SEI Investments Company (NASDAQ:SEIC) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia has decreased its stake in SEI Investments by 84.7%, selling 21,507 shares and leaving it with 3,878 shares valued at approximately $301,000.
• SEI Investments recently reported earnings of $1.78 per share, surpassing the consensus estimate of $1.18, along with a revenue of $559.60 million for the quarter, up 7.8% year-over-year.
• The company announced a quarterly dividend of $0.49, reflecting an increase from the previous $0.46, with a payout ratio of 18.39% and an annual yield of 2.2%.

Bank of Nova Scotia trimmed its stake in SEI Investments Company (NASDAQ:SEIC - Free Report) by 84.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 3,878 shares of the asset manager's stock after selling 21,507 shares during the period. Bank of Nova Scotia's holdings in SEI Investments were worth $301,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of SEI Investments by 59.9% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 12,553 shares of the asset manager's stock valued at $974,000 after acquiring an additional 4,701 shares during the period. Janney Montgomery Scott LLC purchased a new stake in shares of SEI Investments in the 1st quarter valued at approximately $206,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of SEI Investments by 41.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 21,301 shares of the asset manager's stock valued at $1,654,000 after acquiring an additional 6,261 shares during the period. Boston Trust Walden Corp raised its stake in shares of SEI Investments by 1.5% in the 1st 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. Finally, Farther Finance Advisors LLC raised its stake in shares of 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. 70.59% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at SEI Investments

In related news, CEO Ryan Hicke sold 21,000 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $83.36, for a total transaction of $1,750,560.00. Following the sale, the chief executive officer owned 171,260 shares of the company's stock, valued at $14,276,233.60. This trade represents a 10.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Alfred P. West, Jr. sold 66,126 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $84.28, for a total transaction of $5,573,099.28. Following the completion of the transaction, the chairman directly owned 6,937,582 shares of the company's stock, valued at approximately $584,699,410.96. This represents a 0.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 237,126 shares of company stock valued at $20,082,409. 14.30% of the stock is owned by company insiders.

SEI Investments Stock Performance

NASDAQ:SEIC traded up $0.62 during trading hours on Tuesday, hitting $88.06. The company's stock had a trading volume of 494,508 shares, compared to its average volume of 858,526. SEI Investments Company has a 52-week low of $64.51 and a 52-week high of $93.96. The business's 50-day moving average is $88.35 and its two-hundred day moving average is $82.25. The company has a market capitalization of $10.89 billion, a PE ratio of 16.52, a PEG ratio of 1.39 and a beta of 0.95.

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

SEI Investments Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Monday, June 9th were paid a dividend of $0.49 per share. The ex-dividend date of this dividend was Monday, June 9th. This is an increase from SEI Investments's previous quarterly dividend of $0.46. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.2%. SEI Investments's dividend payout ratio is 18.39%.

Analysts Set New Price Targets

SEIC has been the topic of several recent research reports. Raymond James Financial upped their target price 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. Oppenheimer upped 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. Wall Street Zen raised shares of SEI Investments from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $98.00 target price (down from $100.00) on shares of SEI Investments in a research note on Thursday, July 24th. Finally, William Blair reaffirmed a "market perform" rating on shares of SEI Investments in a research note on Thursday, April 24th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $102.00.

SEI Investments Profile

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.