KLP Kapitalforvaltning AS Invests $13.45 Million in SEI Investments (NASDAQ:SEIC)

KLP Kapitalforvaltning AS acquired a new position in shares of SEI Investments (NASDAQ:SEIC) in the fourth quarter, Holdings Channel reports. The fund acquired 162,300 shares of the asset manager’s stock, valued at approximately $13,454,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SEIC. Caprock Group LLC lifted its holdings in shares of SEI Investments by 21.7% during the 3rd quarter. Caprock Group LLC now owns 4,375 shares of the asset manager’s stock worth $303,000 after acquiring an additional 779 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of 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 period. Raymond James Trust N.A. lifted its holdings in shares of SEI Investments by 3.8% during the 3rd quarter. Raymond James Trust N.A. now owns 9,282 shares of the asset manager’s stock worth $642,000 after acquiring an additional 343 shares during the period. Daiwa Securities Group Inc. lifted its holdings in shares of SEI Investments by 7.7% during the 3rd quarter. Daiwa Securities Group Inc. now owns 8,400 shares of the asset manager’s stock worth $581,000 after acquiring an additional 600 shares during the period. Finally, Bank of Montreal Can lifted its holdings in shares of SEI Investments by 19.7% during the 3rd quarter. Bank of Montreal Can now owns 149,659 shares of the asset manager’s stock worth $10,368,000 after acquiring an additional 24,624 shares during the period. 70.59% of the stock is owned by institutional investors.

SEI Investments Trading Down 0.2 %

Shares of NASDAQ SEIC opened at $75.84 on Monday. SEI Investments has a 1-year low of $62.38 and a 1-year high of $87.25. The company has a market cap of $9.63 billion, a PE ratio of 17.16, a P/E/G ratio of 1.41 and a beta of 0.94. The company has a 50-day moving average of $80.71 and a two-hundred day moving average of $78.11.

SEI Investments (NASDAQ:SEIC) last announced its earnings results 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 return on equity of 25.51% and a net margin of 27.35%. As a group, equities research analysts forecast that SEI Investments will post 4.86 earnings per share for the current year.

SEI Investments announced that its board has authorized a share buyback program on Tuesday, March 18th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the asset manager to purchase up to 5.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SEIC. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $90.00 target price (up previously from $86.00) on shares of SEI Investments in a research report on Thursday, January 30th. Raymond James upgraded shares of SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 target price for the company in a research report on Thursday, January 30th. Piper Sandler increased their target price on shares of SEI Investments from $77.00 to $87.00 and gave the stock a “neutral” rating in a research report on Monday, December 23rd. Morgan Stanley increased their target price on shares of SEI Investments from $75.00 to $80.00 and gave the stock an “underweight” rating in a research report on Friday, January 3rd. Finally, Oppenheimer increased their target price on shares of SEI Investments from $85.00 to $94.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 7th. 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 stock. According to MarketBeat, SEI Investments currently has a consensus rating of “Hold” and an average price target of $90.00.

Insiders Place Their Bets

In related news, Chairman Alfred P. West, Jr. sold 1,372 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $76.28, for a total transaction of $104,656.16. Following the completion of the sale, the chairman now directly owns 7,078,708 shares of the company’s stock, valued at $539,963,846.24. The trade was a 0.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Mark Andrew Warner sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $80.39, for a total transaction of $401,950.00. Following the sale, the insider now directly owns 1,300 shares of the company’s stock, valued at approximately $104,507. This trade represents a 79.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 79,214 shares of company stock valued at $6,293,903. Insiders own 14.30% of the company’s stock.

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.