PNC Financial Services Group Inc. Trims Stock Position in SEI Investments (NASDAQ:SEIC)

PNC Financial Services Group Inc. lessened its position in shares of SEI Investments (NASDAQ:SEIC) by 7.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 28,561 shares of the asset manager’s stock after selling 2,309 shares during the quarter. PNC Financial Services Group Inc.’s holdings in SEI Investments were worth $1,976,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in SEIC. Dimensional Fund Advisors LP raised its position in shares of SEI Investments by 19.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,380,311 shares of the asset manager’s stock valued at $89,291,000 after buying an additional 222,631 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in shares of SEI Investments during the 2nd quarter valued at approximately $7,787,000. West Coast Financial LLC raised its position in shares of SEI Investments by 120.8% during the 2nd quarter. West Coast Financial LLC now owns 116,128 shares of the asset manager’s stock valued at $7,512,000 after buying an additional 63,537 shares during the period. CIBC Asset Management Inc raised its position in SEI Investments by 1,444.2% in the second quarter. CIBC Asset Management Inc now owns 49,802 shares of the asset manager’s stock valued at $3,222,000 after purchasing an additional 46,577 shares during the period. Finally, Andra AP fonden raised its position in SEI Investments by 45.6% in the second quarter. Andra AP fonden now owns 135,800 shares of the asset manager’s stock valued at $8,785,000 after purchasing an additional 42,500 shares during the period. Hedge funds and other institutional investors own 70.59% of the company’s stock.

SEI Investments Stock Up 1.1 %

NASDAQ:SEIC opened at $82.44 on Wednesday. The company has a fifty day simple moving average of $74.00 and a two-hundred day simple moving average of $69.13. The company has a market cap of $10.63 billion, a price-to-earnings ratio of 19.91, a price-to-earnings-growth ratio of 1.53 and a beta of 0.97. SEI Investments has a 52 week low of $57.43 and a 52 week high of $82.47.

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.

Wall Street Analyst Weigh In

SEIC has been the topic of a number of research analyst reports. 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. 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, 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $77.50.

Insiders Place Their Bets

In related news, CEO Ryan Hicke sold 10,000 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $74.90, for a total transaction of $749,000.00. Following the completion of the transaction, the chief executive officer now owns 147,609 shares in the company, valued at approximately $11,055,914.10. The trade was a 6.34 % 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, Director Carmen Romeo sold 5,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $79.64, for a total transaction of $398,200.00. Following the transaction, the director now owns 1,577,652 shares of the company’s stock, valued at approximately $125,644,205.28. The trade was a 0.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 68,064 shares of company stock worth $5,173,529 over the last 90 days. Corporate insiders own 14.30% of the company’s stock.

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.