SEI Investments Downgraded to Neutral at Zacks (SEIC)
SEI Investments (NASDAQ:SEIC) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a research note issued on Monday, American Banking and Market News reports. They currently have a $32.00 target price on the stock. Zacks‘ target price would indicate a potential upside of 3.83% from the company’s current price.
Zacks‘ analyst wrote, “We are downgrading our long-term recommendation on SEI Investments to Neutral as a result of continuous rise in expenses. Also, the company’s second-quarter 2013 earnings missed the Zacks Consensus Estimate due to a rise in operating expenses, which was partially offset by higher revenues. Overall, the company has been witnessing an increasing trend in revenue over the past several quarters. Moreover, its capital deployment strategy is impressive. Further, robust asset inflows will prove accretive to its overall growth going forward. However, high dependence on fee-based revenue raises our concern. Additionally, we remain apprehensive about the sluggish economic recovery and a stringent regulatory landscape on its profitability and growth.”
Several other analysts have also recently commented on the stock. Analysts at Sandler O’Neill raised their price target on shares of SEI Investments (NASDAQ:SEIC) from $32.00 to $34.00 in a research note to investors on Monday, July 22nd. They now have a “buy” rating on the stock. Separately, analysts at Janney Montgomery Scott reiterated a “buy” rating on shares of SEI Investments (NASDAQ:SEIC) in a research note to investors on Wednesday, July 17th. They now have a $37.00 price target on the stock. Finally, analysts at Keefe, Bruyette & Woods raised their price target on shares of SEI Investments (NASDAQ:SEIC) from $30.00 to $31.00 in a research note to investors on Wednesday, July 17th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $33.40.
Shares of SEI Investments (NASDAQ:SEIC) traded down 0.45% during mid-day trading on Monday, hitting $30.68. 218,312 shares of the company’s stock traded hands. SEI Investments has a one year low of $20.79 and a one year high of $32.64. The stock’s 50-day moving average is $30.82 and its 200-day moving average is $29.79. The company has a market cap of $5.270 billion and a price-to-earnings ratio of 20.53.
SEI Investments (NASDAQ:SEIC) last announced its earnings results on Thursday, July 18th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.13. The company had revenue of $274.50 million for the quarter, compared to the consensus estimate of $276.77 million. During the same quarter in the previous year, the company posted $0.28 earnings per share. The company’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, analysts predict that SEI Investments will post $1.35 earnings per share for the current fiscal year.
SEI Investments Company (NASDAQ:SEIC) is a global provider of investment processing, investment management, and investment operations solutions.
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