SEI Investments Co. (SEIC) Cut to Sell at Zacks Investment Research
SEI Investments Co. (NASDAQ:SEIC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday.
According to Zacks, “SEI Investments has a negative record of earnings surprises in the recent quarters. Further, expenses are expected to remain elevated over the next couple of years due to additional investment spending around services. In addition, increasing dependence on fee-based revenues can adversely affect the company’s financials in the near term. Moreover, a continuing low interest-rate environment and persistent regulatory constraints remain matters of concern. Nonetheless, the company is well positioned for organic growth in the forthcoming quarters based on its innovative and diverse global investment products and services. Further, robust asset inflows will continue to support revenues.”
Several other equities research analysts also recently commented on SEIC. Keefe, Bruyette & Woods cut their target price on shares of SEI Investments from $51.00 to $47.00 and set a “market perform” rating on the stock in a research report on Thursday, July 28th. Oppenheimer Holdings Inc. cut their target price on shares of SEI Investments from $56.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, July 28th.
SEI Investments (NASDAQ:SEIC) traded up 1.44% on Wednesday, hitting $45.23. 181,263 shares of the stock traded hands. SEI Investments has a 1-year low of $32.01 and a 1-year high of $55.11. The company has a market cap of $7.30 billion, a price-to-earnings ratio of 23.56 and a beta of 1.26. The stock has a 50-day moving average price of $45.71 and a 200 day moving average price of $47.15.
SEI Investments (NASDAQ:SEIC) last posted its earnings results on Wednesday, July 27th. The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.50 by $0.01. SEI Investments had a return on equity of 24.48% and a net margin of 23.67%. The business had revenue of $343.83 million for the quarter, compared to analyst estimates of $346.92 million. During the same quarter in the prior year, the business earned $0.51 earnings per share. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. On average, analysts anticipate that SEI Investments will post $1.92 EPS for the current fiscal year.
In other SEI Investments news, major shareholder Alfred P. West, Jr. sold 90,000 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $44.98, for a total transaction of $4,048,200.00. Following the completion of the transaction, the insider now owns 11,641,864 shares in the company, valued at approximately $523,651,042.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 17.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SEIC. Commonwealth Equity Services Inc purchased a new position in SEI Investments during the first quarter valued at about $255,000. Aperio Group LLC raised its position in SEI Investments by 33.5% in the first quarter. Aperio Group LLC now owns 29,579 shares of the company’s stock valued at $1,273,000 after buying an additional 7,416 shares during the last quarter. BlackRock Inc. raised its position in SEI Investments by 1.6% in the first quarter. BlackRock Inc. now owns 362,113 shares of the company’s stock valued at $15,589,000 after buying an additional 5,667 shares during the last quarter. BlackRock Group LTD raised its position in SEI Investments by 0.6% in the first quarter. BlackRock Group LTD now owns 867,393 shares of the company’s stock valued at $37,342,000 after buying an additional 5,454 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in SEI Investments by 2.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,263,846 shares of the company’s stock valued at $183,559,000 after buying an additional 104,011 shares during the last quarter. Hedge funds and other institutional investors own 70.29% of the company’s stock.
About SEI Investments
SEI Investments Company (SEI) is a provider of investment processing, investment management and investment operations solutions. The Company enables corporations, financial institutions, financial advisors and ultra-high-net-worth families to create and manage wealth by providing investment and investment-business solutions.
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