First Horizon Advisors Inc. Buys 232 Shares of SEI Investments (NASDAQ:SEIC)

First Horizon Advisors Inc. raised its stake in SEI Investments (NASDAQ:SEIC) by 101.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 461 shares of the asset manager’s stock after buying an additional 232 shares during the period. First Horizon Advisors Inc.’s holdings in SEI Investments were worth $32,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fairfield Financial Advisors LTD acquired a new stake in shares of SEI Investments in the 2nd quarter valued at approximately $30,000. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in SEI Investments by 925.9% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 554 shares of the asset manager’s stock worth $38,000 after purchasing an additional 500 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of SEI Investments by 78.3% during the first quarter. EverSource Wealth Advisors LLC now owns 626 shares of the asset manager’s stock worth $41,000 after purchasing an additional 275 shares in the last quarter. Bessemer Group Inc. grew its holdings in shares of SEI Investments by 184.7% in the 1st quarter. Bessemer Group Inc. now owns 595 shares of the asset manager’s stock valued at $43,000 after buying an additional 386 shares during the period. Finally, Mather Group LLC. increased its position in shares of SEI Investments by 181.2% in the 2nd quarter. Mather Group LLC. now owns 776 shares of the asset manager’s stock valued at $50,000 after buying an additional 500 shares in the last quarter. Institutional investors own 70.59% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on SEIC. Oppenheimer lifted their target price on SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Piper Sandler lifted their price objective on SEI Investments from $74.00 to $77.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Finally, Morgan Stanley increased their target price on SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $77.50.

Insider Activity

In other news, CEO Ryan Hicke sold 10,000 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $74.90, for a total transaction of $749,000.00. Following the completion of the transaction, the chief executive officer now directly owns 147,609 shares in the company, valued at $11,055,914.10. This represents a 6.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Alfred P. West, Jr. sold 61,000 shares of SEI Investments 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 completion of the sale, the chairman now directly owns 7,504,285 shares in the company, valued at approximately $505,488,637.60. This represents a 0.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 129,064 shares of company stock worth $9,282,489 over the last ninety days. Insiders own 14.30% of the company’s stock.

SEI Investments Price Performance

SEIC opened at $81.57 on Tuesday. The company has a market capitalization of $10.52 billion, a price-to-earnings ratio of 19.70, a P/E/G ratio of 1.53 and a beta of 0.97. The business’s 50-day moving average price is $74.00 and its two-hundred day moving average price is $69.13. SEI Investments has a 1 year low of $57.43 and a 1 year high of $81.97.

SEI Investments (NASDAQ:SEIC) last announced its earnings results on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.12. SEI Investments had a return on equity of 24.29% and a net margin of 26.60%. The business had revenue of $537.40 million for the quarter, compared to analyst estimates of $534.08 million. During the same quarter last year, the firm earned $0.87 EPS. SEI Investments’s revenue for the quarter was up 12.7% compared to the same quarter last year. Sell-side analysts anticipate that SEI Investments will post 4.41 earnings per share for the current fiscal year.

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

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.