Prana Capital Management LP Increases Stock Holdings in SEI Investments (NASDAQ:SEIC)

Prana Capital Management LP boosted its position in SEI Investments (NASDAQ:SEIC) by 10.9% in the third quarter, Holdings Channel.com reports. The firm owned 196,816 shares of the asset manager’s stock after acquiring an additional 19,289 shares during the quarter. Prana Capital Management LP’s holdings in SEI Investments were worth $13,618,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of SEIC. Aurora Investment Counsel grew its holdings in SEI Investments by 0.6% in the third quarter. Aurora Investment Counsel now owns 25,162 shares of the asset manager’s stock valued at $1,741,000 after purchasing an additional 144 shares during the last quarter. IFG Advisory LLC increased its stake in shares of SEI Investments by 0.3% during the 2nd quarter. IFG Advisory LLC now owns 59,228 shares of the asset manager’s stock valued at $3,831,000 after acquiring an additional 166 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of SEI Investments by 16.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,197 shares of the asset manager’s stock valued at $77,000 after purchasing an additional 168 shares during the last quarter. Creative Planning boosted its holdings in SEI Investments by 2.3% in the third quarter. Creative Planning now owns 8,086 shares of the asset manager’s stock valued at $559,000 after acquiring an additional 182 shares during the last quarter. Finally, Diversified Trust Co grew its holdings in shares of SEI Investments by 0.4% during the 2nd quarter. Diversified Trust Co now owns 54,212 shares of the asset manager’s stock worth $3,507,000 after purchasing an additional 202 shares during the period. Hedge funds and other institutional investors own 70.59% of the company’s stock.

SEI Investments Trading Down 0.3 %

SEIC opened at $81.70 on Wednesday. The business’s 50 day moving average is $75.40 and its 200-day moving average is $69.63. The stock has a market cap of $10.53 billion, a PE ratio of 19.73, a price-to-earnings-growth ratio of 1.55 and a beta of 0.98. SEI Investments has a twelve month low of $59.42 and a twelve month high of $83.15.

SEI Investments (NASDAQ:SEIC) last released its quarterly earnings results on Wednesday, October 23rd. The asset manager reported $1.19 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $534.08 million. During the same period in the previous year, the firm earned $0.87 EPS. SEI Investments’s revenue was up 12.7% on a year-over-year basis. As a group, analysts forecast that SEI Investments will post 4.41 EPS for the current year.

SEI Investments announced that its board has initiated a share buyback plan on Tuesday, October 22nd that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the asset manager to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have commented on SEIC. Morgan Stanley raised their price objective on SEI Investments from $70.00 to $75.00 and gave the company an “underweight” rating in a research report on Thursday, October 24th. Piper Sandler increased their price target on shares of SEI Investments from $74.00 to $77.00 and gave the stock a “neutral” rating in a research report on Thursday, October 24th. Finally, Oppenheimer increased their target price on shares of SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $77.50.

Insider Buying and Selling

In other SEI Investments news, CEO Ryan Hicke sold 10,000 shares of the stock in a transaction on Friday, October 25th. The shares were 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 of the company’s stock, valued at $11,055,914.10. This represents a 6.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, 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 stock was 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 approximately $484,835. This trade represents a 79.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,064 shares of company stock worth $5,173,529 in the last three months. 14.30% of the stock is currently owned by insiders.

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.