Bank of New York Mellon Corp Sells 112,604 Shares of SEI Investments Company $SEIC

Bank of New York Mellon Corp trimmed its holdings in shares of SEI Investments Company (NASDAQ:SEIC) by 9.9% in the 2nd quarter, Holdings Channel reports. The firm owned 1,020,339 shares of the asset manager’s stock after selling 112,604 shares during the quarter. Bank of New York Mellon Corp’s holdings in SEI Investments were worth $91,688,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SEIC. Geneos Wealth Management Inc. lifted its holdings in SEI Investments by 60.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 532 shares of the asset manager’s stock valued at $41,000 after buying an additional 200 shares in the last quarter. Harbor Capital Advisors Inc. bought a new stake in shares of SEI Investments during the second quarter valued at approximately $45,000. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of SEI Investments by 252.1% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 507 shares of the asset manager’s stock valued at $46,000 after purchasing an additional 363 shares during the period. Cullen Frost Bankers Inc. grew its stake in SEI Investments by 1,563.4% in the first quarter. Cullen Frost Bankers Inc. now owns 1,364 shares of the asset manager’s stock worth $106,000 after purchasing an additional 1,282 shares in the last quarter. Finally, Fifth Third Bancorp grew its stake in SEI Investments by 12.0% in the second quarter. Fifth Third Bancorp now owns 1,315 shares of the asset manager’s stock worth $118,000 after purchasing an additional 141 shares in the last quarter. 70.59% of the stock is currently owned by institutional investors.

SEI Investments Stock Up 0.9%

NASDAQ:SEIC opened at $82.92 on Friday. The company has a current ratio of 5.73, a quick ratio of 5.62 and a debt-to-equity ratio of 0.04. SEI Investments Company has a twelve month low of $64.66 and a twelve month high of $93.96. The company has a market cap of $10.15 billion, a PE ratio of 15.24, a P/E/G ratio of 1.22 and a beta of 0.96. The company’s 50 day moving average is $84.40 and its two-hundred day moving average is $85.75.

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

SEI Investments declared that its Board of Directors has authorized a share repurchase plan on Friday, October 24th that permits the company to repurchase $650.00 million in outstanding shares. This repurchase authorization permits the asset manager to reacquire up to 6.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

SEIC has been the subject of a number of research analyst reports. Morgan Stanley lifted their target price on SEI Investments from $105.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, September 19th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of SEI Investments in a research note on Wednesday, October 8th. Raymond James Financial increased their target price on shares of SEI Investments from $118.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, October 14th. Piper Sandler reduced their price target on shares of SEI Investments from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Thursday, July 24th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of SEI Investments from $98.00 to $93.00 and set a “market perform” rating for the company in a research report on Monday, October 13th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $104.40.

Insider Activity at SEI Investments

In other news, Director Carl Guarino sold 10,000 shares of SEI Investments stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $86.41, for a total transaction of $864,100.00. Following the completion of the transaction, the director directly owned 16,042 shares of the company’s stock, valued at $1,386,189.22. The trade was a 38.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kathryn Mccarthy sold 10,000 shares of SEI Investments stock in a transaction on Monday, September 29th. The shares were sold at an average price of $85.66, for a total transaction of $856,600.00. Following the completion of the transaction, the director directly owned 75,641 shares of the company’s stock, valued at $6,479,408.06. The trade was a 11.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 55,000 shares of company stock worth $4,811,200. 14.60% of the stock is owned by corporate insiders.

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.