Royal Bank of Canada Increases Position in SEI Investments (NASDAQ:SEIC)

Royal Bank of Canada boosted its position in SEI Investments (NASDAQ:SEIC - Free Report) by 11.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 387,198 shares of the asset manager's stock after purchasing an additional 40,605 shares during the period. Royal Bank of Canada owned about 0.30% of SEI Investments worth $31,936,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of SEIC. Norges Bank purchased a new position in SEI Investments in the fourth quarter worth $48,009,000. Raymond James Financial Inc. purchased a new position in SEI Investments in the fourth quarter valued at about $42,548,000. FMR LLC increased its stake in shares of SEI Investments by 39.3% during the 4th quarter. FMR LLC now owns 1,233,225 shares of the asset manager's stock worth $101,716,000 after purchasing an additional 348,112 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of SEI Investments in the 4th quarter worth approximately $26,702,000. Finally, Aware Super Pty Ltd as trustee of Aware Super bought a new position in SEI Investments during the fourth quarter valued at $23,710,000. Institutional investors own 70.59% of the company's stock.

SEI Investments Stock Up 0.0%

Shares of SEIC stock traded up $0.02 during trading on Wednesday, hitting $85.99. The company had a trading volume of 160,062 shares, compared to its average volume of 675,080. SEI Investments has a 52 week low of $62.38 and a 52 week high of $87.25. The stock has a market capitalization of $10.70 billion, a price-to-earnings ratio of 19.46, a price-to-earnings-growth ratio of 1.41 and a beta of 0.90. The stock's 50-day moving average is $77.47 and its two-hundred day moving average is $80.17.

SEI Investments (NASDAQ:SEIC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The asset manager reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.05. SEI Investments had a net margin of 27.35% and a return on equity of 25.51%. The firm had revenue of $551.34 million for the quarter, compared to analysts' expectations of $556.76 million. During the same quarter last year, the company posted $0.99 EPS. The business's quarterly revenue was up 7.8% on a year-over-year basis. On average, research analysts predict that SEI Investments will post 4.86 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods boosted their price objective on SEI Investments from $80.00 to $84.00 and gave the company a "market perform" rating in a research note on Friday, April 25th. Piper Sandler upped their price target on shares of SEI Investments from $74.00 to $79.00 and gave the company a "neutral" rating in a research note on Thursday, April 24th. Oppenheimer reiterated an "outperform" rating on shares of SEI Investments in a research note on Thursday, April 24th. Wall Street Zen upgraded SEI Investments from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $82.00 price target (up from $77.00) on shares of SEI Investments in a research report on Thursday, April 24th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $87.60.

Insider Buying and Selling at SEI Investments

In related news, insider Sanjay Sharma sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $83.40, for a total value of $1,668,000.00. Following the completion of the sale, the insider now owns 23,895 shares in the company, valued at $1,992,843. The trade was a 45.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark Andrew Warner sold 5,000 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $80.39, for a total transaction of $401,950.00. Following the transaction, the insider now directly owns 1,300 shares in the company, valued at approximately $104,507. This represents a 79.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 170,214 shares of company stock worth $13,925,963 over the last 90 days. 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.