Wealth Enhancement Advisory Services LLC Cuts Stake in SEI Investments (NASDAQ:SEIC)

Wealth Enhancement Advisory Services LLC reduced its holdings in shares of SEI Investments (NASDAQ:SEIC) by 2.4% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 14,730 shares of the asset manager’s stock after selling 366 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in SEI Investments were worth $1,019,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in SEI Investments during the 2nd quarter worth approximately $1,434,000. Mediolanum International Funds Ltd purchased a new stake in SEI Investments during the 1st quarter worth approximately $1,443,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of SEI Investments by 20.6% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 62,518 shares of the asset manager’s stock valued at $4,495,000 after purchasing an additional 10,670 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of SEI Investments by 21.7% in the 1st quarter. Russell Investments Group Ltd. now owns 115,367 shares of the asset manager’s stock valued at $8,296,000 after purchasing an additional 20,533 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of SEI Investments in the 1st quarter valued at approximately $14,172,000. 70.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

SEI Investments Trading Up 1.5 %

Shares of SEI Investments stock opened at $76.78 on Wednesday. The company has a fifty day simple moving average of $69.98 and a 200-day simple moving average of $67.73. SEI Investments has a 12-month low of $55.52 and a 12-month high of $76.95. The stock has a market cap of $9.90 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 1.44 and a beta of 0.97.

SEI Investments (NASDAQ:SEIC) last issued its earnings results on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.12. SEI Investments had a net margin of 26.60% and a return on equity of 24.29%. The business had revenue of $537.40 million during the quarter, compared to analysts’ expectations of $534.08 million. During the same quarter in the prior year, the business posted $0.87 EPS. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. On average, analysts forecast that SEI Investments will post 4.38 earnings per share for the current fiscal year.

SEI Investments announced that its Board of Directors has authorized a share buyback program on Tuesday, October 22nd that allows the company to buyback $400.00 million in shares. This buyback authorization allows the asset manager to reacquire up to 4.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, Chairman Alfred P. West, Jr. sold 61,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $67.36, for a total transaction of $4,108,960.00. Following the completion of the sale, the chairman now owns 7,504,285 shares in the company, 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 Securities & Exchange Commission, which is available at the SEC website. In related news, Chairman Alfred P. West, Jr. sold 61,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $67.36, for a total transaction of $4,108,960.00. Following the completion of the sale, the chairman now owns 7,504,285 shares in the company, 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 Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Alfred P. West, Jr. sold 44,163 shares of the 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 sale, the chairman now owns 7,605,414 shares of the company’s stock, valued at approximately $513,745,715.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,646 shares of company stock worth $12,926,334. Corporate 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.