Citigroup Inc. Reduces Position in SEI Investments (NASDAQ:SEIC)

Citigroup Inc. reduced its stake in SEI Investments (NASDAQ:SEIC) by 7.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 182,649 shares of the asset manager’s stock after selling 14,717 shares during the quarter. Citigroup Inc. owned about 0.14% of SEI Investments worth $12,637,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Fairfield Financial Advisors LTD acquired a new stake in shares of SEI Investments during the 2nd quarter worth about $30,000. First Horizon Advisors Inc. lifted its stake in shares of SEI Investments by 101.3% during the third quarter. First Horizon Advisors Inc. now owns 461 shares of the asset manager’s stock valued at $32,000 after buying an additional 232 shares during the period. Livforsakringsbolaget Skandia Omsesidigt boosted its position in SEI Investments by 925.9% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 554 shares of the asset manager’s stock worth $38,000 after acquiring an additional 500 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in SEI Investments by 78.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 626 shares of the asset manager’s stock worth $41,000 after acquiring an additional 275 shares during the period. Finally, Mather Group LLC. raised its holdings in SEI Investments by 181.2% in the 2nd quarter. Mather Group LLC. now owns 776 shares of the asset manager’s stock valued at $50,000 after acquiring an additional 500 shares during the last quarter. Institutional investors and hedge funds own 70.59% of the company’s stock.

Analyst Ratings Changes

SEIC has been the topic of several analyst reports. Oppenheimer raised their price objective on SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Morgan Stanley raised their price target on SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a research note on Thursday, October 24th. Finally, Piper Sandler upped their price objective on shares of SEI Investments from $74.00 to $77.00 and gave the company a “neutral” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, SEI Investments has an average rating of “Hold” and a consensus price target of $77.50.

SEI Investments Stock Performance

Shares of SEI Investments stock opened at $82.44 on Friday. The business’s fifty day moving average price is $74.59 and its 200 day moving average price is $69.32. SEI Investments has a twelve month low of $57.43 and a twelve month high of $83.02. The stock has a market capitalization of $10.63 billion, a P/E ratio of 19.91, a PEG ratio of 1.54 and a beta of 0.97.

SEI Investments (NASDAQ:SEIC) last released its quarterly earnings data on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 24.29% and a net margin of 26.60%. The company’s revenue was up 12.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.87 EPS. As a group, sell-side analysts predict that SEI Investments will post 4.41 EPS for the current year.

SEI Investments announced that its Board of Directors has initiated a share repurchase program on Tuesday, October 22nd that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the asset manager to buy up to 4.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at SEI Investments

In related news, EVP Philip Mccabe sold 10,500 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $75.91, for a total value of $797,055.00. Following the transaction, the executive vice president now owns 43,544 shares in the company, valued at approximately $3,305,425.04. The trade was a 19.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Michael Peterson sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $74.59, for a total value of $1,864,750.00. Following the sale, the executive vice president now owns 6,500 shares of the company’s stock, valued at approximately $484,835. This trade represents a 79.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,064 shares of company stock valued at $5,173,529 over the last ninety days. Corporate insiders own 14.30% of the company’s stock.

About SEI Investments

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.