2,908,071 Shares in SEI Investments Company $SEIC Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 2.91 million SEI Investments shares worth approximately $255.1 million, giving it a 2.42% stake. Institutional investors and hedge funds collectively own 70.59% of the company.
• Analysts remain broadly positive, with seven Buy ratings and one Hold rating. SEI has a consensus “Moderate Buy” rating and an average price target of $122.60.
• SEI beat quarterly earnings expectations, reporting $1.66 in EPS versus the $1.44 consensus and revenue of $641.62 million. However, insiders sold 179,832 shares worth about $17.9 million over the past 90 days.

Bank of America Corp DE acquired a new stake in shares of SEI Investments Company (NASDAQ:SEIC - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,908,071 shares of the asset manager's stock, valued at approximately $255,067,000. Bank of America Corp DE owned about 2.42% of SEI Investments at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. BlackRock Inc. acquired a new position in SEI Investments during the 2nd quarter valued at approximately $870,745,000. Geode Capital Management LLC boosted its holdings in shares of SEI Investments by 3.9% during the fourth quarter. Geode Capital Management LLC now owns 2,894,317 shares of the asset manager's stock valued at $237,421,000 after acquiring an additional 109,974 shares during the period. Lord Abbett & CO. LLC boosted its holdings in shares of SEI Investments by 19.2% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,917,370 shares of the asset manager's stock valued at $157,263,000 after acquiring an additional 308,988 shares during the period. Dimensional Fund Advisors LP grew its position in shares of SEI Investments by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,873,198 shares of the asset manager's stock worth $146,984,000 after acquiring an additional 20,054 shares during the last quarter. Finally, First Trust Advisors LP grew its position in shares of SEI Investments by 1.2% during the first quarter. First Trust Advisors LP now owns 1,822,669 shares of the asset manager's stock worth $143,025,000 after acquiring an additional 21,731 shares during the last quarter. 70.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Weiss Ratings restated a "buy (b)" rating on shares of SEI Investments in a research report on Friday, July 17th. Morgan Stanley raised their price target on SEI Investments from $115.00 to $125.00 and gave the company an "overweight" rating in a report on Thursday, July 23rd. Piper Sandler increased their target price on shares of SEI Investments from $114.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday, July 23rd. Keefe, Bruyette & Woods increased their target price on shares of SEI Investments from $113.00 to $119.00 and gave the company an "outperform" rating in a research report on Thursday, July 23rd. Finally, UBS Group reissued a "buy" rating and set a $125.00 target price on shares of SEI Investments in a research note on Thursday, July 23rd. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, SEI Investments currently has a consensus rating of "Moderate Buy" and an average target price of $122.60.

SEI Investments Stock Down 1.2%

SEI Investments stock opened at $104.57 on Thursday. SEI Investments Company has a twelve month low of $75.08 and a twelve month high of $112.15. The company has a debt-to-equity ratio of 0.06, a quick ratio of 4.96 and a current ratio of 5.06. The firm has a market cap of $12.55 billion, a PE ratio of 18.44 and a beta of 0.97. The firm's 50 day moving average price is $104.69 and its two-hundred day moving average price is $92.26.

SEI Investments (NASDAQ:SEIC - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The asset manager reported $1.66 EPS for the quarter, beating analysts' consensus estimates of $1.44 by $0.22. SEI Investments had a return on equity of 29.16% and a net margin of 28.85%.The firm had revenue of $641.62 million for the quarter, compared to the consensus estimate of $636.35 million. During the same quarter in the previous year, the company posted $1.78 earnings per share. The business's quarterly revenue was up 14.7% compared to the same quarter last year. On average, research analysts predict that SEI Investments Company will post 6.21 EPS for the current fiscal year.

Insider Activity at SEI Investments

In related news, Director Kathryn McCarthy sold 10,000 shares of the firm's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $103.53, for a total value of $1,035,300.00. Following the transaction, the director directly owned 77,883 shares in the company, valued at approximately $8,063,226.99. This trade represents a 11.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Carl Guarino sold 10,000 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $103.19, for a total value of $1,031,900.00. Following the completion of the sale, the director directly owned 18,308 shares in the company, valued at approximately $1,889,202.52. This represents a 35.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 179,832 shares of company stock worth $17,897,438 in the last 90 days. Insiders own 4.80% of the company's stock.

About SEI Investments

SEI Investments Company is a financial technology and investment solutions provider serving wealth managers, asset managers, institutional investors, banks and family offices. The company combines technology, outsourced operations and investment expertise to help clients manage portfolios, administer funds and support their broader financial businesses.

Its offerings include the SEI Wealth Platform, which provides technology and operating infrastructure for wealth management firms; investment processing and administration services; fund accounting and administration; and technology and operational support for investment managers.

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