Bank of New York Mellon Corp Sells 38,800 Shares of SEI Investments Company (NASDAQ:SEIC)

Bank of New York Mellon Corp trimmed its holdings in SEI Investments Company (NASDAQ:SEIC - Free Report) by 3.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,132,943 shares of the asset manager's stock after selling 38,800 shares during the period. Bank of New York Mellon Corp owned about 0.90% of SEI Investments worth $87,950,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of SEIC. Norges Bank acquired a new position in SEI Investments during the 4th quarter worth approximately $48,009,000. Raymond James Financial Inc. bought a new stake in shares of SEI Investments in the fourth quarter worth $42,548,000. GAMMA Investing LLC boosted its holdings in SEI Investments by 9,563.5% during the first quarter. GAMMA Investing LLC now owns 470,515 shares of the asset manager's stock worth $36,526,000 after purchasing an additional 465,646 shares during the last quarter. FMR LLC grew its position in SEI Investments by 39.3% in the fourth quarter. FMR LLC now owns 1,233,225 shares of the asset manager's stock valued at $101,716,000 after purchasing an additional 348,112 shares in the last quarter. Finally, Aware Super Pty Ltd as trustee of Aware Super acquired a new stake in SEI Investments in the 4th quarter valued at $23,710,000. 70.59% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on SEIC shares. Morgan Stanley reaffirmed 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. Oppenheimer upped their price objective on SEI Investments from $96.00 to $101.00 and gave the stock an "outperform" rating in a research note on Tuesday. Piper Sandler increased their price objective on SEI Investments from $79.00 to $96.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. William Blair restated a "market perform" rating on shares of SEI Investments in a report on Thursday, April 24th. Finally, Wall Street Zen upgraded shares of SEI Investments from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $96.00.

Insider Buying and Selling at SEI Investments

In related news, insider Sanjay Sharma sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $83.40, for a total value of $1,668,000.00. Following the completion of the sale, the insider directly owned 23,895 shares in the company, valued at approximately $1,992,843. The trade was a 45.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Michael Peterson sold 50,000 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $84.27, for a total value of $4,213,500.00. Following the sale, the executive vice president directly owned 13,500 shares in the company, valued at $1,137,645. This represents a 78.74% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 232,126 shares of company stock valued at $19,638,659. 14.60% of the stock is currently owned by insiders.

SEI Investments Stock Down 1.6%

Shares of NASDAQ SEIC traded down $1.47 during mid-day trading on Friday, reaching $92.33. 597,653 shares of the company were exchanged, compared to its average volume of 853,175. The stock has a market capitalization of $11.49 billion, a P/E ratio of 20.39, a P/E/G ratio of 1.59 and a beta of 0.92. The company's 50-day simple moving average is $85.65 and its 200-day simple moving average is $81.18. SEI Investments Company has a twelve month low of $62.38 and a twelve month high of $94.03.

SEI Investments (NASDAQ:SEIC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The asset manager reported $1.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.12 by $0.05. The company had revenue of $551.34 million during the quarter, compared to analysts' expectations of $556.76 million. SEI Investments had a return on equity of 26.40% and a net margin of 27.77%. The business's revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.99 earnings per share. As a group, equities research analysts expect that SEI Investments Company will post 4.86 EPS for the current year.

SEI Investments Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Monday, June 9th were given a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend was Monday, June 9th. This is a boost from SEI Investments's previous quarterly dividend of $0.46. SEI Investments's payout ratio is presently 21.30%.

SEI Investments announced that its board has authorized a share repurchase plan on Tuesday, March 18th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the asset manager to repurchase up to 5.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its stock is undervalued.

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.