Truist Financial Corp Reduces Stock Position in SEI Investments (NASDAQ:SEIC)

Truist Financial Corp lessened its stake in shares of SEI Investments (NASDAQ:SEIC) by 0.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 119,991 shares of the asset manager’s stock after selling 1,048 shares during the quarter. Truist Financial Corp owned approximately 0.09% of SEI Investments worth $9,897,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SEIC. FMR LLC increased its position in SEI Investments by 249.7% during the 3rd quarter. FMR LLC now owns 885,113 shares of the asset manager’s stock worth $61,241,000 after purchasing an additional 632,024 shares in the last quarter. Geode Capital Management LLC increased its position in SEI Investments by 13.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,520,430 shares of the asset manager’s stock worth $174,092,000 after purchasing an additional 300,704 shares in the last quarter. Portman Square Capital LLP increased its position in SEI Investments by 113.1% during the 4th quarter. Portman Square Capital LLP now owns 17,408 shares of the asset manager’s stock worth $1,436,000 after purchasing an additional 149,840 shares in the last quarter. UMB Bank n.a. purchased a new stake in SEI Investments during the 4th quarter worth about $9,096,000. Finally, Verition Fund Management LLC increased its position in SEI Investments by 2,766.3% during the 3rd quarter. Verition Fund Management LLC now owns 111,098 shares of the asset manager’s stock worth $7,687,000 after purchasing an additional 107,222 shares in the last quarter. Hedge funds and other institutional investors own 70.59% of the company’s stock.

Wall Street Analyst Weigh In

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

SEI Investments Price Performance

NASDAQ SEIC opened at $80.25 on Friday. The firm has a market capitalization of $10.35 billion, a P/E ratio of 18.16, a P/E/G ratio of 1.42 and a beta of 0.98. SEI Investments has a 1-year low of $62.38 and a 1-year high of $87.25. The business’s 50-day simple moving average is $83.17 and its 200-day simple moving average is $76.56.

SEI Investments (NASDAQ:SEIC) last released its quarterly earnings data on Wednesday, January 29th. The asset manager reported $1.19 earnings per share for the quarter, missing the consensus estimate 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, equities research analysts expect that SEI Investments will post 4.86 EPS for the current fiscal year.

SEI Investments Increases Dividend

The company 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 positive change 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%.

Insider Activity

In other news, Chairman Alfred P. West, Jr. sold 5,984 shares of SEI Investments stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $84.23, for a total value of $504,032.32. Following the transaction, the chairman now directly owns 7,371,522 shares of the company’s stock, valued at $620,903,298.06. The trade was a 0.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold 171,194 shares of company stock valued at $14,579,872 in the last three months. Corporate insiders own 14.30% of the company’s stock.

SEI Investments 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.