SummitTX Capital L.P. Reduces Holdings in SEI Investments Company $SEIC

SummitTX Capital L.P. decreased its position in shares of SEI Investments Company (NASDAQ:SEIC) by 68.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,162 shares of the asset manager’s stock after selling 18,068 shares during the period. SummitTX Capital L.P.’s holdings in SEI Investments were worth $640,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Lazard Asset Management LLC boosted its stake in shares of SEI Investments by 85.2% during the 1st quarter. Lazard Asset Management LLC now owns 38,037 shares of the asset manager’s stock worth $2,985,000 after purchasing an additional 17,504 shares during the period. Gateway Wealth Partners LLC bought a new position in SEI Investments during the 1st quarter valued at about $559,000. Renaissance Technologies LLC raised its position in SEI Investments by 0.7% in the 1st quarter. Renaissance Technologies LLC now owns 399,826 shares of the asset manager’s stock worth $31,374,000 after purchasing an additional 2,600 shares during the period. Morningstar Investment Management LLC raised its position in SEI Investments by 27.9% in the 1st quarter. Morningstar Investment Management LLC now owns 46,245 shares of the asset manager’s stock worth $3,629,000 after purchasing an additional 10,091 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in SEI Investments by 22.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 567,967 shares of the asset manager’s stock worth $44,568,000 after purchasing an additional 104,321 shares during the last quarter. Hedge funds and other institutional investors own 70.59% of the company’s stock.

Insider Buying and Selling

In other news, Director Kathryn Mccarthy sold 10,000 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $91.07, for a total transaction of $910,700.00. Following the transaction, the director directly owned 77,883 shares of the company’s stock, valued at approximately $7,092,804.81. This represents a 11.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Alfred P. West, Jr. sold 7,332 shares of the firm’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $87.39, for a total value of $640,743.48. Following the completion of the sale, the chairman directly owned 6,818,451 shares of the company’s stock, valued at $595,864,432.89. The trade was a 0.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 112,332 shares of company stock valued at $10,467,693 over the last quarter. Insiders own 4.80% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Keefe, Bruyette & Woods boosted their target price on SEI Investments from $113.00 to $119.00 and gave the company an “outperform” rating in a research report on Thursday, July 23rd. Morgan Stanley increased their price target on SEI Investments from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, July 23rd. Piper Sandler raised their price target on SEI Investments from $114.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, July 23rd. Wall Street Zen upgraded SEI Investments from a “hold” rating to a “buy” rating in a report on Saturday, July 25th. Finally, Raymond James Financial upped their price objective on SEI Investments from $122.00 to $124.00 and gave the company an “outperform” rating in a research report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $122.60.

SEI Investments Stock Up 0.2%

Shares of NASDAQ SEIC opened at $103.04 on Friday. The stock has a market capitalization of $12.37 billion, a PE ratio of 18.17 and a beta of 0.97. The company has a current ratio of 5.06, a quick ratio of 4.96 and a debt-to-equity ratio of 0.06. SEI Investments Company has a 12-month low of $75.08 and a 12-month high of $104.47. The stock’s fifty day simple moving average is $92.65 and its two-hundred day simple moving average is $86.56.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings data on Wednesday, July 22nd. The asset manager reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.22. The company had revenue of $641.62 million for the quarter, compared to the consensus estimate of $636.35 million. SEI Investments had a return on equity of 29.16% and a net margin of 28.85%.The firm’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.78 earnings per share. As a group, analysts expect that SEI Investments Company will post 6.2 EPS for the current fiscal year.

SEI Investments Announces Dividend

The company also recently announced a dividend, which was paid on Tuesday, June 16th. Investors of record on Monday, June 8th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Monday, June 8th. This represents a yield of 118.0%. SEI Investments’s dividend payout ratio is presently 18.34%.

SEI Investments Profile

SEI Investments Company is a global provider of asset management, investment processing, and investment operations solutions. The firm offers a range of services designed to help financial institutions, private banks, wealth managers and family offices streamline back-office functions and enhance front-office capabilities. SEI’s technology platforms support various stages of the investment lifecycle, including trade execution, performance reporting, risk analytics and client communications.

The company’s core offerings include outsourced fund administration, custody and trust services, managed account solutions, and wealth management technology.