Convergence Investment Partners LLC Reduces Stock Position in SEI Investments Company (NASDAQ:SEIC)

Convergence Investment Partners LLC lowered its stake in SEI Investments Company (NASDAQ:SEIC - Free Report) by 15.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 24,395 shares of the asset manager's stock after selling 4,455 shares during the quarter. Convergence Investment Partners LLC's holdings in SEI Investments were worth $1,894,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in SEIC. Norges Bank bought a new position in shares of SEI Investments in the fourth quarter valued at $48,009,000. Raymond James Financial Inc. acquired a new position in SEI Investments during the fourth quarter valued at approximately $42,548,000. GAMMA Investing LLC raised its position 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 valued at $36,526,000 after purchasing an additional 465,646 shares in the last quarter. FMR LLC increased its holdings in shares of SEI Investments by 39.3% during the fourth quarter. FMR LLC now owns 1,233,225 shares of the asset manager's stock worth $101,716,000 after buying an additional 348,112 shares in the last quarter. Finally, Aware Super Pty Ltd as trustee of Aware Super acquired a new position in shares of SEI Investments during the fourth quarter worth $23,710,000. Institutional investors and hedge funds own 70.59% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on SEIC shares. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $98.00 price objective (down previously from $100.00) on shares of SEI Investments in a research note on Thursday. Oppenheimer upped their price objective on shares of SEI Investments from $96.00 to $101.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. William Blair restated a "market perform" rating on shares of SEI Investments in a report on Thursday, April 24th. Piper Sandler lowered their target price on shares of SEI Investments from $96.00 to $93.00 and set a "neutral" rating on the stock in a report on Thursday. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $100.00 price objective (up previously from $84.00) on shares of SEI Investments in a research note on Thursday, June 26th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, SEI Investments has an average rating of "Moderate Buy" and an average price target of $102.00.

SEI Investments Stock Up 0.2%

SEIC traded up $0.20 on Friday, hitting $89.99. The company's stock had a trading volume of 1,205,396 shares, compared to its average volume of 937,867. The company's 50 day simple moving average is $87.68 and its 200-day simple moving average is $81.83. The firm has a market cap of $11.20 billion, a P/E ratio of 16.88, a price-to-earnings-growth ratio of 1.52 and a beta of 0.92. SEI Investments Company has a 12 month low of $62.38 and a 12 month high of $93.96.

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

SEI Investments Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Monday, June 9th were given a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date was Monday, June 9th. This is a boost from SEI Investments's previous quarterly dividend of $0.46. SEI Investments's dividend payout ratio (DPR) is presently 21.30%.

Insider Buying and Selling at SEI Investments

In related news, EVP Michael Peterson sold 50,000 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $84.27, for a total transaction of $4,213,500.00. Following the completion of the sale, the executive vice president owned 13,500 shares of the company's stock, valued at $1,137,645. This trade represents a 78.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ryan Hicke sold 21,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $83.36, for a total transaction of $1,750,560.00. Following the sale, the chief executive officer directly owned 171,260 shares of the company's stock, valued at $14,276,233.60. This trade represents a 10.92% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 232,126 shares of company stock valued at $19,638,659. Corporate insiders own 14.60% of the company's stock.

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.