Allstate Corp Buys Shares of 2,614 SEI Investments (NASDAQ:SEIC)

Allstate Corp bought a new position in shares of SEI Investments (NASDAQ:SEIC) during the fourth quarter, Holdings Channel reports. The institutional investor bought 2,614 shares of the asset manager’s stock, valued at approximately $216,000.

A number of other large investors also recently modified their holdings of SEIC. DnB Asset Management AS raised its stake in SEI Investments by 2.1% during the fourth quarter. DnB Asset Management AS now owns 21,925 shares of the asset manager’s stock worth $1,808,000 after acquiring an additional 450 shares during the period. Orion Portfolio Solutions LLC bought a new position in shares of SEI Investments during the fourth quarter valued at approximately $1,155,000. Norges Bank acquired a new stake in shares of SEI Investments during the 4th quarter worth approximately $48,009,000. Elo Mutual Pension Insurance Co bought a new stake in shares of SEI Investments in the 4th quarter worth approximately $1,092,000. Finally, United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new position in SEI Investments during the 4th quarter valued at approximately $709,000. 70.59% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SEIC has been the topic of several analyst reports. Raymond James raised SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 target price on the stock in a research report on Thursday, January 30th. Oppenheimer increased their price objective on shares of SEI Investments from $85.00 to $94.00 and gave the stock an “outperform” rating in a report on Tuesday, January 7th. Morgan Stanley reduced their target price on shares of SEI Investments from $84.00 to $81.00 and set an “underweight” rating for the company in a research note on Wednesday. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $90.00 target price (up previously from $86.00) on shares of SEI Investments in a research report on Thursday, January 30th. Finally, Piper Sandler lifted their price target on SEI Investments from $77.00 to $87.00 and gave the company a “neutral” rating in a report on Monday, December 23rd. One research 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $90.20.

SEI Investments Stock Performance

Shares of SEIC opened at $77.59 on Thursday. The firm has a market capitalization of $9.85 billion, a price-to-earnings ratio of 17.55, a price-to-earnings-growth ratio of 1.41 and a beta of 0.94. The stock’s fifty day moving average is $79.95 and its 200-day moving average is $78.67. SEI Investments has a one year low of $62.38 and a one year high of $87.25.

SEI Investments (NASDAQ:SEIC) last released its earnings results on Wednesday, January 29th. The asset manager reported $1.19 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.02). SEI Investments had a net margin of 27.35% and a return on equity of 25.51%. Analysts forecast that SEI Investments will post 4.86 EPS for the current fiscal year.

SEI Investments declared that its Board of Directors has initiated a stock buyback program on Tuesday, March 18th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the asset manager to buy up to 5.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at SEI Investments

In other SEI Investments news, insider Mark Andrew Warner sold 5,000 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $80.39, for a total transaction of $401,950.00. Following the completion of the transaction, the insider now directly owns 1,300 shares of the company’s stock, valued at approximately $104,507. This trade represents a 79.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Alfred P. West, Jr. sold 1,372 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $76.28, for a total value of $104,656.16. Following the completion of the sale, the chairman now directly owns 7,078,708 shares in the company, valued at $539,963,846.24. This represents a 0.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 79,214 shares of company stock worth $6,293,903 over the last quarter. 14.30% of the stock is currently owned by company insiders.

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.