Corebridge Financial Inc. Has $9.15 Million Stake in SEI Investments (NASDAQ:SEIC)

Corebridge Financial Inc. reduced its stake in shares of SEI Investments (NASDAQ:SEIC) by 5.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 110,871 shares of the asset manager’s stock after selling 5,878 shares during the quarter. Corebridge Financial Inc.’s holdings in SEI Investments were worth $9,145,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Allworth Financial LP boosted its stake in SEI Investments by 53.7% during the 4th quarter. Allworth Financial LP now owns 452 shares of the asset manager’s stock worth $38,000 after acquiring an additional 158 shares during the last quarter. First Horizon Advisors Inc. boosted its position in shares of SEI Investments by 25.4% during the fourth quarter. First Horizon Advisors Inc. now owns 578 shares of the asset manager’s stock worth $48,000 after purchasing an additional 117 shares in the last quarter. Point72 DIFC Ltd acquired a new position in shares of SEI Investments in the 3rd quarter valued at $45,000. Rialto Wealth Management LLC bought a new stake in shares of SEI Investments in the 4th quarter valued at $55,000. Finally, EverSource Wealth Advisors LLC raised its stake in SEI Investments by 25.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 860 shares of the asset manager’s stock worth $71,000 after buying an additional 172 shares during the period. 70.59% of the stock is owned by institutional investors.

Insider Activity

In related news, Chairman Alfred P. West, Jr. sold 72,842 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $79.45, for a total transaction of $5,787,296.90. Following the transaction, the chairman now directly owns 7,160,080 shares in the company, valued at approximately $568,868,356. The trade was a 1.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark Andrew Warner sold 5,000 shares of the company’s stock in a transaction 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 in the company, valued at $104,507. This trade represents a 79.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,214 shares of company stock worth $6,293,903 in the last quarter. Corporate insiders own 14.30% of the company’s stock.

Analysts Set New Price Targets

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

SEI Investments Stock Down 0.2 %

NASDAQ:SEIC opened at $78.15 on Friday. The company has a market cap of $9.92 billion, a P/E ratio of 17.68, a price-to-earnings-growth ratio of 1.41 and a beta of 0.94. SEI Investments has a twelve month low of $62.38 and a twelve month high of $87.25. The business has a 50 day moving average price of $80.46 and a two-hundred day moving average price of $78.28.

SEI Investments (NASDAQ:SEIC) last announced its earnings results on Wednesday, January 29th. The asset manager reported $1.19 EPS for the quarter, missing the consensus estimate 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, analysts anticipate that SEI Investments will post 4.86 earnings per share for the current fiscal year.

SEI Investments announced that its board has initiated a stock repurchase plan on Tuesday, March 18th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the asset manager to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

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.