Toronto Dominion Bank Trims Holdings in SEI Investments (NASDAQ:SEIC)

Toronto Dominion Bank reduced its stake in SEI Investments (NASDAQ:SEIC - Free Report) by 24.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,910 shares of the asset manager's stock after selling 10,081 shares during the period. Toronto Dominion Bank's holdings in SEI Investments were worth $2,548,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Geode Capital Management LLC raised its position in shares of SEI Investments by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 2,580,737 shares of the asset manager's stock worth $212,589,000 after buying an additional 60,307 shares in the last quarter. Boston Trust Walden Corp increased its stake in SEI Investments by 1.6% in the 4th quarter. Boston Trust Walden Corp now owns 1,306,329 shares of the asset manager's stock worth $107,746,000 after acquiring an additional 20,020 shares during the last quarter. FMR LLC raised its holdings in shares of SEI Investments by 39.3% in the 4th quarter. FMR LLC now owns 1,233,225 shares of the asset manager's stock valued at $101,716,000 after acquiring an additional 348,112 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of SEI Investments by 4.1% in the 4th quarter. Bank of New York Mellon Corp now owns 1,171,743 shares of the asset manager's stock valued at $96,645,000 after acquiring an additional 46,425 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of SEI Investments by 20.9% during the 4th quarter. Northern Trust Corp now owns 1,068,181 shares of the asset manager's stock valued at $88,104,000 after acquiring an additional 184,339 shares during the last quarter. 70.59% of the stock is currently owned by hedge funds and other institutional investors.

SEI Investments Trading Up 0.7%

NASDAQ:SEIC traded up $0.62 during trading hours on Tuesday, reaching $85.27. The company had a trading volume of 537,995 shares, compared to its average volume of 713,156. The firm's 50 day moving average price is $78.07 and its 200-day moving average price is $80.28. The firm has a market cap of $10.62 billion, a price-to-earnings ratio of 19.29, a PEG ratio of 1.41 and a beta of 0.90. SEI Investments has a 52 week low of $62.38 and a 52 week high of $87.25.

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

SEI Investments declared that its board has approved a share repurchase plan on Tuesday, March 18th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the asset manager to reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its stock is undervalued.

SEI Investments Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Monday, June 9th will be given a $0.49 dividend. 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 2.30%. The ex-dividend date is Monday, June 9th. SEI Investments's payout ratio is currently 21.30%.

Insider Buying and Selling at SEI Investments

In related news, Chairman Alfred P. West, Jr. sold 66,126 shares of SEI Investments stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $84.28, for a total value of $5,573,099.28. Following the completion of the transaction, the chairman now owns 6,937,582 shares in the company, valued at approximately $584,699,410.96. This trade represents a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ryan Hicke sold 21,000 shares of SEI Investments stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $83.36, for a total value of $1,750,560.00. Following the completion of the transaction, the chief executive officer now owns 171,260 shares of the company's stock, valued at approximately $14,276,233.60. This trade represents a 10.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold 233,498 shares of company stock worth $19,743,315 in the last quarter. 14.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on SEIC shares. William Blair restated a "market perform" rating on shares of SEI Investments in a research report on Thursday, April 24th. Oppenheimer reaffirmed an "outperform" rating on shares of SEI Investments in a research note on Thursday, April 24th. Piper Sandler lifted their price target on shares of SEI Investments from $74.00 to $79.00 and gave the stock a "neutral" rating in a research note on Thursday, April 24th. Morgan Stanley boosted their price objective on shares of SEI Investments from $82.00 to $84.00 and gave the stock an "overweight" rating in a report on Tuesday. Finally, Wall Street Zen raised shares of SEI Investments from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, SEI Investments currently has an average rating of "Moderate Buy" and an average price target of $88.00.

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.