SEI Investments (NASDAQ:SEIC) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. cut its stake in shares of SEI Investments (NASDAQ:SEICGet Rating) by 73.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 32,188 shares of the asset manager’s stock after selling 90,495 shares during the quarter. Russell Investments Group Ltd.’s holdings in SEI Investments were worth $1,947,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Advisor Group Holdings Inc. grew its position in shares of SEI Investments by 4.3% during the first quarter. Advisor Group Holdings Inc. now owns 15,315 shares of the asset manager’s stock worth $824,000 after buying an additional 631 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in SEI Investments by 31.5% in the first quarter. Victory Capital Management Inc. now owns 251,454 shares of the asset manager’s stock valued at $14,011,000 after purchasing an additional 60,271 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in SEI Investments by 4.2% in the first quarter. Envestnet Asset Management Inc. now owns 229,692 shares of the asset manager’s stock valued at $13,830,000 after purchasing an additional 9,201 shares in the last quarter. IFG Advisory LLC boosted its holdings in SEI Investments by 5.5% in the first quarter. IFG Advisory LLC now owns 35,859 shares of the asset manager’s stock valued at $2,159,000 after purchasing an additional 1,874 shares in the last quarter. Finally, Arizona State Retirement System boosted its holdings in SEI Investments by 1.1% in the first quarter. Arizona State Retirement System now owns 32,995 shares of the asset manager’s stock valued at $1,987,000 after purchasing an additional 346 shares in the last quarter. 70.44% of the stock is owned by institutional investors and hedge funds.

SEI Investments Price Performance

SEI Investments stock opened at $58.34 on Tuesday. SEI Investments has a 12 month low of $51.07 and a 12 month high of $65.22. The business has a 50 day simple moving average of $54.52 and a 200-day simple moving average of $56.77. The stock has a market capitalization of $7.90 billion, a PE ratio of 13.99, a price-to-earnings-growth ratio of 1.31 and a beta of 0.99.

SEI Investments (NASDAQ:SEICGet Rating) last released its quarterly earnings results on Wednesday, July 20th. The asset manager reported $0.81 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.02). SEI Investments had a return on equity of 30.81% and a net margin of 28.53%. The company had revenue of $481.67 million for the quarter, compared to analysts’ expectations of $472.18 million. During the same quarter last year, the company earned $0.93 EPS. SEI Investments’s revenue for the quarter was up 1.3% compared to the same quarter last year. As a group, equities research analysts anticipate that SEI Investments will post 3.71 EPS for the current year.

SEI Investments Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 22nd. Stockholders of record on Monday, June 13th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.74%. The ex-dividend date was Friday, June 10th. This is a boost from SEI Investments’s previous quarterly dividend of $0.37. SEI Investments’s dividend payout ratio is 19.18%.

SEI Investments announced that its board has authorized a stock buyback plan on Wednesday, June 1st that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the asset manager to reacquire up to 2.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SEIC. Piper Sandler lowered their price target on SEI Investments to $61.00 and set an “outperform” rating for the company in a report on Wednesday, July 27th. Morgan Stanley lowered their price target on SEI Investments from $55.00 to $52.00 and set an “underweight” rating for the company in a report on Thursday, July 21st. Keefe, Bruyette & Woods reduced their price objective on SEI Investments from $62.00 to $55.00 in a research note on Thursday, July 14th. The Goldman Sachs Group reduced their price objective on SEI Investments to $58.00 in a research note on Friday, July 22nd. Finally, StockNews.com cut SEI Investments from a “buy” rating to a “hold” rating in a research note on Friday, July 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $60.50.

Insider Transactions at SEI Investments

In other SEI Investments news, EVP Wayne Withrow sold 15,000 shares of the stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $55.78, for a total value of $836,700.00. Following the completion of the transaction, the executive vice president now owns 38,799 shares in the company, valued at $2,164,208.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other SEI Investments news, insider Dennis Mcgonigle sold 35,000 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $55.15, for a total value of $1,930,250.00. Following the completion of the transaction, the insider now owns 576,663 shares in the company, valued at $31,802,964.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Wayne Withrow sold 15,000 shares of the stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $55.78, for a total value of $836,700.00. Following the completion of the transaction, the executive vice president now owns 38,799 shares of the company’s stock, valued at approximately $2,164,208.22. The disclosure for this sale can be found here. Company insiders own 25.40% of the company’s stock.

SEI Investments Company Profile

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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.

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