Huntington National Bank Acquires 2,815 Shares of SEI Investments (NASDAQ:SEIC)

Huntington National Bank boosted its holdings in SEI Investments (NASDAQ:SEIC) by 835.3% in the fourth quarter, Holdings Channel reports. The firm owned 3,152 shares of the asset manager’s stock after purchasing an additional 2,815 shares during the quarter. Huntington National Bank’s holdings in SEI Investments were worth $260,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SEIC. FMR LLC raised its stake in shares of SEI Investments by 249.7% during the 3rd quarter. FMR LLC now owns 885,113 shares of the asset manager’s stock worth $61,241,000 after purchasing an additional 632,024 shares in the last quarter. Norges Bank bought a new stake in SEI Investments during the fourth quarter worth $48,009,000. Raymond James Financial Inc. acquired a new stake in SEI Investments in the fourth quarter valued at $42,548,000. Los Angeles Capital Management LLC bought a new position in shares of SEI Investments in the 4th quarter valued at about $26,702,000. Finally, Geode Capital Management LLC increased its stake in shares of SEI Investments by 13.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,520,430 shares of the asset manager’s stock worth $174,092,000 after purchasing an additional 300,704 shares during the last quarter. 70.59% of the stock is currently owned by institutional investors and hedge funds.

SEI Investments Price Performance

SEIC opened at $69.02 on Friday. The business has a fifty day simple moving average of $79.41 and a 200 day simple moving average of $78.72. SEI Investments has a 1 year low of $62.38 and a 1 year high of $87.25. 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 (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 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%. Equities analysts anticipate that SEI Investments will post 4.86 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In related news, Chairman Alfred P. West, Jr. sold 1,372 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $76.28, for a total value of $104,656.16. Following the completion of the sale, the chairman now directly owns 7,078,708 shares in the company, valued at approximately $539,963,846.24. The trade was a 0.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mark Andrew Warner sold 5,000 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $80.39, for a total value of $401,950.00. Following the transaction, the insider now owns 1,300 shares in the company, 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 a total of 79,214 shares of company stock worth $6,293,903 in the last quarter. Corporate insiders own 14.30% of the company’s stock.

Analyst Ratings Changes

SEIC has been the subject of several recent analyst reports. Morgan Stanley cut their target price on shares of SEI Investments from $84.00 to $81.00 and set an “underweight” rating for the company in a research note on Wednesday. Oppenheimer lifted their target price on SEI Investments from $85.00 to $94.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 7th. Raymond James upgraded SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 price target on the stock in a research note on Thursday, January 30th. 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 research report on Thursday, January 30th. Finally, 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 research report on Monday, December 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, SEI Investments presently has a consensus rating of “Hold” and a consensus price target of $90.20.

SEI Investments Company 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.