Procyon Advisors LLC Buys 2,818 Shares of SEI Investments (NASDAQ:SEIC)

Procyon Advisors LLC increased its stake in shares of SEI Investments (NASDAQ:SEIC) by 7.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 38,420 shares of the asset manager’s stock after acquiring an additional 2,818 shares during the quarter. Procyon Advisors LLC’s holdings in SEI Investments were worth $2,983,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. First Horizon Advisors Inc. boosted its position in shares of SEI Investments by 25.4% during the fourth quarter. First Horizon Advisors Inc. now owns 578 shares of the asset manager’s stock worth $48,000 after acquiring an additional 117 shares during the last quarter. Venturi Wealth Management LLC boosted its position in shares of SEI Investments by 7.3% during the fourth quarter. Venturi Wealth Management LLC now owns 2,105 shares of the asset manager’s stock worth $174,000 after acquiring an additional 144 shares during the last quarter. Ashton Thomas Securities LLC lifted its position in SEI Investments by 2.5% during the fourth quarter. Ashton Thomas Securities LLC now owns 5,969 shares of the asset manager’s stock valued at $492,000 after purchasing an additional 145 shares during the last quarter. Principal Securities Inc. lifted its position in SEI Investments by 13.3% during the fourth quarter. Principal Securities Inc. now owns 1,324 shares of the asset manager’s stock valued at $109,000 after purchasing an additional 155 shares during the last quarter. Finally, Allworth Financial LP lifted its position in 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 during the last quarter. Institutional investors own 70.59% of the company’s stock.

SEI Investments Price Performance

Shares of NASDAQ SEIC opened at $85.64 on Friday. The company has a market cap of $10.66 billion, a P/E ratio of 19.38, a PEG ratio of 1.41 and a beta of 0.91. SEI Investments has a 1 year low of $62.38 and a 1 year high of $87.25. The firm has a 50-day simple moving average of $78.69 and a two-hundred day simple moving average of $80.42.

SEI Investments (NASDAQ:SEIC) last announced its quarterly earnings data on Wednesday, April 23rd. The asset manager reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.05. The business had revenue of $551.34 million during the quarter, compared to the consensus estimate of $556.76 million. SEI Investments had a net margin of 27.35% and a return on equity of 25.51%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.99 earnings per share. As a group, equities research analysts expect that SEI Investments will post 4.86 EPS for the current year.

SEI Investments Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Monday, June 9th will be paid a $0.49 dividend. This represents a $1.96 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend is Monday, June 9th. This is an increase from SEI Investments’s previous quarterly dividend of $0.46. SEI Investments’s dividend payout ratio (DPR) is currently 21.30%.

SEI Investments declared that its board has approved a share repurchase plan on Tuesday, March 18th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the asset manager to buy up to 5.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

SEIC has been the subject of several research reports. Morgan Stanley set a $84.00 price objective on shares of SEI Investments and gave the company an “overweight” rating in a research report on Tuesday. Keefe, Bruyette & Woods increased their price objective on shares of SEI Investments from $80.00 to $84.00 and gave the company a “market perform” rating in a research report on Friday, April 25th. Wall Street Zen upgraded shares of SEI Investments from a “hold” rating to a “buy” rating in a research report on Tuesday, May 20th. Oppenheimer reiterated an “outperform” rating on shares of SEI Investments in a research report on Thursday, April 24th. Finally, Piper Sandler increased their price objective on shares of SEI Investments from $74.00 to $79.00 and gave the company a “neutral” rating in a research report on Thursday, April 24th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $88.00.

Insider Buying and Selling

In related news, Chairman Alfred P. West, Jr. sold 66,126 shares of the firm’s stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $84.28, for a total value of $5,573,099.28. Following the transaction, the chairman now owns 6,937,582 shares of the company’s stock, valued at $584,699,410.96. This trade represents a 0.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ryan Hicke sold 21,000 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $83.36, for a total transaction of $1,750,560.00. Following the transaction, the chief executive officer now directly owns 171,260 shares in the company, valued at $14,276,233.60. This trade represents a 10.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 232,126 shares of company stock valued at $19,638,659 in the last 90 days. Company insiders own 14.60% 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.