Clark Capital Management Group Inc. Buys New Position in SEI Investments (NASDAQ:SEIC)

Clark Capital Management Group Inc. bought a new stake in shares of SEI Investments (NASDAQ:SEIC - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 15,012 shares of the asset manager's stock, valued at approximately $1,238,000.

A number of other hedge funds have also recently modified their holdings of SEIC. CoreFirst Bank & Trust purchased a new position in SEI Investments in the 4th quarter worth about $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. First Horizon Advisors Inc. raised 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 buying an additional 117 shares during the period. Rialto Wealth Management LLC purchased a new stake in SEI Investments during the 4th quarter valued at $55,000. Finally, EverSource Wealth Advisors LLC raised its holdings in SEI Investments by 25.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 860 shares of the asset manager's stock valued at $71,000 after buying an additional 172 shares during the period. Institutional investors own 70.59% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on SEIC. StockNews.com upgraded SEI Investments from a "hold" rating to a "buy" rating in a research note on Saturday. 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 report on Thursday, January 30th. Oppenheimer restated an "outperform" rating on shares of SEI Investments in a research note on Thursday, April 24th. Piper Sandler lifted their price target on SEI Investments from $74.00 to $79.00 and gave the company a "neutral" rating in a research report on Thursday, April 24th. Finally, Morgan Stanley restated an "overweight" rating and issued a $82.00 price objective (up from $77.00) on shares of SEI Investments in a research report on Thursday, April 24th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $87.60.

SEI Investments Stock Performance

Shares of NASDAQ:SEIC traded down $0.61 during trading on Wednesday, reaching $83.37. The stock had a trading volume of 1,073,046 shares, compared to its average volume of 659,793. The business has a fifty day moving average price of $75.46 and a 200-day moving average price of $79.65. The stock has a market cap of $10.38 billion, a PE ratio of 18.86, a PEG ratio of 1.41 and a beta of 0.90. SEI Investments has a 1-year low of $62.38 and a 1-year high of $87.25.

SEI Investments (NASDAQ:SEIC - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The asset manager reported $1.17 earnings per share for the quarter, topping analysts' consensus estimates of $1.12 by $0.05. SEI Investments had a return on equity of 25.51% and a net margin of 27.35%. The company had revenue of $551.34 million for the quarter, compared to analyst estimates of $556.76 million. During the same quarter in the previous year, the company posted $0.99 earnings per share. The firm's revenue for the quarter was up 7.8% compared to the same quarter last year. Sell-side analysts expect that SEI Investments will post 4.86 earnings per share for the current year.

SEI Investments declared that its board has initiated a stock buyback program on Tuesday, March 18th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the asset manager to purchase up to 5.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling at SEI Investments

In related news, Chairman Alfred P. West, Jr. sold 1,372 shares of the business's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $76.28, for a total value of $104,656.16. Following the sale, the chairman now owns 7,078,708 shares in the company, valued at approximately $539,963,846.24. The trade was a 0.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark Andrew Warner sold 5,000 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $80.39, for a total value of $401,950.00. Following the sale, the insider now owns 1,300 shares in the company, valued at approximately $104,507. This trade represents a 79.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 79,214 shares of company stock worth $6,293,903 over the last quarter. 14.60% of the stock is currently owned by company insiders.

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.