Principal Financial Group Inc. Sells 3,033 Shares of SEI Investments Company (NASDAQ:SEIC)

Principal Financial Group Inc. reduced its stake in shares of SEI Investments Company (NASDAQ:SEIC - Free Report) by 1.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 231,039 shares of the asset manager's stock after selling 3,033 shares during the period. Principal Financial Group Inc. owned 0.18% of SEI Investments worth $17,936,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Geode Capital Management LLC lifted its stake in shares of SEI Investments by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 2,580,737 shares of the asset manager's stock valued at $212,589,000 after buying an additional 60,307 shares in the last quarter. Boston Trust Walden Corp raised its holdings in SEI Investments by 1.5% during the first quarter. Boston Trust Walden Corp now owns 1,325,479 shares of the asset manager's stock valued at $102,897,000 after acquiring an additional 19,150 shares during the period. FMR LLC boosted its stake in shares of SEI Investments by 39.3% in the fourth quarter. FMR LLC now owns 1,233,225 shares of the asset manager's stock worth $101,716,000 after acquiring an additional 348,112 shares during the period. Northern Trust Corp grew its position in shares of SEI Investments by 20.9% during the fourth quarter. Northern Trust Corp now owns 1,068,181 shares of the asset manager's stock worth $88,104,000 after purchasing an additional 184,339 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of SEI Investments by 38.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 756,037 shares of the asset manager's stock worth $62,358,000 after purchasing an additional 209,850 shares in the last quarter. 70.59% of the stock is currently owned by institutional investors.

SEI Investments Stock Up 0.5%

SEI Investments stock traded up $0.45 during mid-day trading on Monday, reaching $92.78. 853,543 shares of the company's stock traded hands, compared to its average volume of 750,618. SEI Investments Company has a 12-month low of $62.38 and a 12-month high of $93.82. The stock has a 50 day moving average of $85.89 and a two-hundred day moving average of $81.19. The company has a market cap of $11.55 billion, a price-to-earnings ratio of 20.17, a PEG ratio of 1.57 and a beta of 0.92.

SEI Investments (NASDAQ:SEIC - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The asset manager reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.05. SEI Investments had a net margin of 27.77% and a return on equity of 26.40%. The firm had revenue of $551.34 million for the quarter, compared to analysts' expectations of $556.76 million. During the same period in the prior year, the company earned $0.99 EPS. The business's revenue was up 7.8% compared to the same quarter last year. As a group, sell-side analysts forecast that SEI Investments Company will post 4.86 earnings per share for the current year.

SEI Investments declared that its Board of Directors has approved a stock buyback plan on Tuesday, March 18th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the asset manager to buy up to 5.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

SEI Investments Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Monday, June 9th were issued a $0.49 dividend. This is a boost from SEI Investments's previous quarterly dividend of $0.46. The ex-dividend date was Monday, June 9th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.11%. SEI Investments's payout ratio is 21.30%.

Insider Buying and Selling

In other SEI Investments news, insider Sanjay Sharma sold 20,000 shares of SEI Investments stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $83.40, for a total transaction of $1,668,000.00. Following the completion of the transaction, the insider directly owned 23,895 shares of the company's stock, valued at $1,992,843. The trade was a 45.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Peterson sold 50,000 shares of SEI Investments stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $84.27, for a total transaction of $4,213,500.00. Following the transaction, the executive vice president directly owned 13,500 shares of the company's stock, valued at approximately $1,137,645. This represents a 78.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 232,126 shares of company stock worth $19,638,659 in the last 90 days. Company insiders own 14.60% of the company's stock.

Wall Street Analysts Forecast Growth

SEIC has been the subject of several recent analyst reports. Keefe, Bruyette & Woods upped their price target on SEI Investments from $80.00 to $84.00 and gave the stock a "market perform" rating in a research note on Friday, April 25th. Morgan Stanley restated an "overweight" rating and set a $100.00 target price (up previously from $84.00) on shares of SEI Investments in a research report on Thursday, June 26th. Oppenheimer raised their target price on shares of SEI Investments from $96.00 to $101.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Wall Street Zen upgraded shares of SEI Investments from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. Finally, Piper Sandler raised their price objective on SEI Investments from $79.00 to $96.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $96.00.

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.