Zacks Investment Management Buys New Position in SEI Investments (NASDAQ:SEIC)

Zacks Investment Management acquired a new position in shares of SEI Investments (NASDAQ:SEIC - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 86,107 shares of the asset manager's stock, valued at approximately $7,102,000. Zacks Investment Management owned approximately 0.07% of SEI Investments as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the company. Jump Financial LLC acquired a new stake in shares of SEI Investments in the 4th quarter valued at $3,075,000. Aware Super Pty Ltd as trustee of Aware Super purchased a new stake in SEI Investments during the 4th quarter worth about $23,710,000. CreativeOne Wealth LLC purchased a new position in shares of SEI Investments in the 4th quarter valued at about $242,000. Mariner LLC raised its position in shares of SEI Investments by 5.2% during the 4th quarter. Mariner LLC now owns 8,404 shares of the asset manager's stock worth $693,000 after acquiring an additional 419 shares in the last quarter. Finally, Townsquare Capital LLC lifted its stake in SEI Investments by 26.6% during the fourth quarter. Townsquare Capital LLC now owns 33,974 shares of the asset manager's stock worth $2,802,000 after purchasing an additional 7,135 shares during the last quarter. 70.59% of the stock is currently owned by hedge funds and other institutional investors.

SEI Investments Stock Up 2.6 %

SEIC stock traded up $1.81 on Tuesday, reaching $71.48. 142,785 shares of the company's stock were exchanged, compared to its average volume of 648,832. SEI Investments has a twelve month low of $62.38 and a twelve month high of $87.25. The stock has a fifty day moving average of $75.80 and a 200-day moving average of $78.89. The firm has a market cap of $8.99 billion, a PE ratio of 16.20, a P/E/G ratio of 1.41 and a beta of 0.90.

SEI Investments (NASDAQ:SEIC - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The asset manager reported $1.19 earnings per share for the quarter, missing analysts' consensus estimates of $1.21 by ($0.02). SEI Investments had a return on equity of 25.51% and a net margin of 27.35%. On average, equities research analysts predict that SEI Investments will post 4.86 EPS for the current fiscal year.

SEI Investments declared that its Board of Directors has authorized a share repurchase plan on Tuesday, March 18th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the asset manager to purchase up to 5.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, Chairman Alfred P. West, Jr. sold 1,372 shares of SEI Investments stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $76.28, for a total value of $104,656.16. Following the transaction, the chairman now owns 7,078,708 shares in the company, valued at approximately $539,963,846.24. This trade represents a 0.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark Andrew Warner sold 5,000 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $80.39, for a total value of $401,950.00. Following the sale, the insider now owns 1,300 shares of the company's stock, valued at $104,507. This represents a 79.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 79,214 shares of company stock valued at $6,293,903 in the last ninety days. Insiders own 14.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Piper Sandler cut their price objective on shares of SEI Investments from $87.00 to $74.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $90.00 price target (up from $86.00) on shares of SEI Investments in a research note on Thursday, January 30th. Oppenheimer raised their price objective on SEI Investments from $85.00 to $94.00 and gave the stock an "outperform" rating in a report on Tuesday, January 7th. Morgan Stanley raised SEI Investments from an "underweight" rating to an "overweight" rating and reduced their target price for the company from $81.00 to $77.00 in a report on Monday, April 7th. Finally, StockNews.com lowered SEI Investments from a "buy" rating to a "hold" rating in a research report on Wednesday, April 16th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $86.80.

SEI Investments Company 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.