State Street Corp Sells 403,318 Shares of SEI Investments (NASDAQ:SEIC)

State Street Corp reduced its holdings in SEI Investments (NASDAQ:SEIC - Free Report) by 6.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,708,002 shares of the asset manager's stock after selling 403,318 shares during the quarter. State Street Corp owned about 4.43% of SEI Investments worth $394,937,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Quantinno Capital Management LP boosted its stake in SEI Investments by 56.7% during the 3rd quarter. Quantinno Capital Management LP now owns 17,591 shares of the asset manager's stock valued at $1,217,000 after purchasing an additional 6,364 shares during the period. Petrus Trust Company LTA grew its stake in shares of SEI Investments by 81.8% in the third quarter. Petrus Trust Company LTA now owns 11,105 shares of the asset manager's stock worth $768,000 after acquiring an additional 4,998 shares during the last quarter. Point72 DIFC Ltd bought a new position in SEI Investments during the third quarter worth $45,000. Point72 Asset Management L.P. acquired a new position in SEI Investments during the 3rd quarter valued at $540,000. Finally, Prana Capital Management LP boosted its holdings in SEI Investments by 10.9% in the 3rd quarter. Prana Capital Management LP now owns 196,816 shares of the asset manager's stock valued at $13,618,000 after purchasing an additional 19,289 shares during the period. 70.59% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Ryan Hicke sold 10,000 shares of the firm's stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $74.90, for a total value of $749,000.00. Following the transaction, the chief executive officer now owns 147,609 shares in the company, valued at $11,055,914.10. This trade represents a 6.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Peterson sold 25,000 shares of the business's stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $74.59, for a total value of $1,864,750.00. Following the sale, the executive vice president now directly owns 6,500 shares of the company's stock, valued at $484,835. This represents a 79.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 93,058 shares of company stock worth $7,245,697 in the last 90 days. Corporate insiders own 14.30% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on SEIC shares. Oppenheimer upped their price objective on shares of SEI Investments from $81.00 to $85.00 and gave the company an "outperform" rating in a research report on Thursday, October 24th. Piper Sandler raised their price objective on SEI Investments from $74.00 to $77.00 and gave the stock a "neutral" rating in a research report on Thursday, October 24th. Finally, Morgan Stanley boosted their price objective on SEI Investments from $70.00 to $75.00 and gave the company an "underweight" rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $77.50.

SEI Investments Stock Performance

Shares of NASDAQ SEIC traded up $1.03 during mid-day trading on Tuesday, hitting $85.42. 747,360 shares of the stock were exchanged, compared to its average volume of 593,883. SEI Investments has a twelve month low of $59.96 and a twelve month high of $86.04. The stock's fifty day simple moving average is $76.85 and its two-hundred day simple moving average is $70.17. The company has a market cap of $11.01 billion, a P/E ratio of 20.23, a PEG ratio of 1.59 and a beta of 0.98.

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

SEI Investments announced that its board has authorized a share buyback program on Tuesday, October 22nd that allows the company to buyback $400.00 million in shares. This buyback authorization allows the asset manager to purchase up to 4.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

About SEI Investments

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.