Envestnet Asset Management Inc. Boosts Stake in SEI Investments (NASDAQ:SEIC)

Envestnet Asset Management Inc. increased its position in SEI Investments (NASDAQ:SEIC) by 1.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 381,372 shares of the asset manager’s stock after buying an additional 4,656 shares during the period. Envestnet Asset Management Inc. owned 0.29% of SEI Investments worth $24,671,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SEIC. Norges Bank purchased a new stake in shares of SEI Investments in the fourth quarter worth about $32,161,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in SEI Investments during the first quarter worth approximately $14,172,000. Jupiter Asset Management Ltd. bought a new stake in SEI Investments during the second quarter worth approximately $7,787,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in SEI Investments during the fourth quarter worth approximately $6,990,000. Finally, Power Corp of Canada bought a new stake in SEI Investments during the fourth quarter worth approximately $5,649,000. 70.59% of the stock is currently owned by hedge funds and other institutional investors.

SEI Investments Stock Performance

SEIC opened at $68.10 on Friday. The stock has a market cap of $8.95 billion, a price-to-earnings ratio of 18.61, a P/E/G ratio of 1.34 and a beta of 0.99. The stock’s 50 day moving average price is $66.74 and its 200-day moving average price is $67.26. SEI Investments has a one year low of $52.19 and a one year high of $72.54.

SEI Investments (NASDAQ:SEIC) last released its earnings results on Wednesday, July 24th. The asset manager reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.01. The firm had revenue of $518.99 million for the quarter, compared to analysts’ expectations of $523.80 million. SEI Investments had a return on equity of 23.25% and a net margin of 25.44%. The company’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.89 earnings per share. As a group, analysts predict that SEI Investments will post 4.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SEIC has been the topic of several analyst reports. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $73.00 price objective (down from $74.00) on shares of SEI Investments in a research note on Thursday, July 25th. Piper Sandler reduced their price objective on SEI Investments from $72.00 to $71.00 and set a “neutral” rating on the stock in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $71.25.

Insider Buying and Selling

In related news, Chairman Alfred P. West, Jr. sold 27,419 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $67.48, for a total value of $1,850,234.12. Following the transaction, the chairman now owns 7,649,577 shares of the company’s stock, valued at $516,193,455.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Chairman Alfred P. West, Jr. sold 27,419 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $67.48, for a total value of $1,850,234.12. Following the transaction, the chairman now owns 7,649,577 shares of the company’s stock, valued at $516,193,455.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director William Doran sold 5,000 shares of the stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $67.04, for a total value of $335,200.00. Following the completion of the transaction, the director now directly owns 656,386 shares in the company, valued at approximately $44,004,117.44. The disclosure for this sale can be found here. Insiders have sold a total of 137,582 shares of company stock valued at $9,277,605 over the last quarter. 14.30% of the stock is owned by corporate insiders.

SEI Investments 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.