Corebridge Financial Inc. Sells 5,878 Shares of SEI Investments (NASDAQ:SEIC)

Corebridge Financial Inc. lowered its holdings in SEI Investments (NASDAQ:SEIC) by 5.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 110,871 shares of the asset manager’s stock after selling 5,878 shares during the quarter. Corebridge Financial Inc. owned 0.09% of SEI Investments worth $9,145,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP grew its stake in shares of SEI Investments by 53.7% in the fourth quarter. Allworth Financial LP now owns 452 shares of the asset manager’s stock worth $38,000 after acquiring an additional 158 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in SEI Investments in the 3rd quarter worth $45,000. First Horizon Advisors Inc. raised its position in shares of SEI Investments by 25.4% during the fourth quarter. First Horizon Advisors Inc. now owns 578 shares of the asset manager’s stock valued at $48,000 after buying an additional 117 shares during the last quarter. Rialto Wealth Management LLC bought a new stake in shares of SEI Investments in the 4th quarter worth approximately $55,000. Finally, EverSource Wealth Advisors LLC lifted its position in SEI Investments by 25.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 860 shares of the asset manager’s stock worth $71,000 after purchasing an additional 172 shares during the period. 70.59% of the stock is owned by institutional investors.

SEI Investments Price Performance

SEIC stock opened at $78.15 on Friday. The stock has a market capitalization of $9.92 billion, a price-to-earnings ratio of 17.68, a P/E/G ratio of 1.41 and a beta of 0.94. The business has a fifty day moving average price of $80.46 and a 200 day moving average price of $78.28. SEI Investments has a fifty-two week low of $62.38 and a fifty-two week high of $87.25.

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

SEI Investments declared that its Board of Directors has initiated a share repurchase plan on Tuesday, March 18th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the asset manager to purchase up to 5.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, insider Mark Andrew Warner sold 5,000 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $80.39, for a total transaction of $401,950.00. Following the transaction, the insider now owns 1,300 shares of the company’s stock, valued at $104,507. This represents a 79.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Alfred P. West, Jr. sold 72,842 shares of SEI Investments stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $79.45, for a total value of $5,787,296.90. Following the completion of the sale, the chairman now owns 7,160,080 shares of the company’s stock, valued at approximately $568,868,356. The trade was a 1.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 79,214 shares of company stock valued at $6,293,903 over the last three months. 14.30% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on SEIC shares. Piper Sandler upped their target price on shares of SEI Investments from $77.00 to $87.00 and gave the company a “neutral” rating in a research note on Monday, December 23rd. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $90.00 target price (up from $86.00) on shares of SEI Investments in a report on Thursday, January 30th. 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 note on Thursday, January 30th. Oppenheimer increased their price objective on SEI Investments from $85.00 to $94.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 7th. Finally, Morgan Stanley boosted their target price on shares of SEI Investments from $75.00 to $80.00 and gave the company an “underweight” rating in a research note on Friday, January 3rd. One investment 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, the stock has a consensus rating of “Hold” and an average price target of $90.00.

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.