Van ECK Associates Corp grew its position in SEI Investments (NASDAQ:SEIC – Get Rating) by 10.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,420 shares of the asset manager’s stock after acquiring an additional 1,514 shares during the quarter. Van ECK Associates Corp’s holdings in SEI Investments were worth $928,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Hazlett Burt & Watson Inc. bought a new stake in shares of SEI Investments in the 1st quarter worth approximately $36,000. Artemis Wealth Advisors LLC bought a new stake in shares of SEI Investments in the 1st quarter worth approximately $40,000. Quadrant Capital Group LLC lifted its position in shares of SEI Investments by 104.6% in the 1st quarter. Quadrant Capital Group LLC now owns 843 shares of the asset manager’s stock worth $51,000 after acquiring an additional 431 shares during the period. UMB Bank N A MO bought a new stake in shares of SEI Investments in the 4th quarter worth approximately $52,000. Finally, Lazard Asset Management LLC lifted its position in shares of SEI Investments by 114.4% in the 4th quarter. Lazard Asset Management LLC now owns 879 shares of the asset manager’s stock worth $53,000 after acquiring an additional 469 shares during the period. Institutional investors own 70.44% of the company’s stock.
SEI Investments Price Performance
SEIC stock opened at $55.92 on Thursday. The business has a fifty day moving average price of $54.83 and a 200 day moving average price of $56.71. SEI Investments has a fifty-two week low of $51.07 and a fifty-two week high of $65.22. The stock has a market capitalization of $7.58 billion, a price-to-earnings ratio of 13.41, a P/E/G ratio of 1.27 and a beta of 0.99.
SEI Investments (NASDAQ:SEIC – Get Rating) last released its quarterly earnings results on Wednesday, July 20th. The asset manager reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.02). The business had revenue of $481.67 million for the quarter, compared to analyst estimates of $472.18 million. SEI Investments had a net margin of 28.53% and a return on equity of 30.81%. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.93 earnings per share. On average, equities analysts expect that SEI Investments will post 3.71 earnings per share for the current fiscal year.
SEI Investments Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, June 22nd. Stockholders of record on Monday, June 13th were paid a $0.40 dividend. This is a boost from SEI Investments’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 2.86%. The ex-dividend date was Friday, June 10th. SEI Investments’s dividend payout ratio (DPR) is 19.18%.
SEI Investments declared that its board has authorized a stock buyback program on Wednesday, June 1st that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the asset manager to purchase up to 2.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several equities analysts recently commented on the company. Morgan Stanley cut their target price on SEI Investments from $55.00 to $52.00 and set an “underweight” rating for the company in a research report on Thursday, July 21st. The Goldman Sachs Group cut their target price on SEI Investments to $58.00 in a research report on Friday, July 22nd. William Blair restated a “mkt perform” rating on shares of SEI Investments in a research report on Monday, July 25th. Keefe, Bruyette & Woods cut their target price on SEI Investments from $62.00 to $55.00 in a research report on Thursday, July 14th. Finally, StockNews.com downgraded SEI Investments from a “buy” rating to a “hold” rating in a research report on Friday, July 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $60.50.
In other news, EVP Wayne Withrow sold 15,000 shares of SEI Investments stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $55.78, for a total value of $836,700.00. Following the completion of the sale, the executive vice president now directly owns 38,799 shares of the company’s stock, valued at approximately $2,164,208.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Dennis Mcgonigle sold 35,000 shares of the firm’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $55.15, for a total value of $1,930,250.00. Following the transaction, the insider now directly owns 576,663 shares in the company, valued at approximately $31,802,964.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Wayne Withrow sold 15,000 shares of the firm’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $55.78, for a total value of $836,700.00. Following the completion of the transaction, the executive vice president now owns 38,799 shares in the company, valued at $2,164,208.22. The disclosure for this sale can be found here. Insiders own 25.40% 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.
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