Legal & General Group Plc Decreases Stock Holdings in SEI Investments (NASDAQ:SEIC)

Legal & General Group Plc lowered its stake in SEI Investments (NASDAQ:SEIC - Free Report) by 22.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 400,070 shares of the asset manager's stock after selling 117,509 shares during the period. Legal & General Group Plc owned 0.31% of SEI Investments worth $32,998,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in SEIC. First Horizon Advisors Inc. lifted its position in SEI Investments by 25.4% during the fourth quarter. First Horizon Advisors Inc. now owns 578 shares of the asset manager's stock valued at $48,000 after buying an additional 117 shares during the period. Venturi Wealth Management LLC grew its holdings in SEI Investments by 7.3% in the fourth 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. Ashton Thomas Securities LLC increased its stake in shares of SEI Investments by 2.5% during the fourth quarter. Ashton Thomas Securities LLC now owns 5,969 shares of the asset manager's stock valued at $492,000 after purchasing an additional 145 shares in the last quarter. Principal Securities Inc. boosted its position in shares of 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 in the last quarter. Finally, Allworth Financial LP increased its position in SEI Investments by 53.7% during the 4th quarter. Allworth Financial LP now owns 452 shares of the asset manager's stock valued at $38,000 after buying an additional 158 shares in the last quarter. 70.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SEIC. Keefe, Bruyette & Woods restated a "market perform" rating and set a $90.00 price target (up from $86.00) on shares of SEI Investments in a report on Thursday, January 30th. StockNews.com cut SEI Investments from a "buy" rating to a "hold" rating in a research report on Wednesday. Morgan Stanley upgraded SEI Investments from an "underweight" rating to an "overweight" rating and decreased their price target for the stock from $81.00 to $77.00 in a research note on Monday, April 7th. Raymond James raised SEI Investments from a "market perform" rating to an "outperform" rating and set a $99.00 target price for the company in a research report on Thursday, January 30th. Finally, Piper Sandler decreased 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 note on Tuesday, April 8th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $86.80.

SEI Investments Trading Up 0.3 %

SEIC stock traded up $0.23 during midday trading on Friday, reaching $71.66. 649,938 shares of the company's stock traded hands, compared to its average volume of 650,140. The stock's 50-day moving average is $76.26 and its 200 day moving average is $78.74. The stock has a market cap of $9.10 billion, a P/E ratio of 16.21, a PEG ratio of 1.41 and a beta of 0.90. 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 posted its quarterly earnings data on Wednesday, January 29th. The asset manager reported $1.19 EPS 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 expect that SEI Investments will post 4.86 EPS for the current fiscal year.

SEI Investments announced that its Board of Directors has approved a stock repurchase program on Tuesday, March 18th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the asset manager to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Insider Transactions at SEI Investments

In other news, insider Mark Andrew Warner sold 5,000 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $80.39, for a total transaction of $401,950.00. Following the sale, the insider now directly owns 1,300 shares in the company, valued at $104,507. This trade represents a 79.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Alfred P. West, Jr. sold 72,842 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $79.45, for a total transaction of $5,787,296.90. Following the completion of the transaction, the chairman now directly owns 7,160,080 shares of the company's stock, valued at $568,868,356. This represents a 1.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 79,214 shares of company stock valued at $6,293,903 over the last quarter. 14.30% of the stock is currently owned by company 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.