State of Michigan Retirement System Cuts Position in SEI Investments (NASDAQ:SEIC)

State of Michigan Retirement System lessened its holdings in SEI Investments (NASDAQ:SEIC) by 1.2% during the fourth quarter, Holdings Channel.com reports. The firm owned 25,224 shares of the asset manager’s stock after selling 300 shares during the quarter. State of Michigan Retirement System’s holdings in SEI Investments were worth $2,080,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Geode Capital Management LLC grew its holdings in SEI Investments by 13.5% in the third quarter. Geode Capital Management LLC now owns 2,520,430 shares of the asset manager’s stock worth $174,092,000 after purchasing an additional 300,704 shares during the period. Boston Trust Walden Corp lifted its stake in shares of SEI Investments by 1.6% in the fourth quarter. Boston Trust Walden Corp now owns 1,306,329 shares of the asset manager’s stock worth $107,746,000 after buying an additional 20,020 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of SEI Investments by 4.1% in the fourth quarter. Bank of New York Mellon Corp now owns 1,171,743 shares of the asset manager’s stock worth $96,645,000 after buying an additional 46,425 shares in the last quarter. FMR LLC lifted its stake in shares of SEI Investments by 249.7% in the third quarter. FMR LLC now owns 885,113 shares of the asset manager’s stock worth $61,241,000 after buying an additional 632,024 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of SEI Investments by 2.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 546,187 shares of the asset manager’s stock worth $37,791,000 after buying an additional 10,576 shares in the last quarter. Hedge funds and other institutional investors own 70.59% of the company’s stock.

SEI Investments Stock Down 0.3 %

Shares of SEI Investments stock opened at $75.77 on Friday. The company has a market cap of $9.62 billion, a price-to-earnings ratio of 17.14, a price-to-earnings-growth ratio of 1.41 and a beta of 0.94. The company’s 50 day moving average is $82.11 and its 200 day moving average is $77.52. SEI Investments has a twelve month low of $62.38 and a twelve month high of $87.25.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings data on Wednesday, January 29th. The asset manager reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.02). SEI Investments had a net margin of 27.35% and a return on equity of 25.51%. Sell-side analysts expect that SEI Investments will post 4.86 EPS for the current fiscal year.

SEI Investments Increases Dividend

The firm also recently declared a semi-annual dividend, which was paid on Wednesday, January 8th. Shareholders of record on Friday, December 27th were given a $0.49 dividend. The ex-dividend date of this dividend was Friday, December 27th. This is an increase from SEI Investments’s previous semi-annual dividend of $0.46. This represents a yield of 1.1%. SEI Investments’s dividend payout ratio (DPR) is presently 22.17%.

Insiders Place Their Bets

In other SEI Investments news, insider Mark Andrew Warner sold 5,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $80.39, for a total value of $401,950.00. Following the transaction, the insider now directly owns 1,300 shares in the company, valued at approximately $104,507. This trade represents a 79.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Alfred P. West, Jr. sold 1,372 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $76.28, for a total transaction of $104,656.16. Following the completion of the transaction, the chairman now owns 7,078,708 shares in the company, valued at $539,963,846.24. The trade was a 0.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 225,414 shares of company stock worth $18,801,608. Company insiders own 14.30% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SEIC. Morgan Stanley upped their target price on shares of SEI Investments from $75.00 to $80.00 and gave the stock an “underweight” rating in a research note on Friday, January 3rd. Piper Sandler upped their target price on shares of SEI Investments from $77.00 to $87.00 and gave the stock a “neutral” rating in a research note on Monday, December 23rd. Raymond James upgraded shares of SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 target price on the stock in a research note on Thursday, January 30th. Oppenheimer upped their target price on shares of SEI Investments from $85.00 to $94.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $90.00 target price (up previously from $86.00) on shares of SEI Investments in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $90.00.

SEI Investments 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.