Icon Wealth Advisors LLC Reduces Stock Position in SEI Investments (NASDAQ:SEIC)

Icon Wealth Advisors LLC reduced its position in SEI Investments (NASDAQ:SEIC) by 53.7% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,016 shares of the asset manager’s stock after selling 1,180 shares during the period. Icon Wealth Advisors LLC’s holdings in SEI Investments were worth $70,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in SEI Investments by 19.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,380,311 shares of the asset manager’s stock worth $89,291,000 after buying an additional 222,631 shares during the period. Jupiter Asset Management Ltd. acquired a new position in SEI Investments in the 2nd quarter worth approximately $7,787,000. West Coast Financial LLC grew its holdings in shares of SEI Investments by 120.8% during the second quarter. West Coast Financial LLC now owns 116,128 shares of the asset manager’s stock valued at $7,512,000 after buying an additional 63,537 shares in the last quarter. CIBC Asset Management Inc raised its position in SEI Investments by 1,444.2% during the second quarter. CIBC Asset Management Inc now owns 49,802 shares of the asset manager’s stock valued at $3,222,000 after buying an additional 46,577 shares during the period. Finally, Andra AP fonden lifted its stake in SEI Investments by 45.6% in the 2nd quarter. Andra AP fonden now owns 135,800 shares of the asset manager’s stock worth $8,785,000 after acquiring an additional 42,500 shares in the last quarter. Institutional investors and hedge funds own 70.59% of the company’s stock.

Wall Street Analysts Forecast Growth

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

SEI Investments Price Performance

NASDAQ SEIC opened at $80.82 on Monday. SEI Investments has a fifty-two week low of $57.43 and a fifty-two week high of $81.97. The stock’s 50-day moving average is $73.72 and its two-hundred day moving average is $69.04. The firm has a market cap of $10.42 billion, a P/E ratio of 19.52, a price-to-earnings-growth ratio of 1.51 and a beta of 0.97.

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

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

Insiders Place Their Bets

In other news, Chairman Alfred P. West, Jr. sold 61,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $67.36, for a total transaction of $4,108,960.00. Following the transaction, the chairman now owns 7,504,285 shares of the company’s stock, valued at $505,488,637.60. This represents a 0.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael Peterson sold 25,000 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 6,500 shares in the company, valued at approximately $484,835. This trade represents a 79.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 129,064 shares of company stock valued at $9,282,489 in the last three months. Company insiders own 14.30% of the company’s stock.

SEI Investments Profile

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.