Lord Abbett & CO. LLC Buys New Shares in SEI Investments Company $SEIC

Key Points

• Lord Abbett & CO. LLC purchased a substantial stake in SEI Investments, acquiring 666,918 shares valued at approximately $51.77 million, indicating growing institutional interest in the company.
• SEI Investments reported better-than-expected earnings, with an EPS of $1.78, exceeding analysts' estimates of $1.18, while also achieving a year-over-year revenue increase of 7.8%.
• The company has increased its quarterly dividend to $0.49 per share, up from $0.46, providing investors with a 2.2% yield.

Lord Abbett & CO. LLC purchased a new stake in shares of SEI Investments Company (NASDAQ:SEIC - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 666,918 shares of the asset manager's stock, valued at approximately $51,773,000. Lord Abbett & CO. LLC owned about 0.54% of SEI Investments at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Boston Trust Walden Corp increased its stake in SEI Investments by 1.5% in the 1st quarter. Boston Trust Walden Corp now owns 1,325,479 shares of the asset manager's stock worth $102,897,000 after acquiring an additional 19,150 shares during the last quarter. Northern Trust Corp lifted its holdings in SEI Investments by 20.9% in the 4th quarter. Northern Trust Corp now owns 1,068,181 shares of the asset manager's stock worth $88,104,000 after buying an additional 184,339 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in SEI Investments by 38.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 756,037 shares of the asset manager's stock worth $62,358,000 after buying an additional 209,850 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in SEI Investments by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 671,672 shares of the asset manager's stock worth $52,142,000 after buying an additional 3,339 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec lifted its holdings in SEI Investments by 108.7% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 532,336 shares of the asset manager's stock worth $43,907,000 after buying an additional 277,252 shares during the period. 70.59% of the stock is currently owned by institutional investors.

SEI Investments Stock Performance

Shares of SEIC stock traded down $0.4130 on Tuesday, reaching $88.2070. The stock had a trading volume of 303,980 shares, compared to its average volume of 849,926. The stock has a market cap of $10.90 billion, a P/E ratio of 16.56, a price-to-earnings-growth ratio of 1.37 and a beta of 0.95. The company has a 50 day simple moving average of $88.68 and a 200 day simple moving average of $82.38. SEI Investments Company has a 1 year low of $64.66 and a 1 year high of $93.96.

SEI Investments (NASDAQ:SEIC - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The asset manager reported $1.78 EPS for the quarter, topping analysts' consensus estimates of $1.18 by $0.60. The company had revenue of $559.60 million for the quarter, compared to the consensus estimate of $550.72 million. SEI Investments had a return on equity of 29.96% and a net margin of 31.25%.The firm's revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.05 earnings per share. On average, equities research analysts anticipate that SEI Investments Company will post 4.86 earnings per share for the current fiscal year.

SEI Investments Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Monday, June 9th were issued a dividend of $0.49 per share. This is an increase from SEI Investments's previous quarterly dividend of $0.46. This represents a $1.96 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Monday, June 9th. SEI Investments's dividend payout ratio (DPR) is currently 18.39%.

Insider Buying and Selling at SEI Investments

In other news, Chairman Alfred P. West, Jr. sold 66,126 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $84.28, for a total transaction of $5,573,099.28. Following the completion of the sale, the chairman owned 6,937,582 shares in the company, valued at approximately $584,699,410.96. This represents a 0.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark Andrew Warner sold 5,000 shares of the stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $88.75, for a total value of $443,750.00. Following the sale, the insider owned 1,300 shares of the company's stock, valued at approximately $115,375. This represents a 79.37% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 146,126 shares of company stock valued at $12,450,349. Company insiders own 14.30% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SEIC shares. Oppenheimer increased their price objective on SEI Investments from $96.00 to $101.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Raymond James Financial increased their target price on SEI Investments from $115.00 to $118.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Morgan Stanley reissued an "overweight" rating and issued a $100.00 target price (up previously from $84.00) on shares of SEI Investments in a research report on Thursday, June 26th. Wall Street Zen raised SEI Investments from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. Finally, Piper Sandler decreased their target price on SEI Investments from $96.00 to $93.00 and set a "neutral" rating for the company in a research report on Thursday, July 24th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, SEI Investments has an average rating of "Moderate Buy" and an average target price of $102.00.

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.