Sumitomo Mitsui Trust Group Inc. Trims Stock Position in SEI Investments (NASDAQ:SEIC)

Sumitomo Mitsui Trust Group Inc. lessened its position in shares of SEI Investments (NASDAQ:SEIC) by 17.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 224,084 shares of the asset manager’s stock after selling 47,433 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.17% of SEI Investments worth $15,504,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Fairfield Financial Advisors LTD purchased a new stake in shares of SEI Investments during the 2nd quarter valued at approximately $30,000. Livforsakringsbolaget Skandia Omsesidigt raised its position in shares of SEI Investments by 925.9% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 554 shares of the asset manager’s stock valued at $38,000 after buying an additional 500 shares during the period. EverSource Wealth Advisors LLC raised its position in SEI Investments by 78.3% in the first quarter. EverSource Wealth Advisors LLC now owns 626 shares of the asset manager’s stock valued at $41,000 after purchasing an additional 275 shares during the period. Bessemer Group Inc. raised its position in SEI Investments by 184.7% in the first quarter. Bessemer Group Inc. now owns 595 shares of the asset manager’s stock valued at $43,000 after purchasing an additional 386 shares during the period. Finally, Mather Group LLC. raised its position in SEI Investments by 181.2% in the second quarter. Mather Group LLC. now owns 776 shares of the asset manager’s stock valued at $50,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 70.59% of the company’s stock.

SEI Investments Stock Down 1.6 %

NASDAQ:SEIC opened at $80.23 on Monday. The company has a fifty day simple moving average of $72.36 and a two-hundred day simple moving average of $68.60. The company has a market cap of $10.34 billion, a price-to-earnings ratio of 19.38, a price-to-earnings-growth ratio of 1.52 and a beta of 0.97. SEI Investments has a 52 week low of $57.43 and a 52 week high of $81.97.

SEI Investments (NASDAQ:SEIC) last posted its quarterly earnings results on Wednesday, October 23rd. The asset manager reported $1.19 EPS for the quarter, topping the consensus estimate of $1.07 by $0.12. The business had revenue of $537.40 million during the quarter, compared to the consensus estimate of $534.08 million. SEI Investments had a net margin of 26.60% and a return on equity of 24.29%. The company’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.87 earnings per share. On average, analysts expect that SEI Investments will post 4.41 EPS for the current year.

SEI Investments declared that its Board of Directors has approved a share repurchase program on Tuesday, October 22nd that permits the company to buyback $400.00 million in shares. This buyback authorization permits the asset manager to buy up to 4.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on SEIC shares. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $73.00 target price (down previously from $74.00) on shares of SEI Investments in a research report on Thursday, July 25th. Piper Sandler boosted their target price on SEI Investments from $74.00 to $77.00 and gave the company a “neutral” rating in a research report on Thursday, October 24th. Morgan Stanley boosted their target price on SEI Investments from $70.00 to $75.00 and gave the company 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 assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $77.50.

Insider Buying and Selling

In related news, Chairman Alfred P. West, Jr. sold 61,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $67.36, for a total transaction of $4,108,960.00. Following the completion of the transaction, the chairman now owns 7,504,285 shares in the company, valued at approximately $505,488,637.60. The trade was a 0.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Michael Peterson sold 10,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $79.14, for a total transaction of $791,400.00. Following the transaction, the executive vice president now owns 6,500 shares of the company’s stock, valued at approximately $514,410. The trade was a 60.61 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 200,646 shares of company stock worth $14,115,934. Corporate insiders own 14.30% of the company’s stock.

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.