Victory Capital Management Inc. Grows Stake in SEI Investments (NASDAQ:SEIC)

Victory Capital Management Inc. raised its stake in SEI Investments (NASDAQ:SEIC) by 0.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 161,248 shares of the asset manager’s stock after purchasing an additional 973 shares during the quarter. Victory Capital Management Inc. owned about 0.13% of SEI Investments worth $11,157,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in SEIC. Fairfield Financial Advisors LTD purchased a new position in SEI Investments in the second quarter valued at about $30,000. Livforsakringsbolaget Skandia Omsesidigt raised its position in SEI Investments by 925.9% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 554 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 500 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of SEI Investments by 78.3% during the first quarter. EverSource Wealth Advisors LLC now owns 626 shares of the asset manager’s stock worth $41,000 after acquiring an additional 275 shares during the last quarter. Bessemer Group Inc. increased its position in shares of SEI Investments by 184.7% during the first quarter. Bessemer Group Inc. now owns 595 shares of the asset manager’s stock worth $43,000 after acquiring an additional 386 shares during the last quarter. Finally, Mather Group LLC. increased its position in shares of SEI Investments by 181.2% during the second quarter. Mather Group LLC. now owns 776 shares of the asset manager’s stock worth $50,000 after acquiring an additional 500 shares during the last quarter. 70.59% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Michael Peterson sold 25,000 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $74.59, for a total value of $1,864,750.00. Following the transaction, the executive vice president now directly owns 6,500 shares of the company’s stock, valued at approximately $484,835. This represents a 79.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Alfred P. West, Jr. sold 27,419 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $67.48, for a total transaction of $1,850,234.12. Following the completion of the transaction, the chairman now directly owns 7,649,577 shares in the company, valued at $516,193,455.96. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 200,646 shares of company stock valued at $14,115,934 over the last quarter. Corporate insiders own 14.30% of the company’s stock.

SEI Investments Trading Up 0.6 %

Shares of NASDAQ SEIC opened at $79.91 on Thursday. SEI Investments has a 12-month low of $57.43 and a 12-month high of $81.97. The company has a market cap of $10.30 billion, a PE ratio of 19.30, a P/E/G ratio of 1.52 and a beta of 0.97. The stock has a 50 day simple moving average of $73.17 and a 200-day simple moving average of $68.86.

SEI Investments (NASDAQ:SEIC) last announced its earnings results on Wednesday, October 23rd. The asset manager reported $1.19 EPS for the quarter, topping the consensus estimate of $1.07 by $0.12. SEI Investments had a return on equity of 24.29% and a net margin of 26.60%. The firm had revenue of $537.40 million for the quarter, compared to analysts’ expectations of $534.08 million. During the same quarter in the previous year, the company earned $0.87 earnings per share. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year. Sell-side analysts forecast that SEI Investments will post 4.41 earnings per share for the current fiscal year.

SEI Investments declared that its board has authorized a share buyback program on Tuesday, October 22nd that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the asset manager to purchase up to 4.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SEIC shares. Piper Sandler lifted their target price on SEI Investments from $74.00 to $77.00 and gave the stock a “neutral” rating in a research report on Thursday, October 24th. Morgan Stanley lifted their target price on SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a research report on Thursday, October 24th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $73.00 target price (down from $74.00) on shares of SEI Investments in a research report on Thursday, July 25th. Finally, Oppenheimer lifted their price target on SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $77.50.

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.