Geode Capital Management LLC Increases Holdings in SEI Investments (NASDAQ:SEIC)

Geode Capital Management LLC boosted its position in SEI Investments (NASDAQ:SEIC - Free Report) by 13.5% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 2,520,430 shares of the asset manager's stock after acquiring an additional 300,704 shares during the period. Geode Capital Management LLC owned 1.96% of SEI Investments worth $174,092,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. lifted its stake in shares of SEI Investments by 55.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,549 shares of the asset manager's stock valued at $488,000 after buying an additional 2,681 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of SEI Investments by 1,752.0% in the second quarter. Blue Trust Inc. now owns 4,204 shares of the asset manager's stock worth $272,000 after acquiring an additional 3,977 shares during the period. Raymond James & Associates grew its holdings in SEI Investments by 4.8% during the 2nd quarter. Raymond James & Associates now owns 524,631 shares of the asset manager's stock valued at $33,938,000 after buying an additional 24,058 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in SEI Investments by 12.8% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 13,129 shares of the asset manager's stock worth $849,000 after acquiring an additional 1,490 shares during the period. Finally, Neo Ivy Capital Management purchased a new stake in shares of SEI Investments in the second quarter worth $744,000. 70.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Morgan Stanley upped their target price on SEI Investments from $70.00 to $75.00 and gave the stock an "underweight" rating in a research note on Thursday, October 24th. Oppenheimer upped their price objective on SEI Investments from $81.00 to $85.00 and gave the stock an "outperform" rating in a report on Thursday, October 24th. Finally, Piper Sandler raised their price objective on SEI Investments from $74.00 to $77.00 and gave the company a "neutral" rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $77.50.

SEI Investments Stock Performance

SEIC stock traded down $0.10 during trading on Monday, hitting $85.73. 920,377 shares of the company traded hands, compared to its average volume of 598,672. The company has a 50-day moving average of $78.17 and a 200-day moving average of $70.69. SEI Investments has a 1 year low of $61.58 and a 1 year high of $87.25. The firm has a market capitalization of $11.05 billion, a PE ratio of 20.73, a P/E/G ratio of 1.62 and a beta of 0.98.

SEI Investments (NASDAQ:SEIC - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share for the quarter, beating analysts' consensus estimates of $1.07 by $0.12. SEI Investments had a return on equity of 24.29% and a net margin of 26.60%. The firm had revenue of $537.40 million during the quarter, compared to analyst estimates of $534.08 million. During the same quarter in the prior year, the firm posted $0.87 earnings per share. The business's quarterly revenue was up 12.7% compared to the same quarter last year. Sell-side analysts expect that SEI Investments will post 4.41 EPS for the current year.

SEI Investments Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Friday, December 27th will be paid a dividend of $0.49 per share. This represents a dividend yield of 1.1%. This is an increase from SEI Investments's previous semi-annual dividend of $0.46. The ex-dividend date of this dividend is Friday, December 27th. SEI Investments's dividend payout ratio is 23.67%.

SEI Investments announced that its Board of Directors has approved a stock buyback plan on Tuesday, October 22nd that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the asset manager to purchase up to 4.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board believes its stock is undervalued.

Insider Transactions at SEI Investments

In other news, Chairman Alfred P. West, Jr. sold 5,984 shares of the business's stock in a transaction on Friday, December 6th. The shares were sold at an average price of $84.23, for a total transaction of $504,032.32. Following the sale, the chairman now owns 7,371,522 shares in the company, valued at approximately $620,903,298.06. The trade was a 0.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michael Peterson sold 25,000 shares of the stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $74.59, for a total transaction of $1,864,750.00. Following the completion of the transaction, the executive vice president now owns 6,500 shares of the company's stock, valued at approximately $484,835. The trade was a 79.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 93,058 shares of company stock worth $7,245,697. Company insiders own 14.30% of the company's stock.

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.