Texas Permanent School Fund Cuts Stock Position in SEI Investments (NASDAQ:SEIC)

Texas Permanent School Fund lowered its stake in SEI Investments (NASDAQ:SEICGet Rating) by 2.8% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 74,597 shares of the asset manager’s stock after selling 2,149 shares during the period. Texas Permanent School Fund owned 0.05% of SEI Investments worth $4,491,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. purchased a new stake in shares of SEI Investments in the 1st quarter worth approximately $36,000. Artemis Wealth Advisors LLC purchased a new stake in shares of SEI Investments in the 1st quarter worth approximately $40,000. UMB Bank N A MO purchased a new stake in shares of SEI Investments in the 4th quarter worth approximately $52,000. Lazard Asset Management LLC grew its stake in shares of SEI Investments by 114.4% in the 4th quarter. Lazard Asset Management LLC now owns 879 shares of the asset manager’s stock worth $53,000 after buying an additional 469 shares during the last quarter. Finally, Covestor Ltd purchased a new stake in shares of SEI Investments in the 4th quarter worth approximately $60,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

SEI Investments Price Performance

NASDAQ SEIC opened at $55.63 on Friday. The business’s fifty day moving average price is $54.65 and its 200-day moving average price is $56.83. The stock has a market capitalization of $7.54 billion, a price-to-earnings ratio of 13.34, a PEG ratio of 1.26 and a beta of 0.99. SEI Investments has a 1-year low of $51.07 and a 1-year high of $65.22.

SEI Investments (NASDAQ:SEICGet Rating) last announced its earnings results on Wednesday, July 20th. The asset manager reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.02). SEI Investments had a return on equity of 30.81% and a net margin of 28.53%. The company had revenue of $481.67 million during the quarter, compared to the consensus estimate of $472.18 million. During the same period in the prior year, the business posted $0.93 earnings per share. SEI Investments’s revenue for the quarter was up 1.3% compared to the same quarter last year. Equities research analysts anticipate that SEI Investments will post 3.71 EPS for the current year.

SEI Investments Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 22nd. Investors of record on Monday, June 13th were issued a $0.40 dividend. This is a boost from SEI Investments’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date was Friday, June 10th. SEI Investments’s dividend payout ratio (DPR) is currently 19.18%.

SEI Investments declared that its Board of Directors has approved a share buyback program on Wednesday, June 1st that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the asset manager to repurchase up to 2.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SEIC. Morgan Stanley cut their target price on SEI Investments from $55.00 to $52.00 and set an “underweight” rating on the stock in a research note on Thursday, July 21st. The Goldman Sachs Group cut their target price on SEI Investments to $58.00 in a research note on Friday, July 22nd. William Blair reiterated a “mkt perform” rating on shares of SEI Investments in a research note on Monday, July 25th. StockNews.com downgraded SEI Investments from a “buy” rating to a “hold” rating in a research note on Friday, July 22nd. Finally, Keefe, Bruyette & Woods cut their target price on SEI Investments from $62.00 to $55.00 in a research note on Thursday, July 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, SEI Investments currently has an average rating of “Hold” and an average price target of $60.50.

Insider Buying and Selling

In related news, insider Dennis Mcgonigle sold 35,000 shares of the firm’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $55.15, for a total value of $1,930,250.00. Following the transaction, the insider now directly owns 576,663 shares of the company’s stock, valued at approximately $31,802,964.45. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 25.40% of the stock is owned by insiders.

SEI Investments Company Profile

(Get Rating)

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.

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Institutional Ownership by Quarter for SEI Investments (NASDAQ:SEIC)

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