Zacks Investment Management Takes Position in SEI Investments (NASDAQ:SEIC)

Zacks Investment Management bought a new position in shares of SEI Investments (NASDAQ:SEIC) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 86,107 shares of the asset manager’s stock, valued at approximately $7,102,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of SEI Investments during the 4th quarter worth $48,009,000. Raymond James Financial Inc. acquired a new position in shares of SEI Investments during the 4th quarter worth about $42,548,000. FMR LLC raised its position in shares of SEI Investments by 39.3% during the 4th quarter. FMR LLC now owns 1,233,225 shares of the asset manager’s stock worth $101,716,000 after acquiring an additional 348,112 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in SEI Investments in the fourth quarter valued at approximately $26,702,000. Finally, Aware Super Pty Ltd as trustee of Aware Super acquired a new stake in SEI Investments during the fourth quarter worth approximately $23,710,000. Institutional investors and hedge funds own 70.59% of the company’s stock.

Insiders Place Their Bets

In related news, Chairman Alfred P. West, Jr. sold 72,842 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $79.45, for a total transaction of $5,787,296.90. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Mark Andrew Warner sold 5,000 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $80.39, for a total transaction of $401,950.00. Following the completion of the transaction, the insider now directly owns 1,300 shares of the company’s stock, valued at approximately $104,507. This trade represents a 79.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 79,214 shares of company stock worth $6,293,903. Corporate insiders own 14.30% of the company’s stock.

SEI Investments Stock Performance

Shares of SEI Investments stock opened at $71.43 on Thursday. The company has a market cap of $9.07 billion, a P/E ratio of 16.16, a PEG ratio of 1.41 and a beta of 0.90. SEI Investments has a one year low of $62.38 and a one year high of $87.25. The firm has a fifty day moving average of $76.52 and a two-hundred day moving average of $78.73.

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

SEI Investments declared that its board has initiated a stock repurchase program on Tuesday, March 18th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the asset manager to reacquire up to 5.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

SEIC has been the topic of a number of recent analyst reports. StockNews.com downgraded shares of SEI Investments from a “buy” rating to a “hold” rating in a research report on Wednesday. Morgan Stanley upgraded SEI Investments from an “underweight” rating to an “overweight” rating and reduced their price objective for the company from $81.00 to $77.00 in a research note on Monday, April 7th. Piper Sandler lowered their target price on shares of SEI Investments from $87.00 to $74.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Raymond James upgraded shares of SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 price target for the company in a research report on Thursday, January 30th. Finally, 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 research report on Tuesday, January 7th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, SEI Investments presently has an average rating of “Moderate Buy” and a consensus target price of $86.80.

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.