First Citizens Bank & Trust Co. Purchases 1,047 Shares of SEI Investments (NASDAQ:SEIC)

First Citizens Bank & Trust Co. raised its position in SEI Investments (NASDAQ:SEIC) by 11.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,855 shares of the asset manager’s stock after purchasing an additional 1,047 shares during the period. First Citizens Bank & Trust Co.’s holdings in SEI Investments were worth $813,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of SEIC. First Horizon Advisors Inc. grew its holdings in shares of SEI Investments by 101.3% in the 3rd 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 period. Livforsakringsbolaget Skandia Omsesidigt grew its stake in SEI Investments by 925.9% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 554 shares of the asset manager’s stock valued at $38,000 after acquiring an additional 500 shares during the period. Point72 DIFC Ltd bought a new stake in shares of SEI Investments in the third quarter worth about $45,000. Northwestern Mutual Wealth Management Co. raised its position in shares of SEI Investments by 16.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,197 shares of the asset manager’s stock worth $77,000 after purchasing an additional 168 shares during the period. Finally, Quarry LP bought a new position in shares of SEI Investments during the 2nd quarter valued at about $136,000. 70.59% of the stock is currently owned by institutional investors and hedge funds.

SEI Investments Stock Performance

Shares of NASDAQ:SEIC opened at $83.45 on Tuesday. The company has a 50-day simple moving average of $82.78 and a 200 day simple moving average of $74.42. The company has a market capitalization of $10.76 billion, a P/E ratio of 20.16, a price-to-earnings-growth ratio of 1.44 and a beta of 0.98. SEI Investments has a 52-week low of $62.38 and a 52-week high of $87.25.

SEI Investments announced that its Board of Directors has initiated a share buyback plan on Tuesday, October 22nd that allows the company to repurchase $400.00 million in 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 usually an indication that the company’s board believes its stock is undervalued.

SEI Investments Increases Dividend

The firm also recently announced a semi-annual dividend, which was paid on Wednesday, January 8th. Stockholders of record on Friday, December 27th were paid 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 was Friday, December 27th. SEI Investments’s payout ratio is currently 23.67%.

Insider Buying and Selling

In other SEI Investments news, Chairman Alfred P. West, Jr. sold 94,158 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $85.73, for a total value of $8,072,165.34. Following the transaction, the chairman now directly owns 7,284,964 shares of the company’s stock, valued at $624,539,963.72. This represents a 1.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Peterson sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.14, for a total transaction of $791,400.00. Following the sale, the executive vice president now owns 6,500 shares of the company’s stock, valued at $514,410. This trade represents a 60.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 186,194 shares of company stock valued at $15,769,472. 14.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SEIC. Keefe, Bruyette & Woods increased 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. Piper Sandler increased their price objective on shares of SEI Investments from $77.00 to $87.00 and gave the stock a “neutral” rating in a research report on Monday, December 23rd. Oppenheimer boosted their price objective on shares of SEI Investments from $85.00 to $94.00 and gave the company an “outperform” rating in a research report on Tuesday, January 7th. Finally, Morgan Stanley increased their target price on SEI Investments from $75.00 to $80.00 and gave the stock an “underweight” rating in a report on Friday, January 3rd. 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’s stock. According to MarketBeat, SEI Investments has a consensus rating of “Hold” and a consensus price target of $86.75.

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.