State of Michigan Retirement System Has $1.70 Million Stake in SEI Investments (NASDAQ:SEIC)

State of Michigan Retirement System cut its position in SEI Investments (NASDAQ:SEIC) by 1.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,224 shares of the asset manager’s stock after selling 400 shares during the quarter. State of Michigan Retirement System’s holdings in SEI Investments were worth $1,696,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in SEI Investments by 3.2% in the second quarter. Bank of New York Mellon Corp now owns 1,186,439 shares of the asset manager’s stock valued at $76,751,000 after buying an additional 36,810 shares in the last quarter. Brown Advisory Inc. boosted its stake in shares of SEI Investments by 1.6% in the 4th quarter. Brown Advisory Inc. now owns 692,337 shares of the asset manager’s stock valued at $43,998,000 after purchasing an additional 10,700 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of SEI Investments by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 655,418 shares of the asset manager’s stock valued at $41,652,000 after purchasing an additional 12,453 shares during the last quarter. Hsbc Holdings PLC increased its position in SEI Investments by 0.8% during the 4th quarter. Hsbc Holdings PLC now owns 551,474 shares of the asset manager’s stock worth $35,049,000 after purchasing an additional 4,212 shares in the last quarter. Finally, Raymond James & Associates lifted its stake in SEI Investments by 4.8% in the 2nd quarter. Raymond James & Associates now owns 524,631 shares of the asset manager’s stock valued at $33,938,000 after purchasing an additional 24,058 shares during the last quarter. Institutional investors own 70.59% of the company’s stock.

SEI Investments Stock Performance

Shares of NASDAQ:SEIC opened at $67.30 on Thursday. SEI Investments has a 52 week low of $52.19 and a 52 week high of $72.54. The firm has a market cap of $8.84 billion, a PE ratio of 18.39, a price-to-earnings-growth ratio of 1.33 and a beta of 0.99. The firm’s fifty day moving average is $66.15 and its 200-day moving average is $67.23.

SEI Investments (NASDAQ:SEIC) last announced its earnings results on Wednesday, July 24th. The asset manager reported $1.05 EPS for the quarter, topping the consensus estimate of $1.04 by $0.01. The firm had revenue of $518.99 million for the quarter, compared to the consensus estimate of $523.80 million. SEI Investments had a return on equity of 23.25% and a net margin of 25.44%. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.89 EPS. Sell-side analysts forecast that SEI Investments will post 4.19 EPS for the current year.

Insider Activity at SEI Investments

In other news, Director William Doran sold 5,000 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $67.04, for a total value of $335,200.00. Following the sale, the director now directly owns 656,386 shares of the company’s stock, valued at approximately $44,004,117.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director William Doran sold 5,000 shares of the business’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $67.04, for a total value of $335,200.00. Following the transaction, the director now directly owns 656,386 shares of the company’s stock, valued at approximately $44,004,117.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Alfred P. West, Jr. sold 61,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $67.36, for a total value of $4,108,960.00. Following the sale, the chairman now owns 7,504,285 shares in the company, valued at approximately $505,488,637.60. The disclosure for this sale can be found here. Insiders have sold 137,582 shares of company stock worth $9,277,605 over the last ninety days. Insiders own 14.30% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SEIC. Piper Sandler lowered their price target on shares of SEI Investments from $72.00 to $71.00 and set a “neutral” rating for the company in a report on Thursday, July 25th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $73.00 target price (down from $74.00) on shares of SEI Investments in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, SEI Investments has an average rating of “Hold” and an average price target of $71.25.

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.