California State Teachers Retirement System Reduces Stock Position in SEI Investments (NASDAQ:SEIC)

California State Teachers Retirement System cut its holdings in shares of SEI Investments (NASDAQ:SEIC - Free Report) by 5.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 130,555 shares of the asset manager's stock after selling 7,312 shares during the period. California State Teachers Retirement System owned about 0.10% of SEI Investments worth $10,768,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SEIC. CoreFirst Bank & Trust bought a new position in SEI Investments in the fourth quarter valued at about $31,000. Allworth Financial LP raised its stake in shares of SEI Investments by 53.7% during the fourth quarter. Allworth Financial LP now owns 452 shares of the asset manager's stock worth $38,000 after buying an additional 158 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in SEI Investments by 25.4% in the fourth 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 acquired a new position in SEI Investments in the fourth quarter valued at approximately $55,000. Finally, EverSource Wealth Advisors LLC boosted its stake in SEI Investments by 25.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 860 shares of the asset manager's stock valued at $71,000 after acquiring an additional 172 shares during the last quarter. 70.59% of the stock is owned by institutional investors and hedge funds.

Insider Activity at SEI Investments

In other SEI Investments news, insider Sanjay Sharma sold 20,000 shares of the business's stock in a transaction 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 transaction, the insider now owns 23,895 shares of the company's stock, valued at approximately $1,992,843. The trade was a 45.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Alfred P. West, Jr. sold 75,000 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $85.78, for a total transaction of $6,433,500.00. Following the completion of the transaction, the chairman now directly owns 7,003,708 shares in the company, valued at $600,778,072.24. This trade represents a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 233,498 shares of company stock worth $19,743,315 in the last quarter. Company insiders own 14.60% of the company's stock.

SEI Investments Trading Up 0.4%

SEI Investments stock traded up $0.34 during mid-day trading on Tuesday, reaching $84.99. The company had a trading volume of 744,528 shares, compared to its average volume of 714,751. The business has a fifty day simple moving average of $78.07 and a 200 day simple moving average of $80.28. The company has a market cap of $10.58 billion, a P/E ratio of 19.23, a P/E/G ratio of 1.41 and a beta of 0.90. SEI Investments has a fifty-two week low of $62.38 and a fifty-two week high of $87.25.

SEI Investments (NASDAQ:SEIC - Get Free Report) last posted its earnings results 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. The firm had revenue of $551.34 million for the quarter, compared to analyst estimates of $556.76 million. SEI Investments had a net margin of 27.35% and a return on equity of 25.51%. The company's revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.99 EPS. Research analysts forecast that SEI Investments will post 4.86 EPS for the current year.

SEI Investments announced that its Board of Directors has initiated a stock 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 typically an indication that the company's board of directors believes its stock is undervalued.

SEI Investments Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Monday, June 9th will be given a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Monday, June 9th. This is an increase from SEI Investments's previous quarterly dividend of $0.46. SEI Investments's payout ratio is presently 21.30%.

Wall Street Analyst Weigh In

SEIC has been the topic of several analyst reports. Morgan Stanley increased their target price on shares of SEI Investments from $82.00 to $84.00 and gave the stock an "overweight" rating in a report on Tuesday. Piper Sandler boosted their target price on SEI Investments from $74.00 to $79.00 and gave the company a "neutral" rating in a research note on Thursday, April 24th. Wall Street Zen upgraded SEI Investments from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. William Blair reissued a "market perform" rating on shares of SEI Investments in a research report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of SEI Investments from $80.00 to $84.00 and gave the company a "market perform" rating in a research report on Friday, April 25th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $88.00.

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.