Truist Financial Corp Reduces Stock Holdings in SEI Investments (NASDAQ:SEIC)

Truist Financial Corp reduced its stake in shares of SEI Investments (NASDAQ:SEIC) by 0.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 119,991 shares of the asset manager’s stock after selling 1,048 shares during the period. Truist Financial Corp’s holdings in SEI Investments were worth $9,897,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Boston Trust Walden Corp raised its holdings in shares of SEI Investments by 1.6% during the 4th quarter. Boston Trust Walden Corp now owns 1,306,329 shares of the asset manager’s stock valued at $107,746,000 after buying an additional 20,020 shares during the period. Longboard Asset Management LP acquired a new position in shares of SEI Investments in the 4th quarter valued at approximately $267,000. CHURCHILL MANAGEMENT Corp acquired a new position in shares of SEI Investments in the 4th quarter valued at approximately $1,818,000. Lecap Asset Management Ltd. acquired a new position in shares of SEI Investments in the 4th quarter valued at approximately $480,000. Finally, Portfolio Design Labs LLC raised its position in shares of SEI Investments by 22.5% in the 4th quarter. Portfolio Design Labs LLC now owns 30,102 shares of the asset manager’s stock valued at $2,483,000 after purchasing an additional 5,522 shares in the last quarter. 70.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Morgan Stanley upped their target price on SEI Investments from $75.00 to $80.00 and gave the company an “underweight” rating in a research report on Friday, January 3rd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $90.00 target price (up from $86.00) on shares of SEI Investments in a research report on Thursday, January 30th. Raymond James raised SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 target price on the stock in a research report on Thursday, January 30th. Oppenheimer upped their target price on SEI Investments from $85.00 to $94.00 and gave the company an “outperform” rating in a research report on Tuesday, January 7th. Finally, Piper Sandler upped their target price on SEI Investments from $77.00 to $87.00 and gave the company a “neutral” rating in a research report on Monday, December 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $90.00.

SEI Investments Trading Down 2.4 %

SEIC stock opened at $80.25 on Friday. The firm has a market cap of $10.35 billion, a P/E ratio of 18.16, a P/E/G ratio of 1.42 and a beta of 0.98. SEI Investments has a 12-month low of $62.38 and a 12-month high of $87.25. The stock’s 50 day simple moving average is $83.17 and its 200 day simple moving average is $76.56.

SEI Investments (NASDAQ:SEIC) last posted its quarterly earnings results on Wednesday, January 29th. The asset manager reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.02). SEI Investments had a net margin of 27.35% and a return on equity of 25.51%. On average, research analysts forecast that SEI Investments will post 4.86 EPS for the current fiscal year.

SEI Investments Increases Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Wednesday, January 8th. Investors 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 yield of 1.1%. The ex-dividend date was Friday, December 27th. SEI Investments’s dividend payout ratio is presently 22.17%.

Insider Buying and Selling

In related news, Chairman Alfred P. West, Jr. sold 5,984 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $84.23, for a total transaction of $504,032.32. Following the completion of the transaction, the chairman now directly owns 7,371,522 shares in the company, valued at $620,903,298.06. This represents a 0.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 171,194 shares of company stock worth $14,579,872 in the last three months. 14.30% of the stock is owned by insiders.

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.