Procyon Advisors LLC Lowers Stock Holdings in SEI Investments Company $SEIC

Key Points

• Procyon Advisors LLC significantly reduced its position in SEI Investments Company by 82.4%, selling 31,642 shares and now holding 6,778 shares valued at $609,000.
• Several hedge funds, such as Sumitomo Mitsui DS Asset Management, increased their stakes in SEI Investments, with notable boosts including a 59.9% increase from Sumitomo Mitsui.
• SEI Investments reported strong earnings with $1.78 earnings per share for the quarter, exceeding analysts' expectations of $1.18, alongside a revenue increase of 7.8% year over year.

Procyon Advisors LLC lowered its stake in SEI Investments Company (NASDAQ:SEIC - Free Report) by 82.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,778 shares of the asset manager's stock after selling 31,642 shares during the period. Procyon Advisors LLC's holdings in SEI Investments were worth $609,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Cadence Bank lifted its position in SEI Investments by 1.2% during the first quarter. Cadence Bank now owns 10,551 shares of the asset manager's stock valued at $819,000 after buying an additional 121 shares during the period. Concurrent Investment Advisors LLC boosted its stake in SEI Investments by 2.9% during the first quarter. Concurrent Investment Advisors LLC now owns 5,600 shares of the asset manager's stock worth $435,000 after acquiring an additional 160 shares in the last quarter. GHE LLC grew its holdings in SEI Investments by 2.0% in the fourth quarter. GHE LLC now owns 9,126 shares of the asset manager's stock worth $753,000 after purchasing an additional 183 shares during the period. Clark Capital Management Group Inc. increased its stake in shares of SEI Investments by 1.2% during the first quarter. Clark Capital Management Group Inc. now owns 15,195 shares of the asset manager's stock valued at $1,180,000 after purchasing an additional 183 shares in the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. lifted its holdings in shares of SEI Investments by 8.0% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,685 shares of the asset manager's stock valued at $208,000 after purchasing an additional 200 shares during the last quarter. Institutional investors own 70.59% of the company's stock.

SEI Investments Stock Up 0.5%

Shares of SEI Investments stock traded up $0.47 on Friday, reaching $86.72. The company's stock had a trading volume of 2,395,446 shares, compared to its average volume of 601,901. SEI Investments Company has a 52-week low of $64.66 and a 52-week high of $93.96. The company has a market capitalization of $10.72 billion, a P/E ratio of 16.27, a PEG ratio of 1.31 and a beta of 0.98. The stock has a 50-day moving average price of $88.68 and a 200-day moving average price of $83.34.

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

Insiders Place Their Bets

In related news, insider Mark Andrew Warner sold 5,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $88.75, for a total value of $443,750.00. Following the transaction, the insider owned 1,300 shares in the company, valued at $115,375. The trade was a 79.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Ryan Hicke sold 35,000 shares of the firm's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $88.30, for a total transaction of $3,090,500.00. Following the completion of the sale, the chief executive officer owned 171,260 shares of the company's stock, valued at $15,122,258. This trade represents a 16.97% decrease in their position. The disclosure for this sale can be found here. 14.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SEIC. Raymond James Financial upped their price target on shares of SEI Investments from $115.00 to $118.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Zacks Research downgraded SEI Investments from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 1st. Morgan Stanley lifted their price target on shares of SEI Investments from $105.00 to $115.00 and gave the stock an "overweight" rating in a research note on Friday. Oppenheimer raised their target price on shares of SEI Investments from $96.00 to $101.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $98.00 price target (down from $100.00) on shares of SEI Investments in a 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. According to data from MarketBeat.com, SEI Investments presently has a consensus rating of "Hold" and an average target price of $105.00.

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.