SEI Investments (NASDAQ:SEIC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its stake in shares of SEI Investments (NASDAQ:SEIC) by 30.4% in the third quarter, HoldingsChannel reports. The fund owned 238,228 shares of the asset manager’s stock after selling 103,952 shares during the quarter. Principal Financial Group Inc.’s holdings in SEI Investments were worth $16,483,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Envestnet Portfolio Solutions Inc. lifted its holdings in SEI Investments by 25.0% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 4,868 shares of the asset manager’s stock worth $350,000 after buying an additional 975 shares in the last quarter. Russell Investments Group Ltd. increased its stake in shares of SEI Investments by 21.7% in the first quarter. Russell Investments Group Ltd. now owns 115,367 shares of the asset manager’s stock valued at $8,296,000 after purchasing an additional 20,533 shares during the period. State Board of Administration of Florida Retirement System raised its stake in shares of SEI Investments by 6.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 151,227 shares of the asset manager’s stock valued at $10,873,000 after purchasing an additional 9,443 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in SEI Investments by 20.6% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 62,518 shares of the asset manager’s stock valued at $4,495,000 after purchasing an additional 10,670 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of SEI Investments by 67.8% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 145,536 shares of the asset manager’s stock worth $10,376,000 after purchasing an additional 58,808 shares during the last quarter. Hedge funds and other institutional investors own 70.59% of the company’s stock.

SEI Investments Stock Performance

Shares of NASDAQ SEIC opened at $80.23 on Friday. The stock has a market cap of $10.34 billion, a P/E ratio of 19.38, a price-to-earnings-growth ratio of 1.54 and a beta of 0.97. SEI Investments has a 52-week low of $57.43 and a 52-week high of $81.97. The firm has a 50 day moving average price of $72.36 and a two-hundred day moving average price of $68.57.

SEI Investments (NASDAQ:SEIC) last announced its quarterly earnings results on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.12. The business had revenue of $537.40 million for the quarter, compared to analysts’ expectations of $534.08 million. SEI Investments had a net margin of 26.60% and a return on equity of 24.29%. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.87 EPS. Analysts predict that SEI Investments will post 4.38 earnings per share for the current fiscal year.

SEI Investments announced that its board has authorized a stock repurchase plan on Tuesday, October 22nd that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the asset manager to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at SEI Investments

In other SEI Investments news, Chairman Alfred P. West, Jr. sold 27,419 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $67.48, for a total value of $1,850,234.12. Following the transaction, the chairman now owns 7,649,577 shares of the company’s stock, valued at approximately $516,193,455.96. This represents a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ryan Hicke sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was 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 owns 147,609 shares of the company’s stock, valued at approximately $11,055,914.10. The trade was a 6.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 200,646 shares of company stock valued at $14,115,934. 14.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have commented on SEIC. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $73.00 target price (down previously from $74.00) on shares of SEI Investments in a research note on Thursday, July 25th. Morgan Stanley upped their price target on SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a report on Thursday, October 24th. Oppenheimer lifted their target price on SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Finally, Piper Sandler increased their price objective on shares of SEI Investments from $74.00 to $77.00 and gave the company a “neutral” rating in a research note on Thursday, October 24th. One 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. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $77.50.

SEI Investments Company 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.