State of Michigan Retirement System Cuts Stock Position in SEI Investments Company $SEIC

State of Michigan Retirement System trimmed its holdings in shares of SEI Investments Company (NASDAQ:SEIC) by 9.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,788 shares of the asset manager’s stock after selling 2,336 shares during the quarter. State of Michigan Retirement System’s holdings in SEI Investments were worth $2,048,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Simon Quick Advisors LLC acquired a new position in SEI Investments during the second quarter worth $274,000. Strs Ohio grew its position in shares of SEI Investments by 1.9% in the second quarter. Strs Ohio now owns 30,411 shares of the asset manager’s stock valued at $2,733,000 after purchasing an additional 577 shares during the period. Impact Partnership Wealth LLC increased its stake in shares of SEI Investments by 16.2% during the second quarter. Impact Partnership Wealth LLC now owns 4,280 shares of the asset manager’s stock worth $385,000 after purchasing an additional 598 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of SEI Investments during the 2nd quarter worth about $322,000. Finally, MQS Management LLC lifted its stake in SEI Investments by 33.1% in the 2nd quarter. MQS Management LLC now owns 10,227 shares of the asset manager’s stock valued at $919,000 after buying an additional 2,544 shares in the last quarter. Institutional investors and hedge funds own 70.59% of the company’s stock.

Insider Activity

In related news, Director Carl Guarino sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $86.41, for a total value of $864,100.00. Following the completion of the sale, the director owned 16,042 shares of the company’s stock, valued at approximately $1,386,189.22. This represents a 38.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Kathryn Mccarthy sold 10,000 shares of SEI Investments stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $85.66, for a total transaction of $856,600.00. Following the transaction, the director directly owned 75,641 shares in the company, valued at $6,479,408.06. This trade represents a 11.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 55,000 shares of company stock valued at $4,811,200. 14.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

SEIC has been the subject of several research reports. Morgan Stanley boosted their price objective on SEI Investments from $105.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, September 19th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of SEI Investments in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods reduced their price objective on SEI Investments from $98.00 to $93.00 and set a “market perform” rating for the company in a research note on Monday, October 13th. Raymond James Financial raised their price objective on SEI Investments from $118.00 to $120.00 and gave the company an “outperform” rating in a report on Tuesday, October 14th. Finally, Piper Sandler dropped their target price on shares of SEI Investments from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $104.40.

SEI Investments Price Performance

NASDAQ:SEIC opened at $82.19 on Friday. SEI Investments Company has a one year low of $64.66 and a one year high of $93.96. The stock has a market cap of $10.06 billion, a PE ratio of 15.11, a P/E/G ratio of 1.22 and a beta of 0.96. The company has a debt-to-equity ratio of 0.04, a quick ratio of 5.62 and a current ratio of 5.73. The stock has a 50 day moving average price of $84.50 and a 200 day moving average price of $85.56.

SEI Investments (NASDAQ:SEIC) last released its quarterly earnings data on Wednesday, October 22nd. The asset manager reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.05. SEI Investments had a return on equity of 30.21% and a net margin of 31.09%.The company had revenue of $578.51 million for the quarter, compared to analyst estimates of $578.75 million. During the same quarter in the previous year, the company posted $1.19 earnings per share. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. Equities research analysts expect that SEI Investments Company will post 4.86 EPS for the current fiscal year.

SEI Investments declared that its board has approved a share repurchase plan on Friday, October 24th that allows the company to repurchase $650.00 million in outstanding shares. This repurchase authorization allows the asset manager to repurchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

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.