State of Alaska Department of Revenue Cuts Stock Position in SEI Investments (NASDAQ:SEIC)

State of Alaska Department of Revenue trimmed its holdings in SEI Investments (NASDAQ:SEIC) by 0.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 199,205 shares of the asset manager’s stock after selling 405 shares during the period. State of Alaska Department of Revenue owned about 0.15% of SEI Investments worth $16,429,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in SEIC. Aurora Investment Counsel lifted its holdings in SEI Investments by 0.6% in the 3rd quarter. Aurora Investment Counsel now owns 25,162 shares of the asset manager’s stock worth $1,741,000 after purchasing an additional 144 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of SEI Investments by 16.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,197 shares of the asset manager’s stock worth $77,000 after acquiring an additional 168 shares during the last quarter. Creative Planning boosted its position in shares of SEI Investments by 2.3% during the third quarter. Creative Planning now owns 8,086 shares of the asset manager’s stock worth $559,000 after acquiring an additional 182 shares during the last quarter. Procyon Advisors LLC grew its stake in SEI Investments by 0.5% during the fourth quarter. Procyon Advisors LLC now owns 35,602 shares of the asset manager’s stock valued at $2,936,000 after acquiring an additional 187 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its holdings in SEI Investments by 101.3% in the 3rd quarter. First Horizon Advisors Inc. now owns 461 shares of the asset manager’s stock valued at $32,000 after acquiring an additional 232 shares during the last quarter. Institutional investors own 70.59% of the company’s stock.

SEI Investments Price Performance

SEI Investments stock opened at $86.30 on Thursday. SEI Investments has a 1-year low of $62.38 and a 1-year high of $87.25. The company’s 50-day moving average is $83.40 and its 200 day moving average is $75.24. The firm has a market capitalization of $11.12 billion, a P/E ratio of 19.52, a price-to-earnings-growth ratio of 1.48 and a beta of 0.98.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings results 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 return on equity of 25.51% and a net margin of 27.35%. Research analysts anticipate that SEI Investments will post 4.86 earnings per share for the current fiscal year.

SEI Investments Increases Dividend

The business also recently declared a semi-annual dividend, which was paid on Wednesday, January 8th. Stockholders of record on Friday, December 27th were issued a $0.49 dividend. The ex-dividend date of this dividend was Friday, December 27th. This is a boost from SEI Investments’s previous semi-annual dividend of $0.46. This represents a dividend yield of 1.1%. SEI Investments’s dividend payout ratio is presently 22.17%.

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

Analyst Upgrades and Downgrades

Several research firms have commented on SEIC. Piper Sandler increased their price objective 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. Oppenheimer raised their price target on SEI Investments from $85.00 to $94.00 and gave the company an “outperform” rating in a report on Tuesday, January 7th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $90.00 price objective (up from $86.00) on shares of SEI Investments in a report on Thursday, January 30th. Morgan Stanley increased their target price on SEI Investments from $75.00 to $80.00 and gave the company an “underweight” rating in a research report on Friday, January 3rd. Finally, Raymond James upgraded shares of SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 target price on the stock in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $90.00.

Insider Buying and Selling

In other news, Chairman Alfred P. West, Jr. sold 52,042 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $85.23, for a total value of $4,435,539.66. Following the completion of the sale, the chairman now owns 7,232,922 shares of the company’s stock, valued at approximately $616,461,942.06. This represents a 0.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 171,194 shares of company stock valued at $14,579,872 in the last 90 days. Company 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.