Banco Santander S.A. Sells 2,600 Shares of SEI Investments (NASDAQ:SEIC)

Banco Santander S.A. cut its stake in shares of SEI Investments (NASDAQ:SEIC) by 5.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 42,300 shares of the asset manager’s stock after selling 2,600 shares during the period. Banco Santander S.A.’s holdings in SEI Investments were worth $2,927,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. First Horizon Advisors Inc. grew its position in SEI Investments by 101.3% during the 3rd quarter. First Horizon Advisors Inc. now owns 461 shares of the asset manager’s stock worth $32,000 after acquiring an additional 232 shares during the last quarter. Fairfield Financial Advisors LTD acquired a new position in shares of SEI Investments in the second quarter valued at approximately $30,000. Livforsakringsbolaget Skandia Omsesidigt increased its stake in shares of SEI Investments by 925.9% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 554 shares of the asset manager’s stock valued at $38,000 after buying an additional 500 shares during the period. Bessemer Group Inc. raised its holdings in SEI Investments by 184.7% in the 1st quarter. Bessemer Group Inc. now owns 595 shares of the asset manager’s stock valued at $43,000 after buying an additional 386 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in SEI Investments by 78.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 626 shares of the asset manager’s stock worth $41,000 after buying an additional 275 shares during the period. 70.59% of the stock is currently owned by institutional investors.

SEI Investments Stock Up 0.4 %

SEIC opened at $80.21 on Friday. SEI Investments has a twelve month low of $57.43 and a twelve month high of $81.97. The company has a fifty day moving average of $73.44 and a 200-day moving average of $68.94. The stock has a market cap of $10.34 billion, a PE ratio of 19.37, a price-to-earnings-growth ratio of 1.50 and a beta of 0.97.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings results on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share 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 the consensus estimate of $534.08 million. SEI Investments had a return on equity of 24.29% and a net margin of 26.60%. The business’s revenue was up 12.7% compared to the same quarter last year. During the same period last year, the business posted $0.87 EPS. Sell-side analysts anticipate that SEI Investments will post 4.41 EPS for the current fiscal year.

SEI Investments announced that its board has approved a stock buyback plan on Tuesday, October 22nd that permits the company to buyback $400.00 million in shares. This buyback authorization permits the asset manager to buy up to 4.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, EVP Michael Peterson sold 10,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $79.14, for a total transaction of $791,400.00. Following the transaction, the executive vice president now directly owns 6,500 shares of the company’s stock, valued at $514,410. This represents a 60.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Alfred P. West, Jr. sold 61,000 shares of SEI Investments stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $67.36, for a total transaction of $4,108,960.00. Following the completion of the sale, the chairman now directly owns 7,504,285 shares of the company’s stock, valued at approximately $505,488,637.60. This trade represents a 0.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 173,227 shares of company stock valued at $12,265,700 over the last 90 days. Company insiders own 14.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Oppenheimer upped their price target on shares of SEI Investments from $81.00 to $85.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Morgan Stanley raised their target price on SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a research report on Thursday, October 24th. Piper Sandler lifted their target price on SEI Investments from $74.00 to $77.00 and gave the stock a “neutral” rating in a report on Thursday, October 24th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $73.00 price target (down previously from $74.00) on shares of SEI Investments in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $77.50.

About SEI Investments

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.