Institute for Wealth Management LLC. Purchases New Stake in SEI Investments Company $SEIC

Key Points

• Institute for Wealth Management LLC purchased a new stake in SEI Investments, acquiring 2,982 shares worth approximately $268,000 during the 2nd quarter.
• Insider trading activities revealed that CEO Ryan Hicke sold 35,000 shares for $3,090,500, marking a 16.97% decrease in his holdings.
• Analysts have mixed ratings on SEI Investments, with an average rating of "Hold" and a consensus price target of $105.00.

Institute for Wealth Management LLC. purchased a new stake in SEI Investments Company (NASDAQ:SEIC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 2,982 shares of the asset manager's stock, valued at approximately $268,000.

Other hedge funds have also added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in SEI Investments by 59.9% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 12,553 shares of the asset manager's stock valued at $974,000 after acquiring an additional 4,701 shares during the last quarter. LPL Financial LLC boosted its holdings in SEI Investments by 6.0% in the first quarter. LPL Financial LLC now owns 93,455 shares of the asset manager's stock valued at $7,255,000 after acquiring an additional 5,291 shares during the last quarter. Janney Montgomery Scott LLC bought a new position in SEI Investments in the first quarter valued at about $206,000. FORA Capital LLC bought a new position in SEI Investments in the first quarter valued at about $990,000. Finally, Deutsche Bank AG boosted its holdings in SEI Investments by 41.9% in the first quarter. Deutsche Bank AG now owns 216,212 shares of the asset manager's stock valued at $16,785,000 after acquiring an additional 63,810 shares during the last quarter. Institutional investors own 70.59% of the company's stock.

Insider Transactions at SEI Investments

In related news, CEO Ryan Hicke sold 35,000 shares of SEI Investments stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $88.30, for a total value of $3,090,500.00. Following the sale, the chief executive officer owned 171,260 shares of the company's stock, valued at approximately $15,122,258. This trade represents a 16.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kathryn Mccarthy sold 10,000 shares of SEI Investments stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $85.66, for a total value of $856,600.00. Following the completion of the sale, the director directly owned 75,641 shares in the company, valued at approximately $6,479,408.06. This represents a 11.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 60,000 shares of company stock worth $5,254,950 in the last 90 days. 14.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Keefe, Bruyette & Woods restated a "market perform" rating and set a $98.00 target price (down previously from $100.00) on shares of SEI Investments in a report on Thursday, July 24th. Oppenheimer increased their price target on shares of SEI Investments from $96.00 to $101.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Zacks Research downgraded shares of SEI Investments from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 1st. Raymond James Financial increased their price target on shares of SEI Investments from $115.00 to $118.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Finally, Piper Sandler cut their price target on shares of SEI Investments from $96.00 to $93.00 and set a "neutral" rating on the stock in a research report on Thursday, July 24th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $105.00.

SEI Investments Price Performance

NASDAQ:SEIC opened at $84.86 on Friday. SEI Investments Company has a fifty-two week low of $64.66 and a fifty-two week high of $93.96. The stock has a market capitalization of $10.49 billion, a PE ratio of 15.92, a price-to-earnings-growth ratio of 1.27 and a beta of 0.97. The business's 50-day simple moving average is $87.59 and its 200-day simple moving average is $84.01.

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

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.

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