Bank of America Corp DE Lowers Position in SEI Investments (NASDAQ:SEIC)

Bank of America Corp DE lessened its position in SEI Investments (NASDAQ:SEIC - Free Report) by 6.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,846,654 shares of the asset manager's stock after selling 187,203 shares during the period. Bank of America Corp DE owned 2.21% of SEI Investments worth $234,792,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of SEIC. First Horizon Advisors Inc. increased its holdings in SEI Investments by 25.4% during the 4th quarter. First Horizon Advisors Inc. now owns 578 shares of the asset manager's stock valued at $48,000 after purchasing an additional 117 shares during the period. Venturi Wealth Management LLC increased its stake in shares of SEI Investments by 7.3% during the fourth quarter. Venturi Wealth Management LLC now owns 2,105 shares of the asset manager's stock valued at $174,000 after buying an additional 144 shares during the period. Ashton Thomas Securities LLC raised its holdings in shares of SEI Investments by 2.5% during the fourth quarter. Ashton Thomas Securities LLC now owns 5,969 shares of the asset manager's stock valued at $492,000 after acquiring an additional 145 shares in the last quarter. Principal Securities Inc. lifted its stake in SEI Investments by 13.3% in the fourth quarter. Principal Securities Inc. now owns 1,324 shares of the asset manager's stock worth $109,000 after acquiring an additional 155 shares during the period. Finally, Allworth Financial LP boosted its holdings in SEI Investments by 53.7% in the fourth quarter. Allworth Financial LP now owns 452 shares of the asset manager's stock valued at $38,000 after acquiring an additional 158 shares in the last quarter. Hedge funds and other institutional investors own 70.59% of the company's stock.

Insider Buying and Selling at SEI Investments

In other SEI Investments news, insider Mark Andrew Warner sold 5,000 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 1,300 shares in the company, valued at approximately $104,507. This trade represents a 79.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Alfred P. West, Jr. sold 72,842 shares of SEI Investments stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $79.45, for a total value of $5,787,296.90. Following the transaction, the chairman now owns 7,160,080 shares in the company, valued at $568,868,356. This trade represents a 1.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 79,214 shares of company stock worth $6,293,903. Company insiders own 14.30% of the company's stock.

SEI Investments Trading Up 0.2 %

NASDAQ:SEIC traded up $0.15 during trading hours on Friday, reaching $81.49. 429,669 shares of the company traded hands, compared to its average volume of 657,151. The business's 50-day moving average price is $75.17 and its two-hundred day moving average price is $79.56. SEI Investments has a 1 year low of $62.38 and a 1 year high of $87.25. The stock has a market capitalization of $10.14 billion, a P/E ratio of 18.44, a P/E/G ratio of 1.41 and a beta of 0.90.

SEI Investments (NASDAQ:SEIC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The asset manager reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.05. SEI Investments had a net margin of 27.35% and a return on equity of 25.51%. The company had revenue of $551.34 million during the quarter, compared to the consensus estimate of $556.76 million. During the same quarter last year, the firm earned $0.99 earnings per share. The firm's quarterly revenue was up 7.8% compared to the same quarter last year. As a group, equities analysts anticipate that SEI Investments will post 4.86 EPS for the current year.

SEI Investments declared that its Board of Directors has authorized a stock repurchase program on Tuesday, March 18th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the asset manager to buy up to 5.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

SEIC has been the subject of several research reports. Morgan Stanley restated an "overweight" rating and issued a $82.00 price objective (up from $77.00) on shares of SEI Investments in a report on Thursday, April 24th. Oppenheimer restated an "outperform" rating on shares of SEI Investments in a report on Thursday, April 24th. William Blair reiterated a "market perform" rating on shares of SEI Investments in a report on Thursday, April 24th. Raymond James upgraded SEI Investments from a "market perform" rating to an "outperform" rating and set a $99.00 target price for the company in a research note on Thursday, January 30th. Finally, Keefe, Bruyette & Woods upped their price target on SEI Investments from $80.00 to $84.00 and gave the stock a "market perform" rating in a research note on Friday, April 25th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, SEI Investments has a consensus rating of "Moderate Buy" and a consensus target price of $87.60.

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.