EverSource Wealth Advisors LLC Sells 649 Shares of SEI Investments (NASDAQ:SEIC)

Posted by Defense World Staff on May 20th, 2023

EverSource Wealth Advisors LLC cut its position in shares of SEI Investments (NASDAQ:SEIC – Get Rating) by 52.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 592 shares of the asset manager’s stock after selling 649 shares during the period. EverSource Wealth Advisors LLC’s holdings in SEI Investments were worth $35,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. American Century Companies Inc. raised its holdings in shares of SEI Investments by 19.8% in the first quarter. American Century Companies Inc. now owns 22,215 shares of the asset manager’s stock worth $1,337,000 after buying an additional 3,666 shares during the period. Private Advisor Group LLC boosted its position in shares of SEI Investments by 15.3% in the 1st quarter. Private Advisor Group LLC now owns 4,811 shares of the asset manager’s stock worth $290,000 after purchasing an additional 639 shares in the last quarter. Bank of Montreal Can boosted its position in shares of SEI Investments by 18.5% in the 1st quarter. Bank of Montreal Can now owns 100,910 shares of the asset manager’s stock worth $6,230,000 after purchasing an additional 15,773 shares in the last quarter. Panagora Asset Management Inc. lifted its position in SEI Investments by 11.3% during the 1st quarter. Panagora Asset Management Inc. now owns 19,113 shares of the asset manager’s stock worth $1,151,000 after acquiring an additional 1,943 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in SEI Investments by 9.7% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,563 shares of the asset manager’s stock worth $2,322,000 after acquiring an additional 3,424 shares during the period. 69.45% of the stock is owned by institutional investors.

Insider Buying and Selling at SEI Investments

In other SEI Investments news, Director Sarah Blumenstein sold 10,546 shares of the business’s stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $60.22, for a total value of $635,080.12. Following the completion of the transaction, the director now directly owns 6,447 shares in the company, valued at approximately $388,238.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other SEI Investments news, Director Sarah Blumenstein sold 10,546 shares of the business’s stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $60.22, for a total value of $635,080.12. Following the completion of the transaction, the director now directly owns 6,447 shares in the company, valued at approximately $388,238.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Alfred P. West, Jr. sold 65,900 shares of the business’s stock in a transaction on Monday, March 27th. The shares were sold at an average price of $55.45, for a total value of $3,654,155.00. Following the completion of the transaction, the chairman now owns 8,583,787 shares of the company’s stock, valued at $475,970,989.15. The disclosure for this sale can be found here. In the last three months, insiders sold 128,567 shares of company stock worth $7,187,073. Insiders own 25.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Morgan Stanley boosted their price objective on SEI Investments from $54.00 to $58.00 and gave the company an “underweight” rating in a report on Monday, April 3rd. Oppenheimer reiterated an “outperform” rating and issued a $68.00 price objective on shares of SEI Investments in a research report on Tuesday, April 4th. Piper Sandler initiated coverage on SEI Investments in a research report on Wednesday, March 29th. They set a “neutral” rating and a $60.00 price target for the company. Finally, StockNews.com assumed coverage on SEI Investments in a research note on Thursday. They issued a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $60.80.

SEI Investments Price Performance

Shares of SEI Investments stock opened at $57.92 on Friday. SEI Investments has a 1 year low of $46.30 and a 1 year high of $64.69. The company has a market capitalization of $7.72 billion, a P/E ratio of 20.11, a P/E/G ratio of 1.44 and a beta of 1.01. The business has a 50 day moving average price of $57.38 and a 200 day moving average price of $59.39.

SEI Investments (NASDAQ:SEIC – Get Rating) last issued its quarterly earnings data on Thursday, April 20th. The asset manager reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.03). The company had revenue of $469.12 million for the quarter, compared to analyst estimates of $468.79 million. SEI Investments had a return on equity of 22.29% and a net margin of 20.88%. The company’s revenue for the quarter was down 19.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.36 earnings per share. As a group, research analysts expect that SEI Investments will post 3.38 EPS for the current fiscal year.

SEI Investments announced that its Board of Directors has initiated a stock buyback plan on Tuesday, April 18th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the asset manager to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

About SEI Investments

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SEI Investments Co engages in the provision of investment processing, investment management and investment operations platforms. It operates through the following business segments: Private Banks, Investment Advisors, Institutional Investors, Investment Managers, and Investments in New Businesses. The Private Banks segment provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers and financial advisors worldwide.