Bank of New York Mellon Corp Makes New $78.43 Million Investment in SEI Investments Company $SEIC

Key Points

• Bank of New York Mellon acquired 894,194 shares of SEI Investments worth approximately $78.43 million, giving it a 0.75% stake. Institutional investors collectively own 70.59% of the company.
• SEI Investments exceeded quarterly expectations, reporting $1.66 in EPS versus the $1.44 consensus and revenue of $641.62 million, up 14.7% year over year.
• Analysts remain broadly positive, with six Buy ratings and one Hold rating and a consensus price target of $122.60, while company insiders have sold 142,332 shares worth $13.75 million over the past 90 days.

Bank of New York Mellon Corp bought a new position in shares of SEI Investments Company (NASDAQ:SEIC - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 894,194 shares of the asset manager's stock, valued at approximately $78,430,000. Bank of New York Mellon Corp owned approximately 0.75% of SEI Investments at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Norges Bank bought a new stake in shares of SEI Investments in the fourth quarter worth about $53,548,000. Clark Capital Management Group Inc. grew its position in shares of SEI Investments by 2,333.2% in the 4th quarter. Clark Capital Management Group Inc. now owns 645,859 shares of the asset manager's stock valued at $52,973,000 after purchasing an additional 619,315 shares during the period. PFA Pension Forsikringsaktieselskab acquired a new position in shares of SEI Investments in the 4th quarter valued at approximately $43,186,000. Qube Research & Technologies Ltd increased its stake in SEI Investments by 82.5% during the 3rd quarter. Qube Research & Technologies Ltd now owns 766,775 shares of the asset manager's stock worth $65,061,000 after purchasing an additional 346,696 shares in the last quarter. Finally, Caisse de depot et placement du Quebec increased its stake in SEI Investments by 31.0% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,343,757 shares of the asset manager's stock worth $114,018,000 after purchasing an additional 317,703 shares in the last quarter. 70.59% of the stock is owned by institutional investors.

SEI Investments Price Performance

Shares of SEIC opened at $110.98 on Wednesday. The stock has a market capitalization of $13.32 billion, a P/E ratio of 19.57 and a beta of 0.96. SEI Investments Company has a twelve month low of $75.08 and a twelve month high of $111.90. The company has a 50 day moving average of $98.82 and a 200-day moving average of $89.14. The company has a quick ratio of 4.96, a current ratio of 5.06 and a debt-to-equity ratio of 0.06.

SEI Investments (NASDAQ:SEIC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The asset manager reported $1.66 EPS for the quarter, topping analysts' consensus estimates of $1.44 by $0.22. The business had revenue of $641.62 million for the quarter, compared to analyst estimates of $636.35 million. SEI Investments had a net margin of 28.85% and a return on equity of 29.16%. The firm's revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.78 earnings per share. As a group, equities research analysts forecast that SEI Investments Company will post 6.2 EPS for the current fiscal year.

Analysts Set New Price Targets

SEIC has been the topic of a number of research reports. Keefe, Bruyette & Woods lifted their price target on shares of SEI Investments from $113.00 to $119.00 and gave the company an "outperform" rating in a research note on Thursday, July 23rd. UBS Group restated a "buy" rating and set a $125.00 price objective on shares of SEI Investments in a report on Thursday, July 23rd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of SEI Investments in a research report on Friday, July 17th. Raymond James Financial boosted their price objective on shares of SEI Investments from $122.00 to $124.00 and gave the company an "outperform" rating in a research report on Monday, July 6th. Finally, Morgan Stanley increased their target price on SEI Investments from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Thursday, July 23rd. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $122.60.

Insider Activity

In other news, Director Kathryn Mccarthy sold 10,000 shares of the firm's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $103.53, for a total value of $1,035,300.00. Following the completion of the transaction, the director owned 77,883 shares in the company, valued at $8,063,226.99. This trade represents a 11.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carl Guarino sold 10,000 shares of SEI Investments 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 position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 142,332 shares of company stock worth $13,745,813. 4.80% of the stock is currently owned by company insiders.

About SEI Investments

SEI Investments Company is a global provider of asset management, investment processing, and investment operations solutions. The firm offers a range of services designed to help financial institutions, private banks, wealth managers and family offices streamline back-office functions and enhance front-office capabilities. SEI's technology platforms support various stages of the investment lifecycle, including trade execution, performance reporting, risk analytics and client communications.

The company's core offerings include outsourced fund administration, custody and trust services, managed account solutions, and wealth management technology.

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