CI Investments Inc. Trims Holdings in SEI Investments (NASDAQ:SEIC)

CI Investments Inc. trimmed its holdings in shares of SEI Investments (NASDAQ:SEIC – Get Rating) by 11.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,594 shares of the asset manager’s stock after selling 209 shares during the quarter. CI Investments Inc.’s holdings in SEI Investments were worth $93,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp lifted its stake in shares of SEI Investments by 8.0% in the 1st quarter. State Street Corp now owns 6,143,049 shares of the asset manager’s stock valued at $369,873,000 after acquiring an additional 452,434 shares during the last quarter. BlackRock Inc. grew its holdings in shares of SEI Investments by 2.3% during the 1st quarter. BlackRock Inc. now owns 11,645,954 shares of the asset manager’s stock worth $701,203,000 after acquiring an additional 260,417 shares during the period. PGGM Investments purchased a new position in shares of SEI Investments during the 3rd quarter worth approximately $10,617,000. ProShare Advisors LLC grew its stake in shares of SEI Investments by 39.5% in the 4th quarter. ProShare Advisors LLC now owns 684,040 shares of the asset manager’s stock worth $39,880,000 after buying an additional 193,691 shares during the last quarter. Finally, Royal Bank of Canada grew its stake in shares of SEI Investments by 51.1% in the 1st quarter. Royal Bank of Canada now owns 306,221 shares of the asset manager’s stock worth $18,437,000 after buying an additional 103,523 shares during the last quarter. 69.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SEIC has been the topic of several recent research reports. Morgan Stanley upped their price target on SEI Investments from $54.00 to $58.00 and gave the stock an “underweight” rating in a research note on Monday, April 3rd. Oppenheimer reissued an “outperform” rating and set a $68.00 price target on shares of SEI Investments in a report on Tuesday, April 4th. Piper Sandler began coverage on SEI Investments in a report on Wednesday, March 29th. They set a “neutral” rating and a $60.00 price target on the stock. Finally, StockNews.com began coverage on SEI Investments in a report on Thursday, May 18th. They set a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $60.80.

SEI Investments Price Performance

Shares of NASDAQ SEIC opened at $57.13 on Friday. The company has a market cap of $7.62 billion, a P/E ratio of 19.84, a PEG ratio of 1.42 and a beta of 1.01. SEI Investments has a 1 year low of $46.30 and a 1 year high of $64.69. The firm has a 50-day simple moving average of $57.55 and a two-hundred day simple moving average of $59.48.

SEI Investments (NASDAQ:SEIC – Get Rating) last announced its quarterly earnings data on Thursday, April 20th. The asset manager reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.03). The firm had revenue of $469.12 million during the quarter, compared to the consensus estimate of $468.79 million. SEI Investments had a return on equity of 22.29% and a net margin of 20.88%. The firm’s revenue for the quarter was down 19.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.36 EPS. As a group, equities research analysts expect that SEI Investments will post 3.38 EPS for the current year.

SEI Investments declared that its Board of Directors has initiated a stock buyback plan on Tuesday, April 18th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the asset manager to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, Chairman Alfred P. West, Jr. sold 65,900 shares of SEI Investments stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $55.45, for a total transaction of $3,654,155.00. Following the completion of the sale, the chairman now owns 8,583,787 shares of the company’s stock, valued at $475,970,989.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Chairman Alfred P. West, Jr. sold 15,659 shares of SEI Investments stock in a transaction that occurred on Wednesday, March 29th. The shares were sold at an average price of $56.06, for a total transaction of $877,843.54. Following the completion of the sale, the chairman now owns 8,568,128 shares of the company’s stock, valued at $480,329,255.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Alfred P. West, Jr. sold 65,900 shares of SEI Investments stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $55.45, for a total transaction of $3,654,155.00. Following the transaction, the chairman now directly owns 8,583,787 shares in the company, valued at $475,970,989.15. The disclosure for this sale can be found here. Over the last quarter, insiders sold 118,021 shares of company stock valued at $6,551,993. Corporate insiders own 25.40% of the company’s stock.

SEI Investments Company Profile

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SEI Investments Co engages in the provision of investment processing, investment management and investment operations platforms. It operates through the following business segments: Private Banks, Investment Advisors, Institutional Investors, Investment Managers, and Investments in New Businesses. The Private Banks segment provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers and financial advisors worldwide.