SEI Investments (SEIC) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of SEI Investments (NASDAQ:SEIC) from a hold rating to a buy rating in a report released on Friday, Zacks.com reports. The brokerage currently has $63.00 price objective on the asset manager’s stock.
According to Zacks, “Shares of SEI Investments have outperformed the industry over the past three months. The company's earnings surpassed the Zacks Consensus Estimate in two of the trailing four quarters. Also, earnings estimates have remained stable ahead of the company's first-quarter 2019 results. Solid assets under management (AUM) balance, rising demand for SEI Wealth Platform (SWP) and technological innovations will likely boost the company’s revenue prospects. Although mounting operating expenses and the company's increasing dependence on fee-based income remain major concerns, efficient capital deployment activities reflect strong balance sheet position.”
Several other equities research analysts have also recently weighed in on SEIC. ValuEngine cut shares of SEI Investments from a hold rating to a sell rating in a research report on Wednesday, January 2nd. Oppenheimer cut their price objective on shares of SEI Investments from $68.00 to $60.00 and set an outperform rating for the company in a research report on Wednesday, January 9th. TheStreet raised SEI Investments from a c+ rating to a b- rating in a research note on Tuesday, March 12th. Finally, BidaskClub raised SEI Investments from a strong sell rating to a sell rating in a research note on Saturday, March 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $66.20.
SEI Investments (NASDAQ:SEIC) last posted its quarterly earnings data on Wednesday, January 30th. The asset manager reported $0.73 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.01). SEI Investments had a return on equity of 31.48% and a net margin of 31.15%. The firm had revenue of $405.05 million for the quarter, compared to the consensus estimate of $403.45 million. During the same period in the prior year, the company earned $0.75 EPS. The company’s revenue for the quarter was down .8% compared to the same quarter last year. On average, analysts expect that SEI Investments will post 3.09 EPS for the current fiscal year.
In other SEI Investments news, EVP Wayne Withrow sold 15,500 shares of the business’s stock in a transaction dated Tuesday, February 5th. The stock was sold at an average price of $50.00, for a total transaction of $775,000.00. Following the completion of the transaction, the executive vice president now owns 32,014 shares of the company’s stock, valued at $1,600,700. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Paul Klauder bought 3,110 shares of the stock in a transaction on Tuesday, February 5th. The shares were acquired at an average cost of $49.81 per share, with a total value of $154,909.10. The disclosure for this purchase can be found here. In the last three months, insiders have sold 307,103 shares of company stock valued at $16,143,042. Insiders own 17.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of SEIC. Ruggie Capital Group acquired a new position in shares of SEI Investments in the fourth quarter valued at approximately $27,000. Global Retirement Partners LLC increased its stake in shares of SEI Investments by 67.9% in the fourth quarter. Global Retirement Partners LLC now owns 764 shares of the asset manager’s stock valued at $35,000 after buying an additional 309 shares during the period. Oregon Public Employees Retirement Fund increased its stake in shares of SEI Investments by 4,406.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,250,355 shares of the asset manager’s stock valued at $70,000 after buying an additional 3,178,224 shares during the period. ETF Managers Group LLC increased its stake in shares of SEI Investments by 15.7% in the fourth quarter. ETF Managers Group LLC now owns 1,722 shares of the asset manager’s stock valued at $80,000 after buying an additional 234 shares during the period. Finally, First Bank & Trust acquired a new position in shares of SEI Investments in the first quarter valued at approximately $93,000. 69.39% of the stock is owned by hedge funds and other institutional investors.
SEI Investments Company 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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