Tandem Investment Advisors Inc. Cuts Stake in SEI Investments (NASDAQ:SEIC)

Tandem Investment Advisors Inc. lowered its position in SEI Investments (NASDAQ:SEIC - Free Report) by 97.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,987 shares of the asset manager's stock after selling 424,091 shares during the period. Tandem Investment Advisors Inc.'s holdings in SEI Investments were worth $622,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP grew its stake in 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 acquiring an additional 222,631 shares during the period. Bank of New York Mellon Corp grew its position in shares of SEI Investments by 3.2% in the second quarter. Bank of New York Mellon Corp now owns 1,186,439 shares of the asset manager's stock valued at $76,751,000 after purchasing an additional 36,810 shares during the period. Raymond James & Associates increased its stake in shares of SEI Investments by 3.8% during the third quarter. Raymond James & Associates now owns 544,477 shares of the asset manager's stock worth $37,672,000 after purchasing an additional 19,846 shares in the last quarter. ProShare Advisors LLC raised its position in shares of SEI Investments by 0.6% during the 2nd quarter. ProShare Advisors LLC now owns 465,011 shares of the asset manager's stock worth $30,082,000 after purchasing an additional 2,698 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in SEI Investments by 1.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 381,372 shares of the asset manager's stock valued at $24,671,000 after buying an additional 4,656 shares in the last quarter. 70.59% of the stock is owned by hedge funds and other institutional investors.

SEI Investments Price Performance

Shares of NASDAQ:SEIC traded down $0.06 during midday trading on Friday, hitting $80.11. The company had a trading volume of 799,586 shares, compared to its average volume of 591,805. SEI Investments has a twelve month low of $55.64 and a twelve month high of $80.81. The stock has a market cap of $10.33 billion, a price-to-earnings ratio of 19.35, a price-to-earnings-growth ratio of 1.52 and a beta of 0.97. The business's 50-day simple moving average is $70.69 and its 200-day simple moving average is $67.98.

SEI Investments (NASDAQ:SEIC - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.07 by $0.12. The business 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 company's revenue for the quarter was up 12.7% on a year-over-year basis. During the same period last year, the company earned $0.87 EPS. As a group, sell-side analysts forecast that SEI Investments will post 4.38 EPS for the current year.

SEI Investments declared that its board has authorized a share buyback program on Tuesday, October 22nd that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the asset manager to buy up to 4.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

SEIC has been the subject of several research reports. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $73.00 price objective (down from $74.00) on shares of SEI Investments in a research note on Thursday, July 25th. Morgan Stanley boosted their price target on SEI Investments from $70.00 to $75.00 and gave the stock an "underweight" 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 company a "neutral" rating in a report on Thursday, October 24th. Finally, Oppenheimer upped their target price on shares of SEI Investments from $81.00 to $85.00 and gave the stock an "outperform" rating in a report on Thursday, October 24th. One equities 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's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $77.50.

Insider Buying and Selling

In other news, Chairman Alfred P. West, Jr. sold 61,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $67.36, for a total value of $4,108,960.00. Following the completion of the sale, the chairman now owns 7,504,285 shares of the company's stock, valued at $505,488,637.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Chairman Alfred P. West, Jr. sold 61,000 shares of the company's stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $67.36, for a total value of $4,108,960.00. Following the transaction, the chairman now owns 7,504,285 shares of the company's stock, valued at $505,488,637.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Alfred P. West, Jr. sold 27,419 shares of the firm's stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $67.48, for a total value of $1,850,234.12. Following the sale, the chairman now directly owns 7,649,577 shares of the company's stock, valued at $516,193,455.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 200,646 shares of company stock worth $14,115,934. 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.