$385.08 Million in Sales Expected for SEI Investments Company (SEIC) This Quarter
Wall Street brokerages forecast that SEI Investments Company (NASDAQ:SEIC) will post $385.08 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for SEI Investments’ earnings, with the highest sales estimate coming in at $386.94 million and the lowest estimate coming in at $383.30 million. SEI Investments reported sales of $354.64 million in the same quarter last year, which indicates a positive year-over-year growth rate of 8.6%. The business is expected to announce its next quarterly earnings results on Thursday, October 19th.
On average, analysts expect that SEI Investments will report full-year sales of $385.08 million for the current financial year, with estimates ranging from $1.51 billion to $1.52 billion. For the next financial year, analysts anticipate that the business will report sales of $1.64 billion per share, with estimates ranging from $1.62 billion to $1.67 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for SEI Investments.
SEI Investments (NASDAQ:SEIC) last announced its earnings results on Wednesday, July 26th. The asset manager reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.02. The firm had revenue of $372.30 million for the quarter, compared to the consensus estimate of $369.88 million. SEI Investments had a return on equity of 26.60% and a net margin of 24.44%. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.49 EPS.
Several brokerages have recently commented on SEIC. Zacks Investment Research raised SEI Investments from a “sell” rating to a “hold” rating in a report on Tuesday. Oppenheimer Holdings, Inc. upped their price objective on SEI Investments from $60.00 to $67.00 and gave the stock an “outperform” rating in a report on Thursday, September 28th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $58.00 price objective on shares of SEI Investments in a report on Sunday, September 3rd. BidaskClub downgraded SEI Investments from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Finally, Mizuho began coverage on SEI Investments in a report on Tuesday, June 27th. They set a “buy” rating and a $60.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. SEI Investments presently has a consensus rating of “Buy” and a consensus target price of $61.50.
In other news, insider Stephen Meyer sold 20,000 shares of the stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $61.51, for a total value of $1,230,200.00. Following the transaction, the insider now owns 113,224 shares of the company’s stock, valued at approximately $6,964,408.24. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Alfred P. West, Jr. sold 100,000 shares of the stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $56.40, for a total value of $5,640,000.00. Following the completion of the transaction, the insider now directly owns 10,836,282 shares in the company, valued at approximately $611,166,304.80. The disclosure for this sale can be found here. In the last three months, insiders sold 325,000 shares of company stock worth $18,540,250. 16.50% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position in shares of SEI Investments by 32.2% in the 1st quarter. JPMorgan Chase & Co. now owns 320,687 shares of the asset manager’s stock valued at $16,176,000 after buying an additional 78,158 shares in the last quarter. Confluence Investment Management LLC increased its position in shares of SEI Investments by 4.2% in the 2nd quarter. Confluence Investment Management LLC now owns 268,543 shares of the asset manager’s stock valued at $14,442,000 after buying an additional 10,744 shares in the last quarter. UBS Asset Management Americas Inc. increased its position in shares of SEI Investments by 2.5% in the 1st quarter. UBS Asset Management Americas Inc. now owns 702,422 shares of the asset manager’s stock valued at $35,430,000 after buying an additional 17,422 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of SEI Investments by 1.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 396,776 shares of the asset manager’s stock valued at $21,339,000 after buying an additional 6,325 shares in the last quarter. Finally, Wedbush Securities Inc. bought a new stake in shares of SEI Investments in the 2nd quarter valued at $208,000. 68.65% of the stock is currently owned by institutional investors.
Shares of SEI Investments (NASDAQ SEIC) opened at 62.66 on Friday. The firm’s 50-day moving average price is $58.36 and its 200 day moving average price is $54.13. The company has a market cap of $9.91 billion, a P/E ratio of 28.73 and a beta of 1.35. SEI Investments has a 52 week low of $43.54 and a 52 week high of $62.90.
About SEI Investments
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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