Longboard Asset Management LP Takes Position in SEI Investments (NASDAQ:SEIC)

Longboard Asset Management LP purchased a new stake in SEI Investments (NASDAQ:SEIC) in the fourth quarter, Holdings Channel.com reports. The fund purchased 3,235 shares of the asset manager’s stock, valued at approximately $267,000. SEI Investments accounts for approximately 0.7% of Longboard Asset Management LP’s portfolio, making the stock its 9th biggest position.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SEIC. CHURCHILL MANAGEMENT Corp acquired a new position in shares of SEI Investments during the 4th quarter worth approximately $1,818,000. JPMorgan Chase & Co. grew its holdings in SEI Investments by 13.6% in the third quarter. JPMorgan Chase & Co. now owns 507,916 shares of the asset manager’s stock valued at $35,143,000 after purchasing an additional 60,824 shares during the period. BTS Asset Management Inc. acquired a new position in SEI Investments during the fourth quarter worth approximately $253,000. Quantinno Capital Management LP raised its stake in SEI Investments by 56.7% during the third quarter. Quantinno Capital Management LP now owns 17,591 shares of the asset manager’s stock worth $1,217,000 after purchasing an additional 6,364 shares during the period. Finally, Portfolio Design Labs LLC acquired a new position in shares of SEI Investments in the 3rd quarter valued at $1,701,000. Institutional investors and hedge funds own 70.59% of the company’s stock.

SEI Investments Stock Performance

NASDAQ SEIC opened at $85.82 on Tuesday. The firm’s 50 day moving average price is $83.25 and its two-hundred day moving average price is $75.02. SEI Investments has a twelve month low of $62.38 and a twelve month high of $87.25. The stock has a market cap of $11.06 billion, a price-to-earnings ratio of 19.42, a PEG ratio of 1.48 and a beta of 0.98.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings results on Wednesday, January 29th. The asset manager reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.02). SEI Investments had a net margin of 27.35% and a return on equity of 25.51%. On average, research analysts forecast that SEI Investments will post 4.86 EPS for the current fiscal year.

SEI Investments Increases Dividend

The business also recently declared a semi-annual dividend, which was paid on Wednesday, January 8th. Stockholders of record on Friday, December 27th were issued a dividend of $0.49 per share. This is a boost from SEI Investments’s previous semi-annual dividend of $0.46. This represents a dividend yield of 1.1%. The ex-dividend date was Friday, December 27th. SEI Investments’s payout ratio is currently 22.17%.

SEI Investments declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, October 22nd that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the asset manager to repurchase 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 stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Piper Sandler boosted their price target on SEI Investments from $77.00 to $87.00 and gave the company a “neutral” rating in a research report on Monday, December 23rd. Keefe, Bruyette & Woods restated a “market perform” rating and set a $90.00 price objective (up previously from $86.00) on shares of SEI Investments in a research note on Thursday, January 30th. Morgan Stanley raised their target price on SEI Investments from $75.00 to $80.00 and gave the company an “underweight” rating in a research note on Friday, January 3rd. Oppenheimer raised their price objective on shares of SEI Investments from $85.00 to $94.00 and gave the stock an “outperform” rating in a report on Tuesday, January 7th. Finally, Raymond James raised SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 price target on the stock in a research report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $90.00.

Insider Transactions at SEI Investments

In related news, Chairman Alfred P. West, Jr. sold 52,042 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $85.23, for a total transaction of $4,435,539.66. Following the transaction, the chairman now owns 7,232,922 shares of the company’s stock, valued at approximately $616,461,942.06. This trade represents a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Peterson sold 10,000 shares of the company’s stock in a transaction 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 completion of the sale, the executive vice president now owns 6,500 shares of the company’s stock, valued at $514,410. This represents a 60.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 186,194 shares of company stock valued at $15,769,472. 14.30% of the stock is owned by insiders.

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.