Raymond James & Associates Grows Stake in SEI Investments (NASDAQ:SEIC)

Raymond James & Associates increased its stake in SEI Investments (NASDAQ:SEIC) by 3.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 544,477 shares of the asset manager’s stock after acquiring an additional 19,846 shares during the period. Raymond James & Associates owned approximately 0.42% of SEI Investments worth $37,672,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SEIC. DGS Capital Management LLC lifted its stake in SEI Investments by 108.9% in the first quarter. DGS Capital Management LLC now owns 8,839 shares of the asset manager’s stock worth $636,000 after purchasing an additional 4,607 shares during the last quarter. Janiczek Wealth Management LLC lifted its stake in SEI Investments by 17.1% in the first quarter. Janiczek Wealth Management LLC now owns 7,015 shares of the asset manager’s stock worth $504,000 after purchasing an additional 1,022 shares during the last quarter. Procyon Advisors LLC lifted its stake in SEI Investments by 8.8% in the first quarter. Procyon Advisors LLC now owns 31,874 shares of the asset manager’s stock worth $2,292,000 after purchasing an additional 2,584 shares during the last quarter. State of Michigan Retirement System lifted its stake in SEI Investments by 1.9% in the first quarter. State of Michigan Retirement System now owns 26,624 shares of the asset manager’s stock worth $1,914,000 after purchasing an additional 500 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in SEI Investments by 2.2% in the first quarter. Principal Financial Group Inc. now owns 384,371 shares of the asset manager’s stock worth $27,636,000 after purchasing an additional 8,222 shares during the last quarter. Hedge funds and other institutional investors own 70.59% of the company’s stock.

SEI Investments Stock Performance

SEI Investments stock opened at $71.12 on Wednesday. The company has a 50 day moving average price of $68.42 and a 200-day moving average price of $67.29. SEI Investments has a fifty-two week low of $52.19 and a fifty-two week high of $73.66. The company has a market capitalization of $9.24 billion, a PE ratio of 18.62, a P/E/G ratio of 1.44 and a beta of 0.99.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings data on Wednesday, July 24th. The asset manager reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.01. The company had revenue of $518.99 million during the quarter, compared to the consensus estimate of $523.80 million. SEI Investments had a net margin of 25.44% and a return on equity of 23.25%. SEI Investments’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.89 earnings per share. On average, analysts forecast that SEI Investments will post 4.25 earnings per share for the current year.

SEI Investments declared that its board has initiated a stock buyback program on Tuesday, October 22nd that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the asset manager to repurchase up to 4.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, Chairman Alfred P. West, Jr. sold 44,163 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $67.55, for a total value of $2,983,210.65. Following the completion of the transaction, the chairman now owns 7,605,414 shares of the company’s stock, valued at $513,745,715.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other SEI Investments news, Chairman Alfred P. West, Jr. sold 27,419 shares of SEI Investments stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $67.48, for a total value of $1,850,234.12. Following the transaction, the chairman now directly owns 7,649,577 shares of the company’s stock, valued at approximately $516,193,455.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction 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 44,163 shares of SEI Investments stock in a transaction on Monday, August 26th. The stock was sold at an average price of $67.55, for a total transaction of $2,983,210.65. Following the completion of the transaction, the chairman now directly owns 7,605,414 shares in the company, valued at $513,745,715.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 132,582 shares of company stock valued at $8,942,405 over the last 90 days. Corporate insiders own 14.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Piper Sandler raised their price objective on shares of SEI Investments from $71.00 to $74.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $73.00 price target (down previously from $74.00) on shares of SEI Investments in a research note on Thursday, July 25th. Finally, Oppenheimer lifted their price target on shares of SEI Investments from $80.00 to $81.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $72.25.

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.