Norges Bank Acquires Shares of 582,069 SEI Investments (NASDAQ:SEIC)

Norges Bank bought a new position in SEI Investments (NASDAQ:SEIC) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 582,069 shares of the asset manager’s stock, valued at approximately $48,009,000. Norges Bank owned approximately 0.45% of SEI Investments as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in SEIC. CoreFirst Bank & Trust purchased a new stake in SEI Investments during the 4th quarter valued at $31,000. Allworth Financial LP lifted its holdings in shares of SEI Investments by 53.7% during the fourth quarter. Allworth Financial LP now owns 452 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 158 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in shares of SEI Investments during the third quarter valued at $45,000. First Horizon Advisors Inc. increased its holdings in SEI Investments by 25.4% in the 4th quarter. First Horizon Advisors Inc. now owns 578 shares of the asset manager’s stock worth $48,000 after buying an additional 117 shares in the last quarter. Finally, Rialto Wealth Management LLC purchased a new position in SEI Investments in the 4th quarter worth about $55,000. Hedge funds and other institutional investors own 70.59% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SEIC. Piper Sandler raised their price target on shares of SEI Investments from $77.00 to $87.00 and gave the company a “neutral” rating in a report on Monday, December 23rd. Raymond James raised shares of SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 target price for the company in a research report on Thursday, January 30th. Oppenheimer boosted their target price on shares of SEI Investments from $85.00 to $94.00 and gave the company an “outperform” rating in a research note on Tuesday, January 7th. Morgan Stanley dropped their price target on SEI Investments from $84.00 to $81.00 and set an “underweight” rating on the stock in a research note on Wednesday. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $90.00 price objective (up previously from $86.00) on shares of SEI Investments in a research report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $90.20.

Insider Activity

In other SEI Investments news, Chairman Alfred P. West, Jr. sold 1,372 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $76.28, for a total transaction of $104,656.16. Following the sale, the chairman now directly owns 7,078,708 shares of the company’s stock, valued at $539,963,846.24. This trade represents a 0.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark Andrew Warner sold 5,000 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $80.39, for a total value of $401,950.00. Following the completion of the transaction, the insider now directly owns 1,300 shares of the company’s stock, valued at approximately $104,507. This trade represents a 79.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 79,214 shares of company stock worth $6,293,903 in the last three months. Company insiders own 14.30% of the company’s stock.

SEI Investments Stock Performance

NASDAQ SEIC opened at $69.02 on Friday. The business’s fifty day moving average is $79.41 and its 200 day moving average is $78.64. The company has a market capitalization of $8.76 billion, a PE ratio of 15.62, a price-to-earnings-growth ratio of 1.41 and a beta of 0.94. SEI Investments has a fifty-two week low of $62.38 and a fifty-two week high of $87.25.

SEI Investments (NASDAQ:SEIC) last announced its quarterly earnings data on Wednesday, January 29th. The asset manager reported $1.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.02). SEI Investments had a net margin of 27.35% and a return on equity of 25.51%. On average, sell-side analysts forecast that SEI Investments will post 4.86 EPS for the current year.

SEI Investments declared that its Board of Directors has authorized a share buyback program on Tuesday, March 18th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the asset manager to buy up to 5.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board 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.