SEI Investments Company (SEIC) Upgraded to Buy at Zacks Investment Research
SEI Investments Company (NASDAQ:SEIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The brokerage presently has a $72.00 target price on the asset manager’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.71% from the company’s current price.
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 have also recently issued reports on the stock. Keefe, Bruyette & Woods restated a “hold” rating and issued a $58.00 target price on shares of SEI Investments in a report on Sunday, September 3rd. BidaskClub cut shares of SEI Investments from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Oppenheimer Holdings Inc. upped their target price on shares of SEI Investments from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, July 11th. Finally, Mizuho reiterated a “buy” rating and set a $65.00 price target on shares of SEI Investments in a research note on Friday, October 20th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. SEI Investments has an average rating of “Buy” and an average price target of $65.50.
SEI Investments (NASDAQ:SEIC) traded down 0.87% during midday trading on Monday, hitting $63.89. 143,344 shares of the stock traded hands. The stock has a market cap of $10.10 billion, a price-to-earnings ratio of 29.29 and a beta of 1.35. SEI Investments has a one year low of $43.65 and a one year high of $65.30. The company has a 50-day moving average price of $61.26 and a 200 day moving average price of $55.60.
SEI Investments (NASDAQ:SEIC) last issued its earnings results on Wednesday, October 25th. The asset manager reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.06. SEI Investments had a net margin of 24.94% and a return on equity of 27.12%. The business had revenue of $368.02 million during the quarter, compared to analysts’ expectations of $384.43 million. During the same quarter in the prior year, the business posted $0.53 EPS. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. Equities research analysts anticipate that SEI Investments will post $2.34 earnings per share for the current year.
SEI Investments announced that its Board of Directors has authorized a share buyback program on Wednesday, October 25th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the asset manager to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
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In related news, 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 transaction of $5,640,000.00. Following the completion of the sale, the insider now owns 10,836,282 shares in the company, valued at approximately $611,166,304.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Alfred P. West, Jr. sold 50,000 shares of the stock in a transaction on Friday, August 4th. The stock was 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 of the company’s stock, valued at approximately $597,790,615.08. The disclosure for this sale can be found here. In the last quarter, insiders have sold 325,000 shares of company stock valued at $18,540,250. 16.50% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of SEIC. OppenheimerFunds Inc. boosted its stake in SEI Investments by 14.8% during the 1st quarter. OppenheimerFunds Inc. now owns 6,710 shares of the asset manager’s stock worth $338,000 after purchasing an additional 863 shares during the period. FMR LLC boosted its stake in SEI Investments by 1.8% during the 1st quarter. FMR LLC now owns 245,094 shares of the asset manager’s stock worth $12,362,000 after purchasing an additional 4,244 shares during the period. Teachers Advisors LLC boosted its stake in SEI Investments by 3.2% during the 1st quarter. Teachers Advisors LLC now owns 126,330 shares of the asset manager’s stock worth $6,372,000 after purchasing an additional 3,954 shares during the period. MARSHALL WACE ASIA Ltd acquired a new stake in SEI Investments during the 1st quarter worth $619,000. Finally, Marshall Wace North America L.P. acquired a new stake in SEI Investments during the 1st quarter worth $619,000. Hedge funds and other institutional investors own 68.75% of the company’s stock.
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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