Mirae Asset Global Investments Co. Ltd. Purchases 55,078 Shares of SEI Investments Company $SEIC

Key Points

• Mirae Asset Global Investments opened a position in SEI Investments, buying 55,078 shares worth approximately $5.65 million in the third quarter. Institutional investors collectively own 70.59% of the company.
• SEI Investments beat quarterly estimates, reporting EPS of $1.64 versus $1.58 expected and revenue of $662.04 million; revenue rose 14.4% year over year. Analysts’ consensus rating is Buy, with a $125.50 average price target.
• Company insiders sold 73,777 shares worth nearly $7.9 million over the past three months. The stock opened at $105.18, down 3.2% in the latest trading session cited.

Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of SEI Investments Company (NASDAQ:SEIC - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 55,078 shares of the asset manager's stock, valued at approximately $5,654,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SEIC. BlackRock Inc. bought a new position in SEI Investments during the second quarter worth about $870,745,000. Bank of America Corp DE acquired a new position in shares of SEI Investments during the 2nd quarter worth about $255,067,000. Caisse de depot et placement du Quebec bought a new stake in shares of SEI Investments in the 2nd quarter valued at about $87,924,000. Bank of New York Mellon Corp bought a new stake in shares of SEI Investments in the 2nd quarter valued at about $78,430,000. Finally, American Capital Management Inc. bought a new stake in shares of SEI Investments in the 2nd quarter valued at about $65,372,000. Institutional investors own 70.59% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on SEIC. Zacks Research downgraded shares of SEI Investments from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 21st. Weiss Ratings upgraded shares of SEI Investments from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, October 26th. Wall Street Zen cut shares of SEI Investments from a "buy" rating to a "hold" rating in a report on Saturday, October 31st. Piper Sandler reaffirmed an "overweight" rating and issued a $129.00 target price (up from $127.00) on shares of SEI Investments in a research note on Thursday, October 22nd. Finally, William Blair upgraded shares of SEI Investments from a "market perform" rating to an "outperform" rating in a report on Tuesday, September 15th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $125.50.

Insiders Place Their Bets

In other SEI Investments news, EVP Michael Lane sold 2,400 shares of SEI Investments stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $102.78, for a total value of $246,672.00. Following the transaction, the executive vice president owned 39,581 shares of the company's stock, valued at approximately $4,068,135.18. The trade was a 5.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ryan Hicke sold 37,500 shares of SEI Investments stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $110.71, for a total transaction of $4,151,625.00. Following the completion of the transaction, the chief executive officer directly owned 192,815 shares in the company, valued at approximately $21,346,548.65. The trade was a 16.28% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 73,777 shares of company stock worth $7,899,863. Company insiders own 4.80% of the company's stock.

SEI Investments Trading Down 3.2%

NASDAQ SEIC opened at $105.18 on Friday. SEI Investments Company has a one year low of $75.08 and a one year high of $112.15. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.31 and a quick ratio of 4.23. The firm has a market cap of $12.47 billion, a P/E ratio of 18.29 and a beta of 0.97. The stock's 50-day moving average is $105.66 and its 200-day moving average is $93.28.

SEI Investments (NASDAQ:SEIC - Get Free Report) last issued its quarterly earnings data on Wednesday, October 21st. The asset manager reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.06. SEI Investments had a return on equity of 30.14% and a net margin of 28.06%. The business had revenue of $662.04 million during the quarter, compared to analyst estimates of $656.25 million. During the same period in the previous year, the firm earned $1.30 EPS. SEI Investments's quarterly revenue was up 14.4% compared to the same quarter last year. Sell-side analysts anticipate that SEI Investments Company will post 6.31 earnings per share for the current fiscal year.

SEI Investments Company Profile

SEI Investments Company is a financial technology and investment services provider headquartered in Oaks, Pennsylvania. Founded in 1968, the company delivers technology, operations, and investment solutions that help financial institutions and investment professionals manage client assets and business processes.

SEI's offerings include wealth management and investment processing platforms, portfolio accounting, data management, compliance support, and outsourced middle- and back-office services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.