Stonegate Investment Group LLC Sells 269 Shares of SEI Investments (NASDAQ:SEIC)

Stonegate Investment Group LLC lowered its stake in SEI Investments (NASDAQ:SEIC) by 7.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,420 shares of the asset manager’s stock after selling 269 shares during the quarter. Stonegate Investment Group LLC’s holdings in SEI Investments were worth $282,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. First Horizon Advisors Inc. lifted its holdings in shares of SEI Investments by 101.3% in the third quarter. First Horizon Advisors Inc. now owns 461 shares of the asset manager’s stock worth $32,000 after buying an additional 232 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in SEI Investments by 925.9% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 554 shares of the asset manager’s stock worth $38,000 after purchasing an additional 500 shares in the last quarter. Point72 DIFC Ltd bought a new position in SEI Investments in the 3rd quarter valued at $45,000. Northwestern Mutual Wealth Management Co. grew its position in shares of SEI Investments by 16.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,197 shares of the asset manager’s stock valued at $77,000 after purchasing an additional 168 shares in the last quarter. Finally, Quarry LP bought a new position in shares of SEI Investments in the second quarter worth $136,000. Hedge funds and other institutional investors own 70.59% of the company’s stock.

Insider Buying and Selling

In related news, EVP Michael Peterson sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.14, for a total transaction of $791,400.00. Following the transaction, the executive vice president now directly owns 6,500 shares in the company, valued at $514,410. This trade represents a 60.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Alfred P. West, Jr. sold 94,158 shares of SEI Investments stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $85.73, for a total value of $8,072,165.34. Following the completion of the transaction, the chairman now directly owns 7,284,964 shares in the company, valued at $624,539,963.72. This trade represents a 1.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 186,194 shares of company stock worth $15,769,472 in the last 90 days. 14.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

SEIC has been the subject of several recent analyst reports. Oppenheimer boosted their target price on SEI Investments from $85.00 to $94.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 7th. Morgan Stanley upped their price objective on shares of SEI Investments from $75.00 to $80.00 and gave the stock an “underweight” rating in a research report on Friday, January 3rd. Piper Sandler lifted their target price on shares of SEI Investments from $77.00 to $87.00 and gave the company a “neutral” rating in a research report on Monday, December 23rd. Finally, Keefe, Bruyette & Woods raised their price objective on shares of SEI Investments from $76.00 to $86.00 and gave the company a “market perform” rating in a research report on Friday, December 20th. 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 stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $86.75.

SEI Investments Price Performance

NASDAQ:SEIC opened at $84.39 on Wednesday. The company has a market capitalization of $10.88 billion, a price-to-earnings ratio of 20.38, a PEG ratio of 1.44 and a beta of 0.98. The business has a 50 day moving average of $82.88 and a 200 day moving average of $74.54. SEI Investments has a 1-year low of $62.38 and a 1-year high of $87.25.

SEI Investments announced that its Board of Directors has initiated a share repurchase program on Tuesday, October 22nd that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the asset manager to buy up to 4.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

SEI Investments Increases Dividend

The firm also recently disclosed a semi-annual dividend, which was paid on Wednesday, January 8th. Stockholders of record on Friday, December 27th were paid a $0.49 dividend. This is a boost from SEI Investments’s previous semi-annual dividend of $0.46. The ex-dividend date was Friday, December 27th. This represents a dividend yield of 1.1%. SEI Investments’s dividend payout ratio is 23.67%.

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.