RK Asset Management LLC Reduces Stock Holdings in SEI Investments (NASDAQ:SEIC)

RK Asset Management LLC cut its holdings in SEI Investments (NASDAQ:SEIC) by 3.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 70,559 shares of the asset manager’s stock after selling 2,606 shares during the period. SEI Investments comprises about 4.8% of RK Asset Management LLC’s holdings, making the stock its 9th biggest position. RK Asset Management LLC’s holdings in SEI Investments were worth $5,820,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of SEIC. Texas Permanent School Fund Corp raised its stake in shares of SEI Investments by 9.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 95,639 shares of the asset manager’s stock worth $6,187,000 after purchasing an additional 8,387 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of SEI Investments by 60.7% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 21,419 shares of the asset manager’s stock valued at $1,386,000 after acquiring an additional 8,094 shares during the period. Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of SEI Investments by 12.1% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 76,133 shares of the asset manager’s stock worth $4,925,000 after purchasing an additional 8,243 shares during the last quarter. Portfolio Design Labs LLC purchased a new position in SEI Investments in the third quarter valued at approximately $1,701,000. Finally, Quantinno Capital Management LP grew its stake in shares of SEI Investments by 56.7% during the 3rd quarter. Quantinno Capital Management LP now owns 17,591 shares of the asset manager’s stock worth $1,217,000 after acquiring an additional 6,364 shares during the period. 70.59% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on SEIC. Oppenheimer lifted their target price on shares of SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Piper Sandler lifted their price target on SEI Investments from $77.00 to $87.00 and gave the company a “neutral” rating in a research report on Monday, December 23rd. Keefe, Bruyette & Woods raised their target price on SEI Investments from $76.00 to $86.00 and gave the stock a “market perform” rating in a research note on Friday, December 20th. Finally, Morgan Stanley increased their price target on shares of SEI Investments from $75.00 to $80.00 and gave the stock an “underweight” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $84.50.

Insider Buying and Selling

In related news, CEO Ryan Hicke sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $74.90, for a total transaction of $749,000.00. Following the transaction, the chief executive officer now directly owns 147,609 shares in the company, valued at $11,055,914.10. This trade represents a 6.34 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Peterson sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $74.59, for a total value of $1,864,750.00. Following the completion of the sale, the executive vice president now owns 6,500 shares of the company’s stock, valued at $484,835. The trade was a 79.37 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 239,258 shares of company stock worth $19,753,402. Corporate insiders own 14.30% of the company’s stock.

SEI Investments Price Performance

NASDAQ SEIC traded down $0.02 during trading on Friday, reaching $81.90. The company’s stock had a trading volume of 542,046 shares, compared to its average volume of 556,223. The firm has a fifty day moving average of $81.43 and a 200 day moving average of $72.30. SEI Investments has a one year low of $61.58 and a one year high of $87.25. The stock has a market capitalization of $10.56 billion, a PE ratio of 19.78, a P/E/G ratio of 1.62 and a beta of 0.98.

SEI Investments (NASDAQ:SEIC) last posted its quarterly earnings data on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.12. SEI Investments had a net margin of 26.60% and a return on equity of 24.29%. The company had revenue of $537.40 million for the quarter, compared to analysts’ expectations of $534.08 million. During the same period in the prior year, the business earned $0.87 earnings per share. SEI Investments’s revenue for the quarter was up 12.7% compared to the same quarter last year. Research analysts expect that SEI Investments will post 4.41 earnings per share for the current fiscal year.

SEI Investments Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Friday, December 27th will be issued a dividend of $0.49 per share. This is an increase from SEI Investments’s previous semi-annual dividend of $0.46. This represents a dividend yield of 1.1%. The ex-dividend date is Friday, December 27th. SEI Investments’s payout ratio is currently 23.67%.

SEI Investments announced that its Board of Directors has authorized a stock buyback plan on Tuesday, October 22nd that permits the company to buyback $400.00 million in shares. This buyback authorization permits the asset manager to buy up to 4.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

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.