PNC Financial Services Group Inc. Sells 19,601 Shares of SEI Investments (NASDAQ:SEIC)

PNC Financial Services Group Inc. reduced its stake in SEI Investments (NASDAQ:SEIC) by 35.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,003 shares of the asset manager’s stock after selling 19,601 shares during the quarter. PNC Financial Services Group Inc.’s holdings in SEI Investments were worth $2,224,000 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. Norges Bank bought a new stake in shares of SEI Investments in the 4th quarter worth approximately $32,161,000. Invesco Ltd. raised its holdings in SEI Investments by 73.1% in the 3rd quarter. Invesco Ltd. now owns 1,125,659 shares of the asset manager’s stock worth $67,798,000 after acquiring an additional 475,226 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in SEI Investments by 69.3% in the 3rd quarter. Envestnet Asset Management Inc. now owns 381,037 shares of the asset manager’s stock worth $22,950,000 after acquiring an additional 155,991 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in SEI Investments in the 4th quarter worth approximately $6,990,000. Finally, FMR LLC raised its holdings in SEI Investments by 43.8% in the 3rd quarter. FMR LLC now owns 360,732 shares of the asset manager’s stock worth $21,727,000 after acquiring an additional 109,962 shares during the last quarter. 70.59% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SEIC. Piper Sandler decreased their price objective on shares of SEI Investments from $72.00 to $69.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $74.00 target price (up from $72.00) on shares of SEI Investments in a research note on Thursday, April 25th. Oppenheimer boosted their target price on shares of SEI Investments from $77.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, April 9th. Finally, StockNews.com upgraded shares of SEI Investments from a “hold” rating to a “buy” rating in a research note on Saturday, March 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $71.00.

SEI Investments Price Performance

Shares of SEIC stock opened at $65.83 on Friday. SEI Investments has a 1 year low of $52.19 and a 1 year high of $72.54. The firm has a fifty day moving average price of $66.89 and a 200-day moving average price of $66.26. The company has a market cap of $8.65 billion, a price-to-earnings ratio of 17.99, a PEG ratio of 1.32 and a beta of 1.02.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings data on Wednesday, April 24th. The asset manager reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.01. The firm had revenue of $511.58 million during the quarter, compared to the consensus estimate of $510.41 million. SEI Investments had a net margin of 24.80% and a return on equity of 22.91%. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.79 EPS. Equities research analysts expect that SEI Investments will post 4.14 EPS for the current year.

SEI Investments Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Monday, June 10th were issued a $0.46 dividend. The ex-dividend date was Monday, June 10th. This represents a $1.84 annualized dividend and a yield of 2.80%. This is an increase from SEI Investments’s previous quarterly dividend of $0.40. SEI Investments’s dividend payout ratio is currently 25.14%.

Insider Buying and Selling

In related news, Chairman Alfred P. West, Jr. sold 48,000 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $68.09, for a total value of $3,268,320.00. Following the completion of the transaction, the chairman now owns 7,677,471 shares of the company’s stock, valued at approximately $522,759,000.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other SEI Investments news, Chairman Alfred P. West, Jr. sold 48,000 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $68.09, for a total transaction of $3,268,320.00. Following the completion of the transaction, the chairman now owns 7,677,471 shares of the company’s stock, valued at approximately $522,759,000.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Alfred P. West, Jr. sold 19,363 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $72.14, for a total value of $1,396,846.82. Following the transaction, the chairman now owns 7,865,471 shares of the company’s stock, valued at approximately $567,415,077.94. The disclosure for this sale can be found here. In the last quarter, insiders sold 287,363 shares of company stock valued at $20,081,067. 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.