SEI Investments Company $SEIC Shares Sold by Ascent Group LLC

Key Points

• Ascent Group LLC reduced its stake in SEI Investments Company by 6.3% during the 2nd quarter, owning 46,015 shares valued at approximately $4.1 million after selling 3,091 shares.
• Insider activity saw a significant decrease in holdings, including Director Kathryn Mccarthy and Carl Guarino each selling 10,000 shares, leading to a combined drop in ownership of over 11% and 38% respectively.
• SEI Investments reported $1.78 earnings per share last quarter, surpassing estimates, and showed a year-over-year revenue increase of 7.8% to $559.6 million.

Ascent Group LLC lessened its stake in SEI Investments Company (NASDAQ:SEIC - Free Report) by 6.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 46,015 shares of the asset manager's stock after selling 3,091 shares during the quarter. Ascent Group LLC's holdings in SEI Investments were worth $4,135,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SEIC. Lord Abbett & CO. LLC purchased a new stake in SEI Investments in the 1st quarter worth $51,773,000. Millennium Management LLC increased its holdings in SEI Investments by 339.3% in the 1st quarter. Millennium Management LLC now owns 783,619 shares of the asset manager's stock worth $60,832,000 after acquiring an additional 605,252 shares in the last quarter. Amundi increased its holdings in SEI Investments by 228.2% in the 1st quarter. Amundi now owns 782,035 shares of the asset manager's stock worth $57,472,000 after acquiring an additional 543,753 shares in the last quarter. Azora Capital LP purchased a new stake in SEI Investments in the 1st quarter worth $28,852,000. Finally, Nuveen LLC purchased a new stake in SEI Investments in the 1st quarter worth $21,407,000. Hedge funds and other institutional investors own 70.59% of the company's stock.

Insider Activity

In related news, Director Kathryn Mccarthy sold 10,000 shares of the company's stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $85.66, for a total value of $856,600.00. Following the completion of the sale, the director owned 75,641 shares of the company's stock, valued at approximately $6,479,408.06. This represents a 11.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Carl Guarino sold 10,000 shares of the company's stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $86.41, for a total transaction of $864,100.00. Following the completion of the sale, the director directly owned 16,042 shares of the company's stock, valued at $1,386,189.22. This represents a 38.40% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 60,000 shares of company stock worth $5,254,950. Company insiders own 14.60% of the company's stock.

SEI Investments Trading Up 0.9%

Shares of SEIC opened at $85.62 on Friday. SEI Investments Company has a 12-month low of $64.66 and a 12-month high of $93.96. The firm has a 50-day moving average price of $87.50 and a 200 day moving average price of $84.08. The firm has a market capitalization of $10.58 billion, a P/E ratio of 16.06, a P/E/G ratio of 1.29 and a beta of 0.96.

SEI Investments (NASDAQ:SEIC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The asset manager reported $1.78 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $559.60 million during the quarter, compared to analyst estimates of $550.72 million. During the same quarter in the prior year, the firm posted $1.05 earnings per share. SEI Investments's quarterly revenue was up 7.8% on a year-over-year basis. Equities research analysts predict that SEI Investments Company will post 4.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Zacks Research lowered shares of SEI Investments from a "strong-buy" rating to a "hold" rating in a report on Monday, September 1st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of SEI Investments in a report on Saturday, September 27th. Piper Sandler dropped their target price on shares of SEI Investments from $96.00 to $93.00 and set a "neutral" rating for the company in a report on Thursday, July 24th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $98.00 target price (down previously from $100.00) on shares of SEI Investments in a report on Thursday, July 24th. Finally, Morgan Stanley upped their target price on shares of SEI Investments from $105.00 to $115.00 and gave the stock an "overweight" rating in a report on Friday, September 19th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $105.00.

SEI Investments Company 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.

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