CIBC Asset Management Inc Sells 1,224 Shares of SEI Investments (NASDAQ:SEIC)

CIBC Asset Management Inc trimmed its position in SEI Investments (NASDAQ:SEIC) by 2.5% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 48,578 shares of the asset manager’s stock after selling 1,224 shares during the period. CIBC Asset Management Inc’s holdings in SEI Investments were worth $3,361,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in SEI Investments by 67.8% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 145,536 shares of the asset manager’s stock valued at $10,376,000 after buying an additional 58,808 shares during the period. O Shaughnessy Asset Management LLC lifted its stake in shares of SEI Investments by 400.7% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 22,919 shares of the asset manager’s stock valued at $1,648,000 after purchasing an additional 18,342 shares during the period. UniSuper Management Pty Ltd boosted its position in shares of SEI Investments by 100.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 1,600 shares of the asset manager’s stock worth $115,000 after purchasing an additional 800 shares during the last quarter. Bessemer Group Inc. grew its stake in shares of SEI Investments by 184.7% during the first quarter. Bessemer Group Inc. now owns 595 shares of the asset manager’s stock worth $43,000 after purchasing an additional 386 shares during the period. Finally, Natixis increased its holdings in SEI Investments by 298.6% in the first quarter. Natixis now owns 46,200 shares of the asset manager’s stock valued at $3,322,000 after purchasing an additional 34,608 shares during the last quarter. 70.59% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Michael Peterson sold 10,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.14, for a total value of $791,400.00. Following the completion of the sale, the executive vice president now owns 6,500 shares of the company’s stock, valued at approximately $514,410. This represents a 60.61 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Alfred P. West, Jr. sold 44,163 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $67.55, for a total transaction of $2,983,210.65. Following the transaction, the chairman now owns 7,605,414 shares in the company, valued at approximately $513,745,715.70. The trade was a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 200,646 shares of company stock worth $14,115,934 over the last three months. Corporate insiders own 14.30% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on SEIC shares. Oppenheimer boosted their target price on SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Piper Sandler boosted their price objective on shares of SEI Investments from $74.00 to $77.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $73.00 target price (down from $74.00) on shares of SEI Investments in a report on Thursday, July 25th. Finally, Morgan Stanley boosted their price target on shares of SEI Investments from $70.00 to $75.00 and gave the company an “underweight” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $77.50.

SEI Investments Stock Performance

Shares of SEIC stock opened at $80.58 on Tuesday. SEI Investments has a 52 week low of $57.43 and a 52 week high of $81.97. The company’s 50 day moving average price is $72.64 and its two-hundred day moving average price is $68.70. The company has a market capitalization of $10.39 billion, a P/E ratio of 19.46, a price-to-earnings-growth ratio of 1.52 and a beta of 0.97.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings data on Wednesday, October 23rd. The asset manager reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.12. The business had revenue of $537.40 million for the quarter, compared to analyst estimates of $534.08 million. SEI Investments had a net margin of 26.60% and a return on equity of 24.29%. The firm’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period last year, the business posted $0.87 earnings per share. Analysts forecast that SEI Investments will post 4.41 earnings per share for the current year.

SEI Investments declared that its board has authorized a stock repurchase program on Tuesday, October 22nd that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the asset manager to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.