Cadence Bank Reduces Position in SEI Investments (NASDAQ:SEIC)

Cadence Bank lowered its stake in SEI Investments (NASDAQ:SEIC) by 1.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,507 shares of the asset manager’s stock after selling 185 shares during the period. Cadence Bank’s holdings in SEI Investments were worth $727,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. FMR LLC raised its stake in SEI Investments by 249.7% in the 3rd quarter. FMR LLC now owns 885,113 shares of the asset manager’s stock worth $61,241,000 after acquiring an additional 632,024 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in 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 purchasing an additional 222,631 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new position in shares of SEI Investments in the second quarter valued at about $7,787,000. West Coast Financial LLC raised its stake in shares of SEI Investments by 120.8% in the second 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. Finally, CIBC Asset Management Inc lifted its holdings in shares of SEI Investments by 1,444.2% during the second 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. 70.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at SEI Investments

In other SEI Investments news, Director Carmen Romeo sold 5,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now owns 1,577,652 shares of the company’s stock, valued at $125,644,205.28. This represents a 0.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ryan Hicke sold 10,000 shares of SEI Investments stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $74.90, for a total value of $749,000.00. Following the completion of the sale, the chief executive officer now directly owns 147,609 shares in the company, valued at $11,055,914.10. This represents a 6.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,064 shares of company stock valued at $5,173,529. 14.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on SEIC shares. Morgan Stanley increased their price target on shares of SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a report on Thursday, October 24th. Oppenheimer increased their price objective on shares of SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Finally, Piper Sandler boosted their target price on shares of 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 assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $77.50.

SEI Investments Stock Performance

SEIC stock opened at $82.44 on Thursday. SEI Investments has a one year low of $57.43 and a one year high of $83.02. The firm’s fifty day moving average is $74.30 and its 200 day moving average is $69.23. The firm has a market cap of $10.63 billion, a PE ratio of 19.91, a P/E/G ratio of 1.54 and a beta of 0.97.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings data on Wednesday, October 23rd. The asset manager reported $1.19 EPS for the quarter, beating the consensus estimate of $1.07 by $0.12. The company had revenue of $537.40 million for the quarter, compared to analyst estimates of $534.08 million. SEI Investments had a return on equity of 24.29% and a net margin of 26.60%. SEI Investments’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same period last year, the company earned $0.87 earnings per share. Research analysts predict that SEI Investments will post 4.41 earnings per share for the current fiscal year.

SEI Investments announced that its Board of Directors has initiated a stock repurchase program on Tuesday, October 22nd that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the asset manager to reacquire up to 4.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

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.