Zacks Investment Research upgraded shares of SEI Investments (NASDAQ:SEIC) from a sell rating to a hold rating in a report released on Tuesday morning.
According to Zacks, “SEI Investments' earnings surpassed the Zacks Consensus Estimate in two of the trailing four quarters. Mounting operating expenses are expected to hurt the company’s bottom-line growth to some extent. As it continues to invest in improving services, and upgrade/develop software, costs will likely increase in the quarters ahead. Moreover, increasing dependence on fee-based income is a concern. However, solid assets under management (AUM) balance, rising demand for SEI Wealth Platform (SWP) and technological innovations will likely boost the company's revenue prospects. Moreover, its efficient capital deployment activities reflect strong balance sheet position.”
Several other analysts also recently commented on the stock. Oppenheimer decreased their price objective on shares of SEI Investments from $68.00 to $60.00 and set an outperform rating on the stock in a research report on Wednesday, January 9th. ValuEngine downgraded shares of SEI Investments from a hold rating to a sell rating in a research report on Wednesday, January 2nd. TheStreet downgraded shares of SEI Investments from a b rating to a c+ rating in a research report on Wednesday, December 12th. BidaskClub downgraded shares of SEI Investments from a sell rating to a strong sell rating in a report on Tuesday, December 4th. Finally, Rosenblatt Securities assumed coverage on shares of SEI Investments in a report on Wednesday, December 5th. They issued a neutral rating and a $59.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $69.50.
Shares of SEIC stock opened at $51.51 on Tuesday. The firm has a market cap of $7.82 billion, a PE ratio of 16.40, a PEG ratio of 1.43 and a beta of 1.25. SEI Investments has a one year low of $42.27 and a one year high of $78.35.
SEI Investments (NASDAQ:SEIC) last announced its quarterly earnings data on Wednesday, January 30th. The asset manager reported $0.73 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.01). The firm had revenue of $405.05 million for the quarter, compared to the consensus estimate of $403.45 million. SEI Investments had a net margin of 31.15% and a return on equity of 31.48%. The firm’s revenue for the quarter was down .8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.75 earnings per share. On average, analysts anticipate that SEI Investments will post 2.97 earnings per share for the current fiscal year.
SEI Investments declared that its board has initiated a stock buyback plan on Tuesday, December 11th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the asset manager to purchase up to 3.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
In related news, EVP Wayne Withrow sold 4,997 shares of the firm’s stock in a transaction dated Wednesday, December 19th. The shares were sold at an average price of $47.50, for a total transaction of $237,357.50. Following the completion of the sale, the executive vice president now directly owns 36,711 shares in the company, valued at $1,743,772.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Alfred P. West, Jr. sold 116,412 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $53.03, for a total transaction of $6,173,328.36. Following the sale, the insider now owns 9,811,713 shares of the company’s stock, valued at $520,315,140.39. The disclosure for this sale can be found here. Insiders sold 288,600 shares of company stock valued at $15,159,725 over the last quarter. Company insiders own 17.30% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in SEIC. Ruggie Capital Group acquired a new stake in SEI Investments during the fourth quarter worth about $27,000. Global Retirement Partners LLC increased its position in SEI Investments by 67.9% during the fourth quarter. Global Retirement Partners LLC now owns 764 shares of the asset manager’s stock worth $35,000 after purchasing an additional 309 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in SEI Investments by 4,406.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,250,355 shares of the asset manager’s stock worth $70,000 after purchasing an additional 3,178,224 shares during the last quarter. ETF Managers Group LLC boosted its stake in SEI Investments by 15.7% during the fourth quarter. ETF Managers Group LLC now owns 1,722 shares of the asset manager’s stock worth $80,000 after buying an additional 234 shares during the period. Finally, Sterling Investment Advisors Ltd. purchased a new position in SEI Investments during the third quarter worth about $100,000. Hedge funds and other institutional investors own 67.75% 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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