SEI Investments (SEIC) Price Target Cut to $60.00 by Analysts at Oppenheimer

SEI Investments (NASDAQ:SEIC) had its price objective cut by Oppenheimer from $68.00 to $60.00 in a research note published on Wednesday morning, The Fly reports. They currently have an outperform rating on the asset manager’s stock. Oppenheimer also issued estimates for SEI Investments’ Q4 2018 earnings at $0.74 EPS, FY2018 earnings at $3.14 EPS, Q1 2019 earnings at $0.74 EPS, Q2 2019 earnings at $0.74 EPS, Q3 2019 earnings at $0.78 EPS, Q4 2019 earnings at $0.82 EPS, FY2019 earnings at $3.08 EPS and FY2020 earnings at $3.51 EPS.

Other research analysts have also issued research reports about the company. Keefe, Bruyette & Woods upgraded SEI Investments from a market perform rating to an outperform rating and reduced their price objective for the company from $68.00 to $63.00 in a research report on Wednesday, October 24th. Zacks Investment Research lowered SEI Investments from a buy rating to a hold rating in a research report on Friday, October 26th. Rosenblatt Securities began coverage on SEI Investments in a research report on Wednesday, December 5th. They set a neutral rating and a $59.00 price target for the company. BidaskClub lowered SEI Investments from a sell rating to a strong sell rating in a research report on Tuesday, December 4th. Finally, ValuEngine lowered SEI Investments from a hold rating to a sell rating in a research report on Wednesday, January 2nd. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. SEI Investments has an average rating of Hold and a consensus target price of $69.50.

NASDAQ:SEIC opened at $46.54 on Wednesday. SEI Investments has a 12-month low of $42.27 and a 12-month high of $78.35. The company has a market cap of $7.30 billion, a P/E ratio of 20.06, a P/E/G ratio of 1.24 and a beta of 1.24.

SEI Investments (NASDAQ:SEIC) last released its quarterly earnings data on Tuesday, October 23rd. The asset manager reported $0.80 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.76 by $0.04. SEI Investments had a return on equity of 30.73% and a net margin of 31.46%. The business had revenue of $408.68 million during the quarter, compared to analyst estimates of $410.35 million. During the same quarter in the previous year, the firm posted $0.63 EPS. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. Equities analysts forecast that SEI Investments will post 3.17 earnings per share for the current fiscal year.

SEI Investments declared that its Board of Directors has initiated a share buyback program on Tuesday, December 11th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the asset manager to buy up to 3.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

The firm also recently declared a semiannual dividend, which was paid on Tuesday, January 8th. Shareholders of record on Thursday, December 27th were given a dividend of $0.33 per share. This represents a yield of 1.33%. The ex-dividend date of this dividend was Wednesday, December 26th. This is a positive change from SEI Investments’s previous semiannual dividend of $0.30. SEI Investments’s payout ratio is 28.45%.

In other news, EVP Wayne Withrow sold 4,997 shares of the company’s stock in a transaction on Wednesday, December 19th. The stock was sold at an average price of $47.50, for a total value of $237,357.50. Following the completion of the sale, the executive vice president now owns 36,711 shares in the company, valued at $1,743,772.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Alfred P. West, Jr. sold 145,238 shares of the company’s stock in a transaction on Wednesday, November 21st. The shares were sold at an average price of $52.76, for a total value of $7,662,756.88. Following the completion of the sale, the insider now owns 10,386,713 shares of the company’s stock, valued at approximately $548,002,977.88. The disclosure for this sale can be found here. Insiders have sold a total of 511,223 shares of company stock valued at $27,124,902 in the last quarter. 17.30% of the stock is currently owned by insiders.

Several institutional investors have recently made changes to their positions in SEIC. GSA Capital Partners LLP acquired a new stake in shares of SEI Investments in the second quarter valued at $536,000. Dimensional Fund Advisors LP lifted its holdings in shares of SEI Investments by 1.4% in the second quarter. Dimensional Fund Advisors LP now owns 516,778 shares of the asset manager’s stock valued at $32,311,000 after buying an additional 7,104 shares during the period. FMR LLC lifted its holdings in shares of SEI Investments by 5.6% in the second quarter. FMR LLC now owns 206,863 shares of the asset manager’s stock valued at $12,934,000 after buying an additional 11,055 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of SEI Investments by 5.5% in the second quarter. Envestnet Asset Management Inc. now owns 22,253 shares of the asset manager’s stock valued at $1,391,000 after buying an additional 1,156 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in shares of SEI Investments by 303.8% in the second quarter. Renaissance Technologies LLC now owns 119,626 shares of the asset manager’s stock valued at $7,479,000 after buying an additional 90,000 shares during the period. Institutional investors and hedge funds own 69.29% of the company’s stock.

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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