SEI Investments (NASDAQ:SEIC) Stake Reduced by Cresset Asset Management LLC

Cresset Asset Management LLC cut its holdings in SEI Investments (NASDAQ:SEIC) by 54.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,289 shares of the asset manager’s stock after selling 18,106 shares during the quarter. Cresset Asset Management LLC’s holdings in SEI Investments were worth $1,262,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Nordea Investment Management AB raised its holdings in SEI Investments by 13.7% during the 4th quarter. Nordea Investment Management AB now owns 9,389 shares of the asset manager’s stock worth $780,000 after buying an additional 1,131 shares during the period. Cooper Financial Group acquired a new stake in SEI Investments during the 4th quarter worth about $320,000. CHURCHILL MANAGEMENT Corp acquired a new stake in SEI Investments during the 4th quarter worth about $1,818,000. Hennion & Walsh Asset Management Inc. raised its holdings in SEI Investments by 20.1% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 11,722 shares of the asset manager’s stock worth $967,000 after buying an additional 1,961 shares during the period. Finally, West Coast Financial LLC raised its holdings in SEI Investments by 0.6% during the 4th quarter. West Coast Financial LLC now owns 118,103 shares of the asset manager’s stock worth $9,741,000 after buying an additional 721 shares during the period. 70.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. William Blair reiterated a “market perform” rating on shares of SEI Investments in a report on Thursday, April 24th. Oppenheimer reiterated an “outperform” rating on shares of SEI Investments in a report on Thursday, April 24th. Morgan Stanley reiterated an “overweight” rating and issued a $82.00 target price (up previously from $77.00) on shares of SEI Investments in a report on Thursday, April 24th. StockNews.com upgraded SEI Investments from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Piper Sandler upped their target price on SEI Investments from $74.00 to $79.00 and gave the company a “neutral” rating in a report on Thursday, April 24th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.60.

SEI Investments Stock Performance

Shares of NASDAQ SEIC opened at $81.49 on Monday. The stock has a market cap of $10.14 billion, a price-to-earnings ratio of 18.44, a PEG ratio of 1.41 and a beta of 0.90. The business has a 50 day simple moving average of $75.17 and a 200 day simple moving average of $79.56. SEI Investments has a 52 week low of $62.38 and a 52 week high of $87.25.

SEI Investments (NASDAQ:SEIC) last announced its quarterly earnings results on Wednesday, April 23rd. The asset manager reported $1.17 EPS for the quarter, beating the consensus estimate of $1.12 by $0.05. The business had revenue of $551.34 million during the quarter, compared to analysts’ expectations of $556.76 million. SEI Investments had a return on equity of 25.51% and a net margin of 27.35%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.99 EPS. On average, analysts predict that SEI Investments will post 4.86 EPS for the current year.

SEI Investments announced that its Board of Directors has initiated a share repurchase program on Tuesday, March 18th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the asset manager to reacquire up to 5.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at SEI Investments

In related news, Chairman Alfred P. West, Jr. sold 72,842 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $79.45, for a total value of $5,787,296.90. Following the completion of the sale, the chairman now owns 7,160,080 shares of the company’s stock, valued at approximately $568,868,356. The trade was a 1.01% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark Andrew Warner sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $80.39, for a total value of $401,950.00. Following the sale, the insider now directly owns 1,300 shares of the company’s stock, valued at $104,507. The trade was a 79.37% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,214 shares of company stock valued at $6,293,903. 14.60% of the stock is owned by corporate insiders.

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.