SouthState Corp purchased a new stake in SEI Investments (NASDAQ:SEIC) during the 3rd quarter, Holdings Channel reports. The firm purchased 2,139 shares of the asset manager’s stock, valued at approximately $127,000.
A number of other hedge funds have also modified their holdings of SEIC. FMR LLC increased its stake in SEI Investments by 19.9% in the 1st quarter. FMR LLC now owns 211,097 shares of the asset manager’s stock valued at $11,030,000 after buying an additional 35,067 shares during the last quarter. First Trust Advisors LP acquired a new position in shares of SEI Investments during the 1st quarter worth about $1,155,000. Advisor Group Holdings Inc. increased its stake in shares of SEI Investments by 3.0% during the 2nd quarter. Advisor Group Holdings Inc. now owns 10,310 shares of the asset manager’s stock worth $639,000 after purchasing an additional 305 shares during the last quarter. American Century Companies Inc. increased its stake in shares of SEI Investments by 40.0% during the 2nd quarter. American Century Companies Inc. now owns 13,807 shares of the asset manager’s stock worth $855,000 after purchasing an additional 3,942 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of SEI Investments by 13.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 22,796 shares of the asset manager’s stock worth $1,413,000 after purchasing an additional 2,629 shares during the last quarter. Hedge funds and other institutional investors own 68.54% of the company’s stock.
In other SEI Investments news, EVP Kevin Barr sold 40,000 shares of the business’s stock in a transaction dated Tuesday, November 30th. The shares were sold at an average price of $59.63, for a total value of $2,385,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Wayne Withrow sold 4,000 shares of the business’s stock in a transaction dated Tuesday, November 16th. The shares were sold at an average price of $65.00, for a total transaction of $260,000.00. The disclosure for this sale can be found here. Insiders sold a total of 68,500 shares of company stock valued at $4,193,755 in the last three months. Insiders own 23.86% of the company’s stock.
SEI Investments (NASDAQ:SEIC) last announced its quarterly earnings results on Tuesday, October 19th. The asset manager reported $0.97 EPS for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.02. SEI Investments had a net margin of 28.34% and a return on equity of 29.24%. The business had revenue of $485.32 million for the quarter, compared to analyst estimates of $482.33 million. During the same quarter in the prior year, the business earned $0.75 EPS. SEI Investments’s quarterly revenue was up 14.2% on a year-over-year basis. Analysts anticipate that SEI Investments will post 3.76 earnings per share for the current year.
SEI Investments announced that its Board of Directors has authorized a share buyback program on Monday, December 13th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the asset manager to reacquire up to 2.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
The business also recently declared a Semi-Annual dividend, which was paid on Friday, January 7th. Investors of record on Tuesday, December 21st were paid a $0.40 dividend. The ex-dividend date was Monday, December 20th. This represents a yield of 1.2%. This is a positive change from SEI Investments’s previous Semi-Annual dividend of $0.26. SEI Investments’s dividend payout ratio is 21.92%.
Several research analysts have recently weighed in on SEIC shares. Truist started coverage on shares of SEI Investments in a research note on Tuesday, November 2nd. They set a “hold” rating and a $67.00 price objective on the stock. Truist Securities started coverage on shares of SEI Investments in a research note on Tuesday, November 2nd. They set a “hold” rating and a $67.00 price objective on the stock. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, SEI Investments currently has an average rating of “Hold” and a consensus target price of $68.20.
About SEI Investments
SEI Investments Co engages in the provision of investment processing, investment management and investment operations platforms. It operates through the following business segments: Private Banks, Investment Advisors, Institutional Investors, Investment Managers, and Investments in New Businesses. The Private Banks segment provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers and financial advisors worldwide.
Featured Story: How are the companies in the S&P 500 selected?
Want to see what other hedge funds are holding SEIC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SEI Investments (NASDAQ:SEIC).
Receive News & Ratings for SEI Investments Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SEI Investments and related companies with MarketBeat.com's FREE daily email newsletter.