SEI Investments Company $SEIC Stock: First Citizens Bank & Trust Co. Cuts Stake

Key Points

• First Citizens Bank & Trust Co. cut its SEI Investments stake by 42% in the third quarter, selling 9,660 shares and retaining holdings worth approximately $1.37 million. Institutional investors collectively own 70.59% of the company.
• Analyst sentiment remains positive, with eight analysts rating SEIC a Buy and one assigning a Hold rating. The stock has a “Moderate Buy” consensus and an average price target of $123.67.
• SEI Investments beat quarterly expectations, reporting $1.66 in earnings per share versus the $1.44 consensus and revenue of $641.62 million. Revenue increased 14.7% year over year, while insiders sold roughly $16.6 million of stock over the past 90 days.

First Citizens Bank & Trust Co. lowered its stake in SEI Investments Company (NASDAQ:SEIC - Free Report) by 42.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,351 shares of the asset manager's stock after selling 9,660 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in SEI Investments were worth $1,371,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Ifrah Financial Services Inc. bought a new position in shares of SEI Investments in the third quarter valued at approximately $1,120,000. Financial Planning Hawaii Inc. grew its stake in SEI Investments by 10.7% during the third quarter. Financial Planning Hawaii Inc. now owns 3,010 shares of the asset manager's stock valued at $309,000 after acquiring an additional 290 shares in the last quarter. NorthCrest Asset Manangement LLC grew its stake in SEI Investments by 55.1% during the third quarter. NorthCrest Asset Manangement LLC now owns 5,382 shares of the asset manager's stock valued at $556,000 after acquiring an additional 1,913 shares in the last quarter. GK Wealth Management LLC bought a new stake in SEI Investments during the 3rd quarter worth approximately $160,000. Finally, Wedmont Private Capital lifted its stake in SEI Investments by 15.2% in the 3rd quarter. Wedmont Private Capital now owns 2,505 shares of the asset manager's stock worth $259,000 after purchasing an additional 331 shares in the last quarter. Hedge funds and other institutional investors own 70.59% of the company's stock.

Insiders Place Their Bets

In other SEI Investments news, insider Philip McCabe sold 5,043 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $105.50, for a total transaction of $532,036.50. Following the transaction, the insider directly owned 54,884 shares in the company, valued at $5,790,262. This trade represents a 8.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kathryn McCarthy sold 10,000 shares of SEI Investments stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $103.53, for a total transaction of $1,035,300.00. Following the transaction, the director directly owned 77,883 shares in the company, valued at $8,063,226.99. This trade represents a 11.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 158,777 shares of company stock valued at $16,642,433 over the last 90 days. Company insiders own 4.80% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Piper Sandler raised their price target on shares of SEI Investments from $114.00 to $120.00 and gave the company an "overweight" rating in a report on Thursday, July 23rd. William Blair raised shares of SEI Investments from a "market perform" rating to an "outperform" rating in a report on Tuesday, September 15th. Morgan Stanley upped their price target on shares of SEI Investments from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Thursday, July 23rd. Zacks Research downgraded SEI Investments from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 21st. Finally, Weiss Ratings upgraded SEI Investments from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday, October 8th. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, SEI Investments has an average rating of "Moderate Buy" and an average target price of $123.67.

SEI Investments Price Performance

SEIC opened at $105.27 on Friday. The company has a current ratio of 5.06, a quick ratio of 4.96 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $12.63 billion, a P/E ratio of 18.57 and a beta of 0.97. The stock has a 50-day moving average price of $106.41 and a 200-day moving average price of $95.92. SEI Investments Company has a 12-month low of $75.08 and a 12-month high of $112.15.

SEI Investments (NASDAQ:SEIC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The asset manager reported $1.66 earnings per share for the quarter, beating analysts' consensus estimates of $1.44 by $0.22. The company had revenue of $641.62 million for the quarter, compared to analysts' expectations of $636.35 million. SEI Investments had a return on equity of 29.16% and a net margin of 28.85%. SEI Investments's revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period last year, the firm posted $1.78 EPS. Equities analysts predict that SEI Investments Company will post 6.21 earnings per share for the current fiscal year.

SEI Investments Profile

SEI Investments Company NASDAQ: SEIC is a global provider of investment processing, management, and operations solutions. The company serves financial institutions, wealth managers, asset managers, investment managers, and institutional investors through technology-enabled platforms and outsourced services.

Its offerings include investment accounting, fund administration, portfolio management, compliance support, wealth management technology, and data and analytics solutions. SEI also provides investment strategies and manages assets for institutions, advisors, and private clients through its investment management business.

Founded in 1968 by Alfred P.

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