M&T Bank Corp Sells 4,604 Shares of SEI Investments (NASDAQ:SEIC)

M&T Bank Corp reduced its holdings in SEI Investments (NASDAQ:SEIC) by 48.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,981 shares of the asset manager’s stock after selling 4,604 shares during the period. M&T Bank Corp’s holdings in SEI Investments were worth $345,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Aurora Investment Counsel grew its position in SEI Investments by 0.6% in the third quarter. Aurora Investment Counsel now owns 25,162 shares of the asset manager’s stock worth $1,741,000 after acquiring an additional 144 shares in the last quarter. IFG Advisory LLC boosted its holdings in shares of SEI Investments by 0.3% in the 2nd quarter. IFG Advisory LLC now owns 59,228 shares of the asset manager’s stock worth $3,831,000 after purchasing an additional 166 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of SEI Investments by 16.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,197 shares of the asset manager’s stock worth $77,000 after purchasing an additional 168 shares during the period. Creative Planning raised its holdings in SEI Investments by 2.3% during the 3rd quarter. Creative Planning now owns 8,086 shares of the asset manager’s stock valued at $559,000 after buying an additional 182 shares during the period. Finally, Signaturefd LLC raised its holdings in SEI Investments by 7.8% during the 2nd quarter. Signaturefd LLC now owns 2,942 shares of the asset manager’s stock valued at $190,000 after buying an additional 213 shares during the period. 70.59% of the stock is currently owned by institutional investors.

Insider Buying and Selling at SEI Investments

In related news, EVP Michael Peterson sold 25,000 shares of SEI Investments stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $74.59, for a total transaction of $1,864,750.00. Following the transaction, the executive vice president now directly owns 6,500 shares of the company’s stock, valued at $484,835. This trade represents a 79.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ryan Hicke sold 10,000 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $74.90, for a total value of $749,000.00. Following the sale, the chief executive officer now owns 147,609 shares of the company’s stock, valued at approximately $11,055,914.10. This represents a 6.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 239,258 shares of company stock valued at $19,753,402 in the last ninety days. Corporate insiders own 14.30% of the company’s stock.

Wall Street Analyst Weigh In

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

SEI Investments Trading Down 5.1 %

NASDAQ SEIC opened at $80.76 on Thursday. The stock has a market cap of $10.41 billion, a PE ratio of 19.51, a PEG ratio of 1.62 and a beta of 0.98. SEI Investments has a 12 month low of $61.58 and a 12 month high of $87.25. The company’s 50-day moving average price is $78.98 and its 200-day moving average price is $71.01.

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

SEI Investments announced that its Board of Directors has authorized a share repurchase program on Tuesday, October 22nd that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the asset manager to repurchase up to 4.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

SEI Investments Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Friday, December 27th will be given a dividend of $0.49 per share. The ex-dividend date is Friday, December 27th. This is a positive change from SEI Investments’s previous semi-annual dividend of $0.46. This represents a yield of 1.1%. SEI Investments’s payout ratio is 23.67%.

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.