Smithbridge Asset Management Inc. DE Takes Position in SEI Investments (NASDAQ:SEIC)

Smithbridge Asset Management Inc. DE purchased a new position in SEI Investments (NASDAQ:SEIC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 26,201 shares of the asset manager's stock, valued at approximately $2,034,000.

Other institutional investors and hedge funds have also modified their holdings of the company. CoreFirst Bank & Trust purchased a new stake in SEI Investments in the 4th quarter valued at approximately $31,000. Allworth Financial LP lifted its stake in SEI Investments by 53.7% in the 4th quarter. Allworth Financial LP now owns 452 shares of the asset manager's stock valued at $38,000 after buying an additional 158 shares in the last quarter. Versant Capital Management Inc lifted its stake in SEI Investments by 156.1% in the 1st 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 in the last quarter. First Horizon Advisors Inc. lifted its stake in shares of SEI Investments by 25.4% during the 4th quarter. First Horizon Advisors Inc. now owns 578 shares of the asset manager's stock worth $48,000 after purchasing an additional 117 shares during the period. Finally, Rialto Wealth Management LLC purchased a new position in shares of SEI Investments during the 4th quarter worth $55,000. Institutional investors and hedge funds own 70.59% of the company's stock.

SEI Investments Stock Down 1.4%

Shares of SEIC stock traded down $1.19 on Friday, reaching $82.99. 649,595 shares of the stock were exchanged, compared to its average volume of 724,343. The stock has a market cap of $10.33 billion, a P/E ratio of 18.78, a price-to-earnings-growth ratio of 1.41 and a beta of 0.91. The firm has a 50 day moving average of $79.65 and a two-hundred day moving average of $80.51. SEI Investments has a 1-year low of $62.38 and a 1-year high of $87.25.

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

SEI Investments Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Monday, June 9th will be issued a $0.49 dividend. This is an increase from SEI Investments's previous quarterly dividend of $0.46. This represents a $1.96 annualized dividend and a yield of 2.36%. The ex-dividend date is Monday, June 9th. SEI Investments's dividend payout ratio is currently 21.30%.

SEI Investments announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, March 18th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the asset manager to purchase up to 5.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Oppenheimer reissued an "outperform" rating on shares of SEI Investments in a research note on Thursday, April 24th. William Blair reissued a "market perform" rating on shares of SEI Investments in a research note on Thursday, April 24th. Wall Street Zen raised SEI Investments from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. Keefe, Bruyette & Woods increased their price target on SEI Investments from $80.00 to $84.00 and gave the stock a "market perform" rating in a research note on Friday, April 25th. Finally, Piper Sandler increased their price target on SEI Investments from $74.00 to $79.00 and gave the stock a "neutral" rating in a research note on Thursday, April 24th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, SEI Investments presently has a consensus rating of "Moderate Buy" and an average price target of $88.00.

Insider Activity at SEI Investments

In related news, insider Sanjay Sharma sold 20,000 shares of the stock in a transaction 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 directly owns 23,895 shares in the company, valued at approximately $1,992,843. This represents a 45.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Alfred P. West, Jr. sold 75,000 shares of the firm's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $85.78, for a total value of $6,433,500.00. Following the sale, the chairman now owns 7,003,708 shares of the company's stock, valued at $600,778,072.24. This represents a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 232,126 shares of company stock worth $19,638,659. Corporate insiders own 14.30% 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.