Retirement Systems of Alabama Decreases Holdings in SEI Investments (NASDAQ:SEIC)

Retirement Systems of Alabama trimmed its stake in SEI Investments (NASDAQ:SEIC) by 1.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 278,914 shares of the asset manager’s stock after selling 3,326 shares during the quarter. Retirement Systems of Alabama owned approximately 0.22% of SEI Investments worth $19,298,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Aurora Investment Counsel lifted its stake in SEI Investments by 0.6% in the third quarter. Aurora Investment Counsel now owns 25,162 shares of the asset manager’s stock valued at $1,741,000 after purchasing an additional 144 shares during the last quarter. IFG Advisory LLC raised its stake in shares of SEI Investments by 0.3% in the second quarter. IFG Advisory LLC now owns 59,228 shares of the asset manager’s stock valued at $3,831,000 after buying an additional 166 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of SEI Investments by 16.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,197 shares of the asset manager’s stock valued at $77,000 after buying an additional 168 shares during the last quarter. Creative Planning grew its stake in shares of SEI Investments by 2.3% during the 3rd quarter. Creative Planning now owns 8,086 shares of the asset manager’s stock worth $559,000 after acquiring an additional 182 shares during the period. Finally, Signaturefd LLC increased its holdings in SEI Investments by 7.8% in the 2nd quarter. Signaturefd LLC now owns 2,942 shares of the asset manager’s stock worth $190,000 after acquiring an additional 213 shares during the last quarter. 70.59% of the stock is owned by institutional investors.

SEI Investments Stock Down 0.9 %

Shares of SEIC opened at $85.83 on Friday. SEI Investments has a twelve month low of $61.28 and a twelve month high of $87.25. The stock has a market cap of $11.06 billion, a PE ratio of 20.73, a P/E/G ratio of 1.62 and a beta of 0.98. The business’s 50-day moving average price is $78.17 and its 200-day moving average price is $70.66.

SEI Investments (NASDAQ:SEIC) last posted its 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. SEI Investments had a net margin of 26.60% and a return on equity of 24.29%. The business had revenue of $537.40 million for the quarter, compared to analyst estimates of $534.08 million. During the same quarter in the prior year, the firm posted $0.87 EPS. SEI Investments’s revenue was up 12.7% on a year-over-year basis. Analysts expect that SEI Investments will post 4.41 earnings per share for the current fiscal year.

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

SEI Investments Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Wednesday, January 8th. Investors of record on Friday, December 27th will be given a $0.49 dividend. This represents a dividend yield of 1.1%. The ex-dividend date is Friday, December 27th. This is an increase from SEI Investments’s previous semi-annual dividend of $0.46. SEI Investments’s dividend payout ratio (DPR) is 22.22%.

Insider Buying and Selling

In related news, Director Carmen Romeo sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $79.64, for a total value of $398,200.00. Following the sale, the director now directly owns 1,577,652 shares of the company’s stock, valued at $125,644,205.28. This trade represents a 0.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ryan Hicke sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $74.90, for a total transaction of $749,000.00. Following the completion of the transaction, the chief executive officer now directly owns 147,609 shares of the company’s stock, valued at approximately $11,055,914.10. This represents a 6.34 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 93,058 shares of company stock worth $7,245,697. Corporate insiders own 14.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on SEIC shares. Oppenheimer upped their price objective on shares of SEI Investments from $81.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Morgan Stanley upped their price target on shares of SEI Investments from $70.00 to $75.00 and gave the company an “underweight” rating in a research note on Thursday, October 24th. Finally, Piper Sandler lifted their price objective on shares of SEI Investments from $74.00 to $77.00 and gave the company a “neutral” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $77.50.

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.