Norges Bank Makes New $48.01 Million Investment in SEI Investments (NASDAQ:SEIC)

Norges Bank bought a new stake in shares of SEI Investments (NASDAQ:SEIC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 582,069 shares of the asset manager's stock, valued at approximately $48,009,000. Norges Bank owned 0.45% of SEI Investments at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. First Horizon Advisors Inc. raised its position in shares of SEI Investments by 25.4% in the fourth quarter. First Horizon Advisors Inc. now owns 578 shares of the asset manager's stock worth $48,000 after buying an additional 117 shares in the last quarter. Venturi Wealth Management LLC raised its holdings in shares of SEI Investments by 7.3% in the 4th quarter. Venturi Wealth Management LLC now owns 2,105 shares of the asset manager's stock valued at $174,000 after acquiring an additional 144 shares in the last quarter. Ashton Thomas Securities LLC boosted its position in shares of SEI Investments by 2.5% during the 4th quarter. Ashton Thomas Securities LLC now owns 5,969 shares of the asset manager's stock valued at $492,000 after acquiring an additional 145 shares during the last quarter. Principal Securities Inc. grew its holdings in shares of SEI Investments by 13.3% during the fourth quarter. Principal Securities Inc. now owns 1,324 shares of the asset manager's stock worth $109,000 after purchasing an additional 155 shares in the last quarter. Finally, Allworth Financial LP increased its position in shares of SEI Investments by 53.7% in the fourth quarter. Allworth Financial LP now owns 452 shares of the asset manager's stock worth $38,000 after purchasing an additional 158 shares during the last quarter. Hedge funds and other institutional investors own 70.59% of the company's stock.

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SEI Investments Stock Performance

Shares of SEIC traded down $0.41 during mid-day trading on Tuesday, reaching $67.44. The company had a trading volume of 381,256 shares, compared to its average volume of 635,308. The company has a market capitalization of $8.56 billion, a price-to-earnings ratio of 15.28, a price-to-earnings-growth ratio of 1.41 and a beta of 0.90. The firm has a 50-day moving average price of $79.10 and a 200 day moving average price of $78.78. SEI Investments has a 52 week low of $62.38 and a 52 week high of $87.25.

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

SEI Investments declared that its board has initiated a stock buyback plan on Tuesday, March 18th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the asset manager to reacquire up to 5.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have issued reports on SEIC. Piper Sandler dropped their target price on shares of SEI Investments from $87.00 to $74.00 and set a "neutral" rating for the company in a research report on Tuesday. Raymond James raised SEI Investments from a "market perform" rating to an "outperform" rating and set a $99.00 price target for the company in a research note on Thursday, January 30th. Morgan Stanley raised SEI Investments from an "underweight" rating to an "overweight" rating and decreased their price objective for the company from $81.00 to $77.00 in a report on Monday. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $90.00 price target (up from $86.00) on shares of SEI Investments in a research note on Thursday, January 30th. Finally, StockNews.com lowered SEI Investments from a "buy" rating to a "hold" rating in a research note on Monday. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $86.80.

Insider Transactions at SEI Investments

In other news, insider Mark Andrew Warner sold 5,000 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $80.39, for a total value of $401,950.00. Following the completion of the transaction, the insider now owns 1,300 shares in the company, valued at $104,507. The trade was a 79.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Alfred P. West, Jr. sold 1,372 shares of the company's stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $76.28, for a total value of $104,656.16. Following the transaction, the chairman now directly owns 7,078,708 shares in the company, valued at approximately $539,963,846.24. The trade was a 0.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 79,214 shares of company stock worth $6,293,903. Corporate 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.