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

Icon Wealth Advisors LLC decreased its holdings in shares of SEI Investments (NASDAQ:SEIC) by 53.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,016 shares of the asset manager’s stock after selling 1,180 shares during the quarter. Icon Wealth Advisors LLC’s holdings in SEI Investments were worth $70,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fairfield Financial Advisors LTD bought a new stake in SEI Investments during the 2nd quarter valued at $30,000. First Horizon Advisors Inc. raised its stake in SEI Investments by 101.3% in the third quarter. First Horizon Advisors Inc. now owns 461 shares of the asset manager’s stock valued at $32,000 after buying an additional 232 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in SEI Investments by 925.9% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 554 shares of the asset manager’s stock worth $38,000 after purchasing an additional 500 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of SEI Investments by 78.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 626 shares of the asset manager’s stock valued at $41,000 after acquiring an additional 275 shares during the period. Finally, Bessemer Group Inc. raised its stake in shares of SEI Investments by 184.7% in the first quarter. Bessemer Group Inc. now owns 595 shares of the asset manager’s stock worth $43,000 after purchasing an additional 386 shares during the last quarter. Hedge funds and other institutional investors own 70.59% of the company’s stock.

Insider Activity at SEI Investments

In related news, EVP Philip Mccabe sold 10,500 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $75.91, for a total value of $797,055.00. Following the completion of the sale, the executive vice president now owns 43,544 shares in the company, valued at $3,305,425.04. This trade represents a 19.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction, the executive vice president now owns 6,500 shares in the company, valued at $484,835. The trade was 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 worth $9,282,489 in the last three months. Insiders own 14.30% of the company’s stock.

SEI Investments Stock Up 0.8 %

Shares of NASDAQ:SEIC opened at $80.82 on Monday. The stock has a market cap of $10.42 billion, a price-to-earnings ratio of 19.52, a price-to-earnings-growth ratio of 1.51 and a beta of 0.97. The firm’s 50 day moving average price is $73.72 and its 200 day moving average price is $69.04. SEI Investments has a fifty-two week low of $57.43 and a fifty-two week high of $81.97.

SEI Investments (NASDAQ:SEIC) last posted its earnings results on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share for the quarter, beating 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 return on equity of 24.29% and a net margin of 26.60%. The business’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.87 EPS. On average, equities analysts anticipate that SEI Investments will post 4.41 EPS for the current year.

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

Wall Street Analysts Forecast Growth

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

SEI Investments Company 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.