CIBC World Markets Inc. Acquires Shares of 14,768 SEI Investments (SEIC)
CIBC World Markets Inc. acquired a new stake in SEI Investments (NASDAQ:SEIC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 14,768 shares of the asset manager’s stock, valued at approximately $923,000.
Other institutional investors have also recently made changes to their positions in the company. Dupont Capital Management Corp lifted its holdings in shares of SEI Investments by 33.3% in the first quarter. Dupont Capital Management Corp now owns 13,345 shares of the asset manager’s stock valued at $1,000,000 after purchasing an additional 3,332 shares in the last quarter. Alps Advisors Inc. lifted its holdings in shares of SEI Investments by 75.3% in the first quarter. Alps Advisors Inc. now owns 6,277 shares of the asset manager’s stock valued at $470,000 after purchasing an additional 2,697 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of SEI Investments by 3.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 424,243 shares of the asset manager’s stock valued at $31,780,000 after purchasing an additional 14,386 shares in the last quarter. Westpac Banking Corp lifted its holdings in shares of SEI Investments by 30.6% in the first quarter. Westpac Banking Corp now owns 11,771 shares of the asset manager’s stock valued at $882,000 after purchasing an additional 2,756 shares in the last quarter. Finally, Cape Cod Five Cents Savings Bank bought a new position in shares of SEI Investments in the first quarter valued at approximately $208,000. 68.86% of the stock is owned by hedge funds and other institutional investors.
SEIC has been the topic of a number of recent research reports. Zacks Investment Research lowered SEI Investments from a “buy” rating to a “hold” rating in a report on Tuesday, July 17th. BidaskClub lowered SEI Investments from a “sell” rating to a “strong sell” rating in a report on Saturday, August 4th. Finally, Mizuho restated a “buy” rating and issued a $85.00 target price on shares of SEI Investments in a report on Friday, July 20th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. SEI Investments has a consensus rating of “Hold” and an average price target of $74.60.
SEIC stock opened at $62.85 on Wednesday. SEI Investments has a twelve month low of $55.72 and a twelve month high of $78.35. The company has a market capitalization of $9.76 billion, a PE ratio of 27.09, a P/E/G ratio of 1.65 and a beta of 1.15.
SEI Investments (NASDAQ:SEIC) last posted its earnings results on Thursday, July 19th. The asset manager reported $0.75 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.01). SEI Investments had a net margin of 30.25% and a return on equity of 29.98%. The company had revenue of $404.80 million during the quarter, compared to the consensus estimate of $405.58 million. During the same quarter in the prior year, the business earned $0.57 EPS. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. sell-side analysts forecast that SEI Investments will post 3.15 EPS for the current fiscal year.
SEI Investments announced that its Board of Directors has approved a share buyback program on Wednesday, May 30th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the asset manager to repurchase up to 1.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
SEI Investments Profile
SEI Investments Co 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.
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