SEI Investments Company (NASDAQ:SEIC) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of SEI Investments Company (NASDAQ:SEIC) from a hold rating to a buy rating in a research report released on Wednesday, July 12th. They currently have $61.00 price objective on the asset manager’s stock.
According to Zacks, “SEI Investments shares underperformed the Zacks categorized Investment Management industry in the last six months. Persistently increasing expenses are likely to hamper bottom-line growth in the near term. Moreover, the company’s increased exposure to fee-based revenue sources might hurt its financials. However, the company is well positioned for organic growth, given its innovative and diverse global investment products and services. Further, robust asset growth and the acquisition of Archway Technology Partners are expected to support profitability. Also, the company's enhanced capital deployment activities boost investors’ confidence in the stock.”
SEIC has been the topic of several other reports. Raymond James Financial, Inc. reissued a market perform rating on shares of SEI Investments in a report on Thursday, April 20th. Mizuho initiated coverage on shares of SEI Investments in a report on Tuesday, June 27th. They issued a buy rating and a $60.00 price target on the stock. BidaskClub cut shares of SEI Investments from a strong-buy rating to a buy rating in a report on Thursday, June 22nd. Oppenheimer Holdings, Inc. increased their price target on shares of SEI Investments from $55.00 to $60.00 and gave the company an outperform rating in a report on Tuesday, July 11th. Finally, Keefe, Bruyette & Woods reissued a hold rating and issued a $54.00 price target on shares of SEI Investments in a report on Friday, June 23rd. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $59.75.
SEI Investments (NASDAQ:SEIC) traded down 0.14% during trading on Wednesday, hitting $56.00. The stock had a trading volume of 235,375 shares. The company has a market capitalization of $8.85 billion, a price-to-earnings ratio of 25.68 and a beta of 1.33. SEI Investments has a 12-month low of $42.90 and a 12-month high of $57.50. The stock has a 50 day moving average price of $54.72 and a 200 day moving average price of $51.69.
SEI Investments (NASDAQ:SEIC) last released its quarterly earnings results on Wednesday, July 26th. The asset manager reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.02. The firm had revenue of $372.30 million for the quarter, compared to analysts’ expectations of $369.88 million. SEI Investments had a net margin of 24.44% and a return on equity of 26.60%. The business’s revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.49 EPS. Equities research analysts forecast that SEI Investments will post $2.28 earnings per share for the current year.
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In other news, insider Joseph P. Ujobai sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $51.16, for a total transaction of $1,534,800.00. Following the transaction, the insider now directly owns 42,540 shares of the company’s stock, valued at $2,176,346.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carmen Romeo sold 5,000 shares of SEI Investments stock in a transaction that occurred on Thursday, May 11th. The shares were sold at an average price of $51.60, for a total transaction of $258,000.00. Following the completion of the transaction, the director now directly owns 1,600,952 shares in the company, valued at $82,609,123.20. The disclosure for this sale can be found here. Insiders have sold 302,500 shares of company stock worth $16,330,077 over the last ninety days. Insiders own 17.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of SEI Investments by 3,644.6% in the first quarter. BlackRock Inc. now owns 12,750,729 shares of the asset manager’s stock worth $643,148,000 after buying an additional 12,410,221 shares during the period. Norges Bank purchased a new position in shares of SEI Investments during the fourth quarter worth about $59,960,000. Vanguard Group Inc. boosted its position in shares of SEI Investments by 4.8% in the first quarter. Vanguard Group Inc. now owns 12,903,413 shares of the asset manager’s stock worth $650,849,000 after buying an additional 595,691 shares during the period. UBS Asset Management Americas Inc. boosted its position in shares of SEI Investments by 107.7% in the fourth quarter. UBS Asset Management Americas Inc. now owns 685,000 shares of the asset manager’s stock worth $33,811,000 after buying an additional 355,130 shares during the period. Finally, Frontier Capital Management Co. LLC boosted its position in shares of SEI Investments by 123.0% in the first quarter. Frontier Capital Management Co. LLC now owns 642,811 shares of the asset manager’s stock worth $32,423,000 after buying an additional 354,536 shares during the period. 69.58% of the stock is currently owned by institutional investors and hedge funds.
About SEI Investments
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.
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