Principal Financial Group Inc. Sells 103,952 Shares of SEI Investments (NASDAQ:SEIC)

Principal Financial Group Inc. lowered its position in shares of SEI Investments (NASDAQ:SEIC - Free Report) by 30.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 238,228 shares of the asset manager's stock after selling 103,952 shares during the period. Principal Financial Group Inc. owned about 0.18% of SEI Investments worth $16,483,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Dimensional Fund Advisors LP grew its position in shares of SEI Investments by 19.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,380,311 shares of the asset manager's stock valued at $89,291,000 after buying an additional 222,631 shares during the last quarter. Jupiter Asset Management Ltd. bought a new stake in shares of SEI Investments in the 2nd quarter valued at about $7,787,000. West Coast Financial LLC grew its position in shares of SEI Investments by 120.8% in the 2nd quarter. West Coast Financial LLC now owns 116,128 shares of the asset manager's stock valued at $7,512,000 after buying an additional 63,537 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its position in shares of SEI Investments by 67.8% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 145,536 shares of the asset manager's stock valued at $10,376,000 after buying an additional 58,808 shares during the last quarter. Finally, CIBC Asset Management Inc grew its position in shares of SEI Investments by 1,444.2% in the 2nd quarter. CIBC Asset Management Inc now owns 49,802 shares of the asset manager's stock valued at $3,222,000 after buying an additional 46,577 shares during the last quarter. Institutional investors own 70.59% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on SEIC shares. Piper Sandler upped their price target on SEI Investments from $74.00 to $77.00 and gave the company a "neutral" rating in a research report on Thursday, October 24th. Oppenheimer upped their target price on SEI Investments from $81.00 to $85.00 and gave the company an "outperform" rating in a research report on Thursday, October 24th. Morgan Stanley upped their target price on SEI Investments from $70.00 to $75.00 and gave the company an "underweight" rating in a research report on Thursday, October 24th. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and set a $73.00 target price (down previously from $74.00) on shares of SEI Investments in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $77.50.

SEI Investments Trading Down 1.6 %

SEIC stock traded down $1.29 during trading on Friday, reaching $80.23. 536,065 shares of the stock were exchanged, compared to its average volume of 590,796. The firm's 50 day moving average is $72.36 and its 200 day moving average is $68.57. SEI Investments has a twelve month low of $57.43 and a twelve month high of $81.97. The firm has a market cap of $10.34 billion, a P/E ratio of 19.38, a price-to-earnings-growth ratio of 1.54 and a beta of 0.97.

SEI Investments (NASDAQ:SEIC - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share for the quarter, topping 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 business had revenue of $537.40 million for the quarter, compared to the consensus estimate of $534.08 million. During the same period in the prior year, the business earned $0.87 EPS. The firm's revenue for the quarter was up 12.7% on a year-over-year basis. As a group, analysts predict that SEI Investments will post 4.38 earnings per share for the current fiscal year.

SEI Investments declared that its board has initiated a stock repurchase plan on Tuesday, October 22nd that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the asset manager to repurchase up to 4.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at SEI Investments

In other news, Director Carmen Romeo sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.64, for a total value of $398,200.00. Following the completion of the sale, the director now directly owns 1,577,652 shares of the company's stock, valued at $125,644,205.28. This represents a 0.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Alfred P. West, Jr. sold 27,419 shares of the company's stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $67.48, for a total value of $1,850,234.12. Following the completion of the transaction, the chairman now directly owns 7,649,577 shares of the company's stock, valued at approximately $516,193,455.96. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 200,646 shares of company stock valued at $14,115,934 over the last ninety days. 14.30% of the stock is currently owned by 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.