M&T Bank Corp Has $223,000 Stake in SEI Investments Company (NASDAQ:SEIC)

M&T Bank Corp cut its stake in SEI Investments Company (NASDAQ:SEIC) by 39.3% during the first quarter, HoldingsChannel reports. The fund owned 2,876 shares of the asset manager’s stock after selling 1,860 shares during the quarter. M&T Bank Corp’s holdings in SEI Investments were worth $223,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in shares of SEI Investments during the 4th quarter valued at $48,009,000. Raymond James Financial Inc. acquired a new position in shares of SEI Investments during the 4th quarter worth about $42,548,000. GAMMA Investing LLC boosted its position in shares of SEI Investments by 9,563.5% in the first quarter. GAMMA Investing LLC now owns 470,515 shares of the asset manager’s stock valued at $36,526,000 after acquiring an additional 465,646 shares during the period. FMR LLC boosted its holdings in SEI Investments by 39.3% in the 4th quarter. FMR LLC now owns 1,233,225 shares of the asset manager’s stock valued at $101,716,000 after purchasing an additional 348,112 shares during the period. Finally, Aware Super Pty Ltd as trustee of Aware Super bought a new stake in shares of SEI Investments in the fourth quarter valued at about $23,710,000. 70.59% of the stock is owned by hedge funds and other institutional investors.

SEI Investments Stock Down 0.4%

SEIC opened at $92.82 on Friday. The company has a fifty day simple moving average of $87.07 and a 200 day simple moving average of $81.54. The stock has a market cap of $11.56 billion, a P/E ratio of 20.18, a P/E/G ratio of 1.58 and a beta of 0.92. SEI Investments Company has a 12 month low of $62.38 and a 12 month high of $93.96.

SEI Investments (NASDAQ:SEIC) last announced its quarterly earnings results on Wednesday, April 23rd. The asset manager reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.05. The firm had revenue of $551.34 million for the quarter, compared to analyst estimates of $556.76 million. SEI Investments had a net margin of 27.77% and a return on equity of 26.40%. The business’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.99 earnings per share. On average, equities research analysts expect that SEI Investments Company will post 4.86 earnings per share for the current fiscal year.

SEI Investments Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Monday, June 9th were given a dividend of $0.49 per share. The ex-dividend date of this dividend was Monday, June 9th. This represents a $1.96 dividend on an annualized basis and a yield of 2.11%. This is an increase from SEI Investments’s previous quarterly dividend of $0.46. SEI Investments’s dividend payout ratio is 21.30%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on SEIC shares. Oppenheimer lifted their price target on shares of SEI Investments from $96.00 to $101.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods increased their price target on SEI Investments from $80.00 to $84.00 and gave the stock a “market perform” rating in a research report on Friday, April 25th. Morgan Stanley reaffirmed an “overweight” rating and issued a $100.00 target price (up from $84.00) on shares of SEI Investments in a research note on Thursday, June 26th. William Blair restated a “market perform” rating on shares of SEI Investments in a research report on Thursday, April 24th. Finally, Wall Street Zen upgraded shares of SEI Investments from a “hold” rating to a “buy” rating in a report on Tuesday, May 20th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, SEI Investments currently has an average rating of “Moderate Buy” and an average target price of $96.00.

Insider Buying and Selling at SEI Investments

In related news, insider Sanjay Sharma sold 20,000 shares of the firm’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $83.40, for a total value of $1,668,000.00. Following the completion of the transaction, the insider directly owned 23,895 shares of the company’s stock, valued at approximately $1,992,843. This trade represents a 45.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Alfred P. West, Jr. sold 75,000 shares of the business’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $85.78, for a total transaction of $6,433,500.00. Following the transaction, the chairman owned 7,003,708 shares in the company, valued at $600,778,072.24. This represents a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 232,126 shares of company stock worth $19,638,659. Company insiders own 14.60% of the company’s stock.

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.