National Bank of Canada FI Acquires 7,193 Shares of SEI Investments (NASDAQ:SEIC)

National Bank of Canada FI grew its holdings in shares of SEI Investments (NASDAQ:SEIC) by 242.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,162 shares of the asset manager’s stock after acquiring an additional 7,193 shares during the period. National Bank of Canada FI’s holdings in SEI Investments were worth $838,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of SEIC. Norges Bank bought a new position in SEI Investments in the 4th quarter worth $48,009,000. Raymond James Financial Inc. bought a new position in SEI Investments in the 4th quarter worth $42,548,000. Los Angeles Capital Management LLC bought a new position in SEI Investments in the 4th quarter worth $26,702,000. Geode Capital Management LLC boosted its holdings in SEI Investments by 13.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,520,430 shares of the asset manager’s stock worth $174,092,000 after buying an additional 300,704 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new position in SEI Investments in the 4th quarter worth $13,454,000. Institutional investors own 70.59% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SEIC shares. Morgan Stanley raised shares of SEI Investments from an “underweight” rating to an “overweight” rating and dropped their target price for the stock from $81.00 to $77.00 in a report on Monday. 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 report on Thursday, January 30th. Oppenheimer boosted their price target on shares of SEI Investments from $85.00 to $94.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 7th. Piper Sandler decreased their price target on shares of SEI Investments from $87.00 to $74.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $90.00 price target (up previously from $86.00) on shares of SEI Investments in a research note on Thursday, January 30th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, SEI Investments currently has a consensus rating of “Moderate Buy” and an average price target of $86.80.

Insider Activity

In related news, insider Mark Andrew Warner sold 5,000 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $80.39, for a total transaction of $401,950.00. Following the transaction, the insider now directly owns 1,300 shares in the company, valued at approximately $104,507. This represents a 79.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Alfred P. West, Jr. sold 72,842 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $79.45, for a total transaction of $5,787,296.90. Following the transaction, the chairman now owns 7,160,080 shares in the company, valued at $568,868,356. The trade was a 1.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 79,214 shares of company stock worth $6,293,903. 14.30% of the stock is currently owned by corporate insiders.

SEI Investments Trading Up 9.9 %

Shares of NASDAQ SEIC opened at $73.03 on Thursday. The firm’s 50-day moving average price is $77.88 and its 200-day moving average price is $78.67. The stock has a market capitalization of $9.27 billion, a price-to-earnings ratio of 16.52, a P/E/G ratio of 1.41 and a beta of 0.90. SEI Investments has a 12-month low of $62.38 and a 12-month high of $87.25.

SEI Investments (NASDAQ:SEIC) last announced its earnings results on Wednesday, January 29th. The asset manager reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate 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, equities analysts predict that SEI Investments will post 4.86 EPS for the current fiscal year.

SEI Investments declared that its Board of Directors has approved a stock repurchase plan on Tuesday, March 18th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the asset manager to purchase up to 5.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

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.