (NASDAQ:SEIC) last issued its earnings results on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.12. The firm had revenue of $537.40 million during the quarter, compared to analyst estimates of $534.08 million. SEI Investments had a net margin of 26.60% and a return on equity of 24.29%. SEI Investments’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.87 earnings per share. Sell-side analysts anticipate that SEI Investments will post 4.41 EPS for the current fiscal year.

SEI Investments declared that its board has approved a stock buyback plan on Tuesday, October 22nd that allows the company to buyback $400.00 million in shares. This buyback authorization allows the asset manager to reacquire up to 4.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SEIC. Piper Sandler increased their target price on shares of SEI Investments from $74.00 to $77.00 and gave the stock a “neutral” rating in a report on Thursday, October 24th. Oppenheimer increased their price objective on shares of SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Finally, Morgan Stanley lifted their target price on shares of SEI Investments from $70.00 to $75.00 and gave the company an “underweight” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, SEI Investments has an average rating of “Hold” and a consensus target price of $77.50.

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.