Cadence Bank Reduces Stock Holdings in SEI Investments (NASDAQ:SEIC)

Cadence Bank lessened its stake in shares of SEI Investments (NASDAQ:SEIC) by 1.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 10,507 shares of the asset manager’s stock after selling 185 shares during the period. Cadence Bank’s holdings in SEI Investments were worth $727,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. FMR LLC raised its position in SEI Investments by 249.7% in the 3rd quarter. FMR LLC now owns 885,113 shares of the asset manager’s stock worth $61,241,000 after purchasing an additional 632,024 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of SEI Investments by 19.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,380,311 shares of the asset manager’s stock worth $89,291,000 after buying an additional 222,631 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in shares of SEI Investments in the second quarter worth approximately $7,787,000. West Coast Financial LLC lifted its stake in shares of SEI Investments by 120.8% during the 2nd quarter. West Coast Financial LLC now owns 116,128 shares of the asset manager’s stock worth $7,512,000 after acquiring an additional 63,537 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its holdings in SEI Investments by 1,444.2% during the 2nd quarter. CIBC Asset Management Inc now owns 49,802 shares of the asset manager’s stock valued at $3,222,000 after acquiring an additional 46,577 shares during the period. 70.59% of the stock is currently owned by institutional investors.

SEI Investments Stock Performance

Shares of SEIC stock opened at $82.44 on Thursday. SEI Investments has a twelve month low of $57.43 and a twelve month high of $83.02. The stock has a fifty day simple moving average of $74.30 and a two-hundred day simple moving average of $69.23. The stock has a market capitalization of $10.63 billion, a price-to-earnings ratio of 19.91, a P/E/G ratio of 1.54 and a beta of 0.97.

SEI Investments (NASDAQ:SEIC) last released its quarterly earnings data on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share 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 company had revenue of $537.40 million during the quarter, compared to analyst estimates of $534.08 million. During the same period in the prior year, the firm earned $0.87 earnings per share. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. Research analysts predict that SEI Investments will post 4.41 EPS for the current fiscal year.

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

Insider Transactions at SEI Investments

In other SEI Investments news, Director Carmen Romeo sold 5,000 shares of SEI Investments stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $79.64, for a total value of $398,200.00. Following the transaction, the director now owns 1,577,652 shares in the company, valued at $125,644,205.28. The trade was a 0.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carl Guarino sold 7,564 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $75.77, for a total transaction of $573,124.28. Following the sale, the director now directly owns 13,867 shares of the company’s stock, valued at approximately $1,050,702.59. The trade was a 35.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,064 shares of company stock valued at $5,173,529. Company insiders own 14.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. 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. Oppenheimer lifted their price objective on shares of SEI Investments from $81.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Finally, Piper Sandler boosted their price objective on shares of SEI Investments from $74.00 to $77.00 and gave the company a “neutral” 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 issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $77.50.

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.