SEI Investments (NASDAQ:SEIC) Stake Cut by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky reduced its holdings in SEI Investments (NASDAQ:SEIC) by 2.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,574 shares of the asset manager’s stock after selling 870 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in SEI Investments were worth $2,254,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of SEIC. Envestnet Portfolio Solutions Inc. lifted its stake in SEI Investments by 55.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,549 shares of the asset manager’s stock worth $488,000 after acquiring an additional 2,681 shares in the last quarter. Blue Trust Inc. lifted its stake in SEI Investments by 1,752.0% in the 2nd quarter. Blue Trust Inc. now owns 4,204 shares of the asset manager’s stock worth $272,000 after acquiring an additional 3,977 shares in the last quarter. Raymond James & Associates lifted its stake in SEI Investments by 4.8% in the 2nd quarter. Raymond James & Associates now owns 524,631 shares of the asset manager’s stock worth $33,938,000 after acquiring an additional 24,058 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its stake in SEI Investments by 12.8% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 13,129 shares of the asset manager’s stock worth $849,000 after acquiring an additional 1,490 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new stake in SEI Investments in the 2nd quarter worth about $744,000. 70.59% of the stock is owned by hedge funds and other institutional investors.

SEI Investments Price Performance

SEIC opened at $85.83 on Monday. The business has a 50-day moving average of $78.17 and a 200-day moving average of $70.69. SEI Investments has a fifty-two week low of $61.28 and a fifty-two week high of $87.25. The company has a market capitalization of $11.06 billion, a PE ratio of 20.73, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98.

SEI Investments (NASDAQ:SEIC) last announced its earnings results on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.12. The firm had revenue of $537.40 million during the quarter, compared to analysts’ expectations of $534.08 million. SEI Investments had a return on equity of 24.29% and a net margin of 26.60%. The company’s revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.87 earnings per share. On average, equities research analysts expect that SEI Investments will post 4.41 earnings per share for the current fiscal year.

SEI Investments Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Wednesday, January 8th. Investors of record on Friday, December 27th will be issued a dividend of $0.49 per share. This is an increase from SEI Investments’s previous semi-annual dividend of $0.46. This represents a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, December 27th. SEI Investments’s dividend payout ratio is currently 23.67%.

SEI Investments announced that its board has initiated a stock buyback program on Tuesday, October 22nd that permits the company to buyback $400.00 million in shares. This buyback authorization permits the asset manager to repurchase up to 4.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on SEIC shares. Oppenheimer raised their price target on SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Morgan Stanley raised their price target on SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a research note on Thursday, October 24th. Finally, Piper Sandler raised their price target on SEI Investments from $74.00 to $77.00 and gave the stock a “neutral” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $77.50.

Insider Buying and Selling

In related news, Chairman Alfred P. West, Jr. sold 19,010 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $82.49, for a total transaction of $1,568,134.90. Following the completion of the sale, the chairman now directly owns 7,377,506 shares of the company’s stock, valued at approximately $608,570,469.94. This represents a 0.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael Peterson sold 25,000 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $74.59, for a total transaction of $1,864,750.00. Following the sale, the executive vice president now directly owns 6,500 shares of the company’s stock, valued at approximately $484,835. This represents a 79.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 93,058 shares of company stock valued at $7,245,697. Company insiders own 14.30% of the company’s stock.

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.