State of Michigan Retirement System Lowers Position in SEI Investments Company $SEIC

State of Michigan Retirement System trimmed its holdings in shares of SEI Investments Company (NASDAQ:SEIC) by 9.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,788 shares of the asset manager’s stock after selling 2,336 shares during the quarter. State of Michigan Retirement System’s holdings in SEI Investments were worth $2,048,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of SEIC. Bison Wealth LLC purchased a new position in SEI Investments during the fourth quarter worth about $207,000. Concurrent Investment Advisors LLC lifted its holdings in shares of SEI Investments by 2.9% in the 1st quarter. Concurrent Investment Advisors LLC now owns 5,600 shares of the asset manager’s stock worth $435,000 after acquiring an additional 160 shares during the last quarter. Crossmark Global Holdings Inc. boosted its position in shares of SEI Investments by 11.6% during the 1st quarter. Crossmark Global Holdings Inc. now owns 9,339 shares of the asset manager’s stock worth $725,000 after purchasing an additional 970 shares during the period. Linden Thomas Advisory Services LLC boosted its position in shares of SEI Investments by 1.6% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 22,833 shares of the asset manager’s stock worth $1,773,000 after purchasing an additional 354 shares during the period. Finally, Alps Advisors Inc. increased its holdings in SEI Investments by 9.7% in the 1st quarter. Alps Advisors Inc. now owns 278,328 shares of the asset manager’s stock valued at $21,607,000 after purchasing an additional 24,495 shares during the last quarter. Institutional investors and hedge funds own 70.59% of the company’s stock.

Wall Street Analysts Forecast Growth

SEIC has been the topic of a number of research reports. Keefe, Bruyette & Woods decreased their price target on SEI Investments from $98.00 to $93.00 and set a “market perform” rating on the stock in a research note on Monday, October 13th. Zacks Research raised SEI Investments from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 13th. Weiss Ratings restated a “buy (b)” rating on shares of SEI Investments in a report on Wednesday, October 8th. Morgan Stanley boosted their price target on shares of SEI Investments from $105.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, September 19th. Finally, Piper Sandler reduced their price target on shares of SEI Investments from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $104.40.

SEI Investments Trading Down 0.2%

NASDAQ:SEIC opened at $82.19 on Friday. SEI Investments Company has a 12-month low of $64.66 and a 12-month high of $93.96. The firm has a market cap of $10.06 billion, a PE ratio of 15.11, a price-to-earnings-growth ratio of 1.22 and a beta of 0.96. The company has a current ratio of 5.73, a quick ratio of 5.62 and a debt-to-equity ratio of 0.04. The stock has a fifty day moving average price of $84.50 and a 200 day moving average price of $85.56.

SEI Investments (NASDAQ:SEIC) last posted its quarterly earnings results on Wednesday, October 22nd. The asset manager reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.05. The company had revenue of $578.51 million for the quarter, compared to analyst estimates of $578.75 million. SEI Investments had a return on equity of 30.21% and a net margin of 31.09%.SEI Investments’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.19 EPS. Sell-side analysts anticipate that SEI Investments Company will post 4.86 earnings per share for the current fiscal year.

SEI Investments declared that its Board of Directors has approved a share repurchase program on Friday, October 24th that permits the company to buyback $650.00 million in shares. This buyback authorization permits the asset manager to buy up to 6.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity at SEI Investments

In other SEI Investments news, Director Kathryn Mccarthy sold 10,000 shares of the stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $85.66, for a total value of $856,600.00. Following the sale, the director directly owned 75,641 shares of the company’s stock, valued at approximately $6,479,408.06. This represents a 11.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ryan Hicke sold 35,000 shares of the firm’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $88.30, for a total transaction of $3,090,500.00. Following the completion of the sale, the chief executive officer owned 171,260 shares in the company, valued at $15,122,258. The trade was a 16.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 55,000 shares of company stock valued at $4,811,200 over the last 90 days. 14.30% of the stock is owned by corporate 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.