SEI Investments Company (NASDAQ:SEIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The brokerage currently has a $72.00 target price on the asset manager’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.61% from the stock’s previous close.
According to Zacks, “SEI Investments’ shares have outperformed the industry over the last six months. The performance was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. The company’s third quarter 2017 results were supported by higher revenues, while an increase in expenses was a headwind. The company is well positioned for organic growth, given its innovative and diverse global investment products and services. Given a solid capital position, the company continues to enhance shareholder value through efficient capital deployment activities. However, persistently increasing expenses due to additional investment spending on services will likely hurt bottom line growth.”
Several other research analysts also recently weighed in on SEIC. Oppenheimer Holdings, Inc. upped their target price on shares of SEI Investments from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, July 11th. BidaskClub raised shares of SEI Investments from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 13th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $58.00 target price on shares of SEI Investments in a report on Thursday, July 27th. Finally, Mizuho reaffirmed a “buy” rating and issued a $65.00 target price on shares of SEI Investments in a report on Friday, October 20th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. SEI Investments currently has an average rating of “Buy” and an average price target of $65.50.
SEI Investments (NASDAQ:SEIC) opened at 64.51 on Monday. The company has a market capitalization of $10.20 billion, a price-to-earnings ratio of 29.58 and a beta of 1.35. SEI Investments has a 12-month low of $43.65 and a 12-month high of $65.30. The stock has a 50 day moving average price of $61.70 and a 200-day moving average price of $55.82.
SEI Investments (NASDAQ:SEIC) last issued its earnings results on Wednesday, October 25th. The asset manager reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.06. The company had revenue of $368.02 million during the quarter, compared to the consensus estimate of $384.43 million. SEI Investments had a net margin of 24.94% and a return on equity of 27.12%. SEI Investments’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.53 EPS. Equities analysts predict that SEI Investments will post $2.34 EPS for the current fiscal year.
SEI Investments announced that its Board of Directors has initiated a stock repurchase 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 repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
In other news, insider Dennis Mcgonigle sold 15,000 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $56.35, for a total transaction of $845,250.00. Following the sale, the insider now directly owns 612,034 shares in the company, valued at approximately $34,488,115.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Alfred P. West, Jr. sold 50,000 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $55.94, for a total transaction of $2,797,000.00. Following the sale, the insider now owns 10,686,282 shares in the company, valued at $597,790,615.08. The disclosure for this sale can be found here. Insiders have sold a total of 195,000 shares of company stock worth $11,209,750 over the last 90 days. Corporate insiders own 16.50% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Old Mutual Global Investors UK Ltd. purchased a new stake in SEI Investments in the 3rd quarter worth about $1,685,000. BT Investment Management Ltd raised its position in SEI Investments by 68.6% in the 3rd quarter. BT Investment Management Ltd now owns 20,298 shares of the asset manager’s stock worth $1,239,000 after purchasing an additional 8,259 shares during the period. Wedbush Securities Inc. raised its position in SEI Investments by 34.9% in the 3rd quarter. Wedbush Securities Inc. now owns 5,215 shares of the asset manager’s stock worth $318,000 after purchasing an additional 1,349 shares during the period. Frontier Capital Management Co. LLC raised its position in SEI Investments by 51.2% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 968,388 shares of the asset manager’s stock worth $59,130,000 after purchasing an additional 328,037 shares during the period. Finally, BP PLC purchased a new stake in SEI Investments in the 3rd quarter worth about $977,000. 68.75% of the stock is currently owned by institutional investors.
SEI Investments Company 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.
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