Portfolio Design Labs LLC Makes New $1.70 Million Investment in SEI Investments (NASDAQ:SEIC)

Portfolio Design Labs LLC bought a new position in shares of SEI Investments (NASDAQ:SEIC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 24,580 shares of the asset manager’s stock, valued at approximately $1,701,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in shares of SEI Investments by 19.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,380,311 shares of the asset manager’s stock valued at $89,291,000 after purchasing an additional 222,631 shares during the period. Jupiter Asset Management Ltd. acquired a new stake in shares of SEI Investments in the second quarter valued at approximately $7,787,000. West Coast Financial LLC increased its holdings in shares of SEI Investments by 120.8% in the 2nd quarter. West Coast Financial LLC now owns 116,128 shares of the asset manager’s stock valued at $7,512,000 after acquiring an additional 63,537 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its position in SEI Investments by 67.8% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 145,536 shares of the asset manager’s stock valued at $10,376,000 after purchasing an additional 58,808 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its stake in SEI Investments by 1,444.2% during the 2nd quarter. CIBC Asset Management Inc now owns 49,802 shares of the asset manager’s stock worth $3,222,000 after purchasing an additional 46,577 shares during the period. Hedge funds and other institutional investors own 70.59% of the company’s stock.

SEI Investments Trading Down 1.4 %

NASDAQ SEIC opened at $79.46 on Wednesday. The stock has a market capitalization of $10.24 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 1.52 and a beta of 0.97. The business’s 50 day moving average is $72.90 and its two-hundred day moving average is $68.79. SEI Investments has a 12-month low of $57.43 and a 12-month high of $81.97.

SEI Investments (NASDAQ:SEIC) last issued its earnings results 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 analyst estimates of $534.08 million. During the same period in the prior year, the business posted $0.87 earnings per share. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. Equities analysts forecast that SEI Investments will post 4.41 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SEIC shares. Piper Sandler increased their target price on shares of SEI Investments from $74.00 to $77.00 and gave the stock a “neutral” rating in a research note on Thursday, October 24th. Oppenheimer lifted their target price on SEI Investments from $81.00 to $85.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Morgan Stanley upped their price target on SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a research note on Thursday, October 24th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $73.00 price objective (down from $74.00) on shares of SEI Investments in a research report on Thursday, July 25th. One investment 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. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $77.50.

Insider Activity at SEI Investments

In related news, EVP Michael Peterson sold 25,000 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now directly owns 6,500 shares in the company, valued at $484,835. The trade was a 79.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ryan Hicke sold 10,000 shares of the firm’s stock in a transaction dated 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 owns 147,609 shares of the company’s stock, valued at $11,055,914.10. This trade represents a 6.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 200,646 shares of company stock valued at $14,115,934 in the last ninety days. 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.