Royal Bank of Canada Purchases 238,721 Shares of SEI Investments Company $SEIC

Key Points

• Royal Bank of Canada increased its stake in SEI Investments Company by 61.7%, owning approximately 0.50% of the company, valued at $48.59 million.
• SEI Investments reported earnings of $1.78 per share, significantly exceeding analysts' expectations of $1.18, and its revenue rose by 7.8% year-over-year.
• Analysts have mixed ratings for SEI Investments, with three giving a "Buy" rating and four assigning a "Hold" rating, leading to a consensus price target of $102.00.

Royal Bank of Canada boosted its position in SEI Investments Company (NASDAQ:SEIC - Free Report) by 61.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 625,919 shares of the asset manager's stock after purchasing an additional 238,721 shares during the period. Royal Bank of Canada owned 0.50% of SEI Investments worth $48,589,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Versant Capital Management Inc increased its stake in shares of SEI Investments by 156.1% in the first quarter. Versant Capital Management Inc now owns 543 shares of the asset manager's stock valued at $42,000 after buying an additional 331 shares during the period. First Horizon Advisors Inc. grew its holdings in SEI Investments by 38.9% during the 1st quarter. First Horizon Advisors Inc. now owns 803 shares of the asset manager's stock worth $62,000 after acquiring an additional 225 shares during the last quarter. Farther Finance Advisors LLC increased its position in SEI Investments by 104.3% in the 1st quarter. Farther Finance Advisors LLC now owns 1,334 shares of the asset manager's stock valued at $103,000 after acquiring an additional 681 shares during the period. Cullen Frost Bankers Inc. increased its position in SEI Investments by 1,563.4% in the 1st quarter. Cullen Frost Bankers Inc. now owns 1,364 shares of the asset manager's stock valued at $106,000 after acquiring an additional 1,282 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of SEI Investments during the first quarter valued at $132,000. 70.59% of the stock is owned by institutional investors and hedge funds.

SEI Investments Stock Performance

Shares of SEI Investments stock traded up $0.89 during trading hours on Thursday, reaching $87.77. The company's stock had a trading volume of 501,893 shares, compared to its average volume of 597,570. The company has a market capitalization of $10.85 billion, a P/E ratio of 16.47, a P/E/G ratio of 1.32 and a beta of 0.98. The stock's fifty day simple moving average is $89.42 and its two-hundred day simple moving average is $83.02. SEI Investments Company has a one year low of $64.66 and a one year high of $93.96.

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

Insider Buying and Selling

In other SEI Investments news, insider Mark Andrew Warner sold 5,000 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $88.75, for a total transaction of $443,750.00. Following the transaction, the insider directly owned 1,300 shares in the company, valued at approximately $115,375. This trade represents a 79.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ryan Hicke sold 35,000 shares of SEI Investments 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 transaction, the chief executive officer directly owned 171,260 shares in the company, valued at $15,122,258. This represents a 16.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. 14.60% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Wall Street Zen raised shares of SEI Investments from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. Morgan Stanley reaffirmed an "overweight" rating and set a $100.00 price target (up previously from $84.00) on shares of SEI Investments in a research report on Thursday, June 26th. Raymond James Financial lifted their price objective on SEI Investments from $115.00 to $118.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $98.00 price objective (down from $100.00) on shares of SEI Investments in a research note on Thursday, July 24th. Finally, Piper Sandler decreased their target price on SEI Investments from $96.00 to $93.00 and set a "neutral" rating for the company in a research note on Thursday, July 24th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, SEI Investments currently has a consensus rating of "Hold" and a consensus price target of $102.00.

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.