Jupiter Asset Management Ltd. bought a new position in shares of SEI Investments (NASDAQ:SEIC) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 61,135 shares of the asset manager’s stock, valued at approximately $3,625,000.
Several other hedge funds have also made changes to their positions in SEIC. Inspire Investing LLC purchased a new stake in SEI Investments in the 3rd quarter valued at $230,000. CIBC Asset Management Inc lifted its stake in SEI Investments by 5.9% during the 3rd quarter. CIBC Asset Management Inc now owns 5,737 shares of the asset manager’s stock worth $340,000 after acquiring an additional 319 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in SEI Investments by 116.9% during the 3rd quarter. First Horizon Advisors Inc. now owns 935 shares of the asset manager’s stock worth $50,000 after acquiring an additional 504 shares in the last quarter. Commerce Bank lifted its stake in SEI Investments by 11.0% during the 3rd quarter. Commerce Bank now owns 11,146 shares of the asset manager’s stock worth $661,000 after acquiring an additional 1,105 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its stake in SEI Investments by 7.7% during the 3rd quarter. Mackenzie Financial Corp now owns 12,391 shares of the asset manager’s stock worth $735,000 after acquiring an additional 881 shares in the last quarter. 68.54% of the stock is owned by institutional investors and hedge funds.
In other SEI Investments news, EVP Dennis Mcgonigle sold 17,500 shares of the business’s stock in a transaction dated Wednesday, November 3rd. The stock was sold at an average price of $62.79, for a total transaction of $1,098,825.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kevin Barr sold 40,000 shares of the business’s stock in a transaction dated Tuesday, November 30th. The shares were sold at an average price of $59.63, for a total value of $2,385,200.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 68,500 shares of company stock valued at $4,193,755. Insiders own 23.86% of the company’s stock.
SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings data on Tuesday, October 19th. The asset manager reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.02. The firm had revenue of $485.32 million during the quarter, compared to analysts’ expectations of $482.33 million. SEI Investments had a return on equity of 29.24% and a net margin of 28.34%. SEI Investments’s revenue was up 14.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.75 earnings per share. As a group, sell-side analysts anticipate that SEI Investments will post 3.76 EPS for the current year.
SEI Investments announced that its Board of Directors has authorized a stock buyback program on Monday, December 13th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the asset manager to buy up to 2.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a Semi-Annual dividend, which was paid on Friday, January 7th. Stockholders of record on Tuesday, December 21st were issued a $0.40 dividend. This represents a dividend yield of 1.2%. This is a boost from SEI Investments’s previous Semi-Annual dividend of $0.26. The ex-dividend date of this dividend was Monday, December 20th. SEI Investments’s payout ratio is 21.92%.
A number of equities research analysts have issued reports on the company. Truist assumed coverage on SEI Investments in a research report on Tuesday, November 2nd. They issued a “hold” rating and a $67.00 price target on the stock. Truist Securities began coverage on SEI Investments in a research report on Tuesday, November 2nd. They set a “hold” rating and a $67.00 target price on the stock. Four research analysts have rated the stock with 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 a consensus target price of $68.20.
SEI Investments Profile
SEI Investments Co engages in the provision of investment processing, investment management and investment operations platforms. It operates through the following business segments: Private Banks, Investment Advisors, Institutional Investors, Investment Managers, and Investments in New Businesses. The Private Banks segment provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers and financial advisors worldwide.
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