JPMorgan Chase & Co. Sells 49,035 Shares of SEI Investments (NASDAQ:SEIC)

JPMorgan Chase & Co. reduced its position in shares of SEI Investments (NASDAQ:SEIC) by 9.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 458,881 shares of the asset manager’s stock after selling 49,035 shares during the quarter. JPMorgan Chase & Co. owned about 0.36% of SEI Investments worth $37,849,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. CoreFirst Bank & Trust bought a new stake in shares of SEI Investments in the 4th quarter valued at approximately $31,000. Allworth Financial LP raised its holdings in SEI Investments by 53.7% during the 4th quarter. Allworth Financial LP now owns 452 shares of the asset manager’s stock valued at $38,000 after buying an additional 158 shares during the period. Point72 DIFC Ltd bought a new stake in SEI Investments in the third quarter worth $45,000. First Horizon Advisors Inc. boosted its stake in SEI Investments by 25.4% during the fourth quarter. First Horizon Advisors Inc. now owns 578 shares of the asset manager’s stock worth $48,000 after buying an additional 117 shares during the period. Finally, Rialto Wealth Management LLC purchased a new position in SEI Investments during the fourth quarter worth $55,000. 70.59% of the stock is owned by hedge funds and other institutional investors.

SEI Investments Stock Performance

SEI Investments stock opened at $69.02 on Monday. The company has a market capitalization of $8.76 billion, a PE ratio of 15.62, a P/E/G ratio of 1.41 and a beta of 0.90. The company has a 50 day moving average price of $79.41 and a 200-day moving average price of $78.79. SEI Investments has a fifty-two week low of $62.38 and a fifty-two week high of $87.25.

SEI Investments (NASDAQ:SEIC) last issued its earnings results on Wednesday, January 29th. The asset manager reported $1.19 earnings per share 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%. On average, analysts forecast that SEI Investments will post 4.86 earnings per share for the current year.

SEI Investments announced that its board has authorized a share 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 stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other SEI Investments news, Chairman Alfred P. West, Jr. sold 72,842 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $79.45, for a total transaction of $5,787,296.90. Following the completion of the sale, the chairman now owns 7,160,080 shares in the company, valued at $568,868,356. This represents a 1.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark Andrew Warner sold 5,000 shares of SEI Investments stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $80.39, for a total value of $401,950.00. Following the completion of the transaction, the insider now owns 1,300 shares in the company, valued at $104,507. This represents a 79.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 79,214 shares of company stock valued at $6,293,903 over the last three months. 14.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on SEIC. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $90.00 target price (up previously from $86.00) on shares of SEI Investments in a report on Thursday, January 30th. Morgan Stanley decreased their price objective 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, April 2nd. Oppenheimer upped their target price on SEI Investments from $85.00 to $94.00 and gave the company an “outperform” rating in a research note on Tuesday, January 7th. Raymond James raised SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 price target for the company in a research note on Thursday, January 30th. Finally, Piper Sandler upped their price objective on SEI Investments from $77.00 to $87.00 and gave the company a “neutral” rating in a research report on Monday, December 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $90.20.

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.