Summit Investment Advisors Inc. Decreases Position in SEI Investments (NASDAQ:SEIC)

Summit Investment Advisors Inc. decreased its stake in SEI Investments (NASDAQ:SEIC) by 3.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 19,623 shares of the asset manager’s stock after selling 630 shares during the quarter. Summit Investment Advisors Inc.’s holdings in SEI Investments were worth $1,619,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of SEIC. CoreFirst Bank & Trust purchased a new position in SEI Investments during the fourth quarter worth $31,000. Allworth Financial LP lifted its holdings in shares of SEI Investments by 53.7% in the 4th quarter. Allworth Financial LP now owns 452 shares of the asset manager’s stock worth $38,000 after acquiring an additional 158 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in shares of SEI Investments by 25.4% during the 4th quarter. First Horizon Advisors Inc. now owns 578 shares of the asset manager’s stock worth $48,000 after purchasing an additional 117 shares during the period. Rialto Wealth Management LLC purchased a new position in shares of SEI Investments during the 4th quarter worth about $55,000. Finally, EverSource Wealth Advisors LLC grew its holdings in SEI Investments by 25.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 860 shares of the asset manager’s stock valued at $71,000 after purchasing an additional 172 shares during the last quarter. Institutional investors own 70.59% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Alfred P. West, Jr. sold 1,372 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $76.28, for a total value of $104,656.16. Following the completion of the sale, the chairman now owns 7,078,708 shares of the company’s stock, valued at approximately $539,963,846.24. This represents a 0.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark Andrew Warner sold 5,000 shares of SEI Investments stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $80.39, for a total transaction of $401,950.00. Following the transaction, the insider now directly owns 1,300 shares in the company, valued at approximately $104,507. The trade was a 79.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 79,214 shares of company stock worth $6,293,903 in the last three months. Corporate insiders own 14.30% of the company’s stock.

SEI Investments Stock Down 0.3 %

Shares of NASDAQ:SEIC opened at $73.26 on Wednesday. The business’s 50 day moving average is $76.79 and its 200 day moving average is $78.78. The stock has a market cap of $9.30 billion, a P/E ratio of 16.57, a price-to-earnings-growth ratio of 1.41 and a beta of 0.90. SEI Investments has a 52-week low of $62.38 and a 52-week high of $87.25.

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 analysts’ consensus estimates of $1.21 by ($0.02). SEI Investments had a return on equity of 25.51% and a net margin of 27.35%. On average, sell-side analysts anticipate that SEI Investments will post 4.86 EPS for the current fiscal year.

SEI Investments announced that its Board of Directors has authorized a share repurchase plan on Tuesday, March 18th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the asset manager to buy up to 5.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $90.00 price objective (up previously from $86.00) on shares of SEI Investments in a research note on Thursday, January 30th. Oppenheimer raised their price target on SEI Investments from $85.00 to $94.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 7th. StockNews.com downgraded SEI Investments from a “buy” rating to a “hold” rating in a research report on Wednesday. Raymond James upgraded SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 target price for the company in a research report on Thursday, January 30th. Finally, Morgan Stanley raised shares of SEI Investments from an “underweight” rating to an “overweight” rating and lowered their target price for the company from $81.00 to $77.00 in a research note on Monday, April 7th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $86.80.

SEI Investments 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.