Convergence Investment Partners LLC Purchases 10,120 Shares of SEI Investments (NASDAQ:SEIC)

Convergence Investment Partners LLC lifted its position in shares of SEI Investments (NASDAQ:SEIC) by 54.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,850 shares of the asset manager’s stock after acquiring an additional 10,120 shares during the period. Convergence Investment Partners LLC’s holdings in SEI Investments were worth $2,380,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Allworth Financial LP increased its position in shares of SEI Investments by 53.7% during the fourth quarter. Allworth Financial LP now owns 452 shares of the asset manager’s stock valued at $38,000 after acquiring an additional 158 shares in the last quarter. First Horizon Advisors Inc. grew its position in SEI Investments by 101.3% in the 3rd quarter. First Horizon Advisors Inc. now owns 461 shares of the asset manager’s stock worth $32,000 after purchasing an additional 232 shares during the period. Point72 DIFC Ltd bought a new stake in SEI Investments in the 3rd quarter worth approximately $45,000. Principal Securities Inc. grew its position in SEI Investments by 13.3% in the 4th quarter. Principal Securities Inc. now owns 1,324 shares of the asset manager’s stock worth $109,000 after purchasing an additional 155 shares during the period. Finally, Venturi Wealth Management LLC grew its position in SEI Investments by 7.3% in the 4th quarter. Venturi Wealth Management LLC now owns 2,105 shares of the asset manager’s stock worth $174,000 after purchasing an additional 144 shares during the period. Institutional investors own 70.59% of the company’s stock.

SEI Investments Price Performance

Shares of SEI Investments stock opened at $82.84 on Wednesday. The company’s fifty day simple moving average is $83.43 and its 200-day simple moving average is $76.35. The stock has a market capitalization of $10.68 billion, a PE ratio of 18.74, a P/E/G ratio of 1.41 and a beta of 0.98. SEI Investments has a 1-year low of $62.38 and a 1-year high of $87.25.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings results on Wednesday, January 29th. The asset manager reported $1.19 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.02). SEI Investments had a return on equity of 25.51% and a net margin of 27.35%. As a group, research analysts anticipate that SEI Investments will post 4.86 EPS for the current year.

SEI Investments Increases Dividend

The company also recently announced a semi-annual dividend, which was paid on Wednesday, January 8th. Investors of record on Friday, December 27th were paid a dividend of $0.49 per share. This is a boost from SEI Investments’s previous semi-annual dividend of $0.46. The ex-dividend date was Friday, December 27th. This represents a dividend yield of 1.1%. SEI Investments’s payout ratio is 22.17%.

SEI Investments announced that its Board of Directors has initiated a share repurchase plan on Tuesday, October 22nd that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the asset manager to purchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Piper Sandler lifted their target price on shares of SEI Investments from $77.00 to $87.00 and gave the stock a “neutral” rating in a research report on Monday, December 23rd. Morgan Stanley lifted their target price on shares of SEI Investments from $75.00 to $80.00 and gave the stock an “underweight” rating in a research report on Friday, January 3rd. Oppenheimer lifted their target price on shares of SEI Investments from $85.00 to $94.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 7th. Raymond James upgraded shares of SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 price target on the stock in a research note on Thursday, January 30th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $90.00 price target (up previously from $86.00) on shares of SEI Investments in a research note on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, SEI Investments presently has an average rating of “Hold” and an average target price of $90.00.

Insider Activity at SEI Investments

In related news, Chairman Alfred P. West, Jr. sold 94,158 shares of SEI Investments stock in a transaction on Friday, December 13th. The shares were sold at an average price of $85.73, for a total transaction of $8,072,165.34. Following the transaction, the chairman now owns 7,284,964 shares in the company, valued at approximately $624,539,963.72. The trade was a 1.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders have sold 171,194 shares of company stock worth $14,579,872. 14.30% of the stock is owned by corporate 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.