Jag Capital Management LLC Acquires New Holdings in SEI Investments (SEIC)
Jag Capital Management LLC acquired a new stake in shares of SEI Investments (NASDAQ:SEIC) in the 4th quarter, HoldingsChannel reports. The firm acquired 133,732 shares of the asset manager’s stock, valued at approximately $9,610,000.
Several other institutional investors and hedge funds have also modified their holdings of SEIC. Prudential Financial Inc. increased its position in shares of SEI Investments by 88.3% in the 3rd quarter. Prudential Financial Inc. now owns 509,716 shares of the asset manager’s stock valued at $31,123,000 after acquiring an additional 239,000 shares during the period. Atlantic Trust Group LLC increased its position in shares of SEI Investments by 2.5% in the 3rd quarter. Atlantic Trust Group LLC now owns 70,010 shares of the asset manager’s stock valued at $4,275,000 after acquiring an additional 1,715 shares during the period. American Capital Management Inc. increased its position in shares of SEI Investments by 0.5% in the 3rd quarter. American Capital Management Inc. now owns 849,780 shares of the asset manager’s stock valued at $51,888,000 after acquiring an additional 4,620 shares during the period. Shell Asset Management Co. increased its position in shares of SEI Investments by 238.1% in the 3rd quarter. Shell Asset Management Co. now owns 22,578 shares of the asset manager’s stock valued at $816,000 after acquiring an additional 15,900 shares during the period. Finally, BP PLC acquired a new position in shares of SEI Investments in the 3rd quarter valued at $977,000. Hedge funds and other institutional investors own 70.18% of the company’s stock.
In other news, Director Sarah Blumenstein sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $65.33, for a total transaction of $326,650.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Alfred P. West, Jr. sold 50,000 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $64.64, for a total value of $3,232,000.00. Following the sale, the insider now owns 10,619,272 shares in the company, valued at $686,429,742.08. The disclosure for this sale can be found here. Insiders have sold a total of 136,250 shares of company stock worth $9,057,050 over the last ninety days. 16.50% of the stock is owned by insiders.
SEI Investments announced that its board has approved a share buyback plan on Wednesday, October 25th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the asset manager to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
The business also recently declared a semiannual dividend, which was paid on Monday, January 8th. Shareholders of record on Wednesday, December 27th were given a dividend of $0.30 per share. This is an increase from SEI Investments’s previous semiannual dividend of $0.28. This represents a yield of 0.85%. The ex-dividend date was Tuesday, December 26th. SEI Investments’s dividend payout ratio (DPR) is currently 26.20%.
Several equities analysts recently issued reports on SEIC shares. Zacks Investment Research raised SEI Investments from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a research report on Monday, October 30th. Mizuho reaffirmed a “buy” rating and set a $65.00 price target on shares of SEI Investments in a research report on Friday, October 20th. Finally, Oppenheimer increased their price target on SEI Investments from $60.00 to $67.00 and gave the stock an “outperform” rating in a research report on Thursday, September 28th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $70.25.
SEI Investments Profile
SEI Investments Company provides investment processing, investment management and investment operations solutions. The Company provides its solutions to financial institutions, financial advisors, institutional investors, investment managers and ultra-high-net-worth families in the United States, Canada, the United Kingdom, continental Europe and various other locations around the world.
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.