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

First Horizon Advisors Inc. boosted its holdings in shares of SEI Investments (NASDAQ:SEIC) by 101.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 461 shares of the asset manager’s stock after purchasing an additional 232 shares during the quarter. First Horizon Advisors Inc.’s holdings in SEI Investments were worth $32,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SEIC. Dimensional Fund Advisors LP boosted its position 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 valued at $89,291,000 after acquiring an additional 222,631 shares during the period. Jupiter Asset Management Ltd. bought a new stake in SEI Investments in the 2nd quarter valued at $7,787,000. West Coast Financial LLC grew its position in SEI Investments by 120.8% in the 2nd quarter. West Coast Financial LLC now owns 116,128 shares of the asset manager’s stock worth $7,512,000 after purchasing an additional 63,537 shares during the last quarter. CIBC Asset Management Inc increased its holdings in shares of 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 worth $3,222,000 after purchasing an additional 46,577 shares during the period. Finally, Andra AP fonden raised its position in shares of SEI Investments by 45.6% during the second quarter. Andra AP fonden now owns 135,800 shares of the asset manager’s stock valued at $8,785,000 after buying an additional 42,500 shares during the last quarter. Institutional investors and hedge funds own 70.59% of the company’s stock.

Insider Buying and Selling at SEI Investments

In related news, EVP Philip Mccabe sold 10,500 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $75.91, for a total transaction of $797,055.00. Following the completion of the sale, the executive vice president now directly owns 43,544 shares of the company’s stock, valued at $3,305,425.04. This trade represents a 19.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ryan Hicke sold 10,000 shares of SEI Investments stock in a transaction on Friday, October 25th. The shares were sold at an average price of $74.90, for a total value 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 position. The disclosure for this sale can be found here. Over the last three months, insiders sold 129,064 shares of company stock valued at $9,282,489. 14.30% of the stock is currently owned by company insiders.

SEI Investments Stock Up 0.9 %

Shares of SEIC opened at $81.57 on Tuesday. The company has a 50-day moving average price of $74.00 and a two-hundred day moving average price of $69.13. The stock has a market cap 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. SEI Investments has a 12 month low of $57.43 and a 12 month high of $81.97.

SEI Investments (NASDAQ:SEIC) last posted its 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 return on equity of 24.29% and a net margin of 26.60%. SEI Investments’s revenue was up 12.7% on a year-over-year basis. During the same quarter last year, the company earned $0.87 EPS. Equities research analysts expect that SEI Investments will post 4.41 EPS for the current fiscal year.

SEI Investments declared that its Board of Directors has initiated 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 stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

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

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.