First Citizens Bank & Trust Co. purchased a new stake in shares of SEI Investments (NASDAQ:SEIC) in the 4th quarter, HoldingsChannel reports. The fund purchased 9,358 shares of the asset manager’s stock, valued at approximately $672,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of SEI Investments by 5.5% during the 2nd quarter. BlackRock Inc. now owns 13,447,854 shares of the asset manager’s stock valued at $723,225,000 after purchasing an additional 697,125 shares during the last quarter. Vanguard Group Inc. increased its position in shares of SEI Investments by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 13,260,600 shares of the asset manager’s stock valued at $713,155,000 after purchasing an additional 357,187 shares during the last quarter. State Street Corp increased its position in shares of SEI Investments by 0.4% during the 2nd quarter. State Street Corp now owns 5,954,992 shares of the asset manager’s stock valued at $320,254,000 after purchasing an additional 21,421 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of SEI Investments by 47.6% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,907,730 shares of the asset manager’s stock valued at $102,598,000 after purchasing an additional 615,539 shares during the last quarter. Finally, American Century Companies Inc. increased its position in shares of SEI Investments by 0.9% during the 3rd quarter. American Century Companies Inc. now owns 1,786,915 shares of the asset manager’s stock valued at $109,109,000 after purchasing an additional 16,248 shares during the last quarter. 70.47% of the stock is owned by hedge funds and other institutional investors.
SEIC has been the subject of several research reports. Mizuho reaffirmed a “buy” rating and set a $72.00 price target on shares of SEI Investments in a research report on Friday, November 17th. Zacks Investment Research raised shares of SEI Investments from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a research report on Monday, October 30th. Finally, Oppenheimer increased their target price on shares of SEI Investments from $60.00 to $67.00 and gave the stock an “outperform” rating in a report on Thursday, September 28th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. SEI Investments has an average rating of “Buy” and a consensus target price of $70.25.
In related news, major shareholder Alfred P. West, Jr. sold 50,000 shares of the stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $64.64, for a total value of $3,232,000.00. Following the completion of the sale, the insider now directly owns 10,619,272 shares of the company’s stock, valued at approximately $686,429,742.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Wayne Withrow sold 10,000 shares of the stock in a transaction that occurred on Tuesday, December 5th. The stock was sold at an average price of $70.35, for a total transaction of $703,500.00. The disclosure for this sale can be found here. Insiders sold a total of 136,250 shares of company stock valued at $9,057,050 over the last three months. 16.50% of the stock is currently owned by insiders.
Shares of SEI Investments (NASDAQ:SEIC) opened at $76.65 on Friday. The stock has a market cap of $12,070.00, a P/E ratio of 33.47, a P/E/G ratio of 2.09 and a beta of 1.40. SEI Investments has a fifty-two week low of $47.88 and a fifty-two week high of $76.76. The company has a quick ratio of 5.41, a current ratio of 5.52 and a debt-to-equity ratio of 0.03.
SEI Investments (NASDAQ:SEIC) last released its earnings results on Wednesday, October 25th. The asset manager reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.06. The company had revenue of $368.02 million during the quarter, compared to analyst estimates of $384.43 million. SEI Investments had a net margin of 24.94% and a return on equity of 27.12%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.53 EPS. analysts predict that SEI Investments will post 2.36 earnings per share for the current fiscal year.
The company also recently announced a semiannual dividend, which was paid on Monday, January 8th. Investors of record on Wednesday, December 27th were issued a $0.30 dividend. This represents a yield of 0.85%. This is a positive change from SEI Investments’s previous semiannual dividend of $0.28. The ex-dividend date of this dividend was Tuesday, December 26th. SEI Investments’s dividend payout ratio is currently 26.20%.
SEI Investments announced that its board has initiated a stock buyback program on Wednesday, October 25th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the asset manager to purchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
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SEI Investments Profile
SEI Investments Company provides investment processing, investment management and investment operations solutions. The Company provides its solutions to financial institutions, financial advisors, institutional investors, investment managers and ultra-high-net-worth families in the United States, Canada, the United Kingdom, continental Europe and various other locations around the world.
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