SEI Investments Company (SEIC) Receives Consensus Rating of “Buy” from Analysts
Shares of SEI Investments Company (NASDAQ:SEIC) have received a consensus rating of “Buy” from the six brokerages that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $65.50.
SEIC has been the subject of several analyst reports. Zacks Investment Research raised shares of SEI Investments from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a report on Monday. Mizuho reissued a “buy” rating and set a $65.00 price target on shares of SEI Investments in a report on Friday, October 20th. BidaskClub cut shares of SEI Investments from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Keefe, Bruyette & Woods restated a “hold” rating and issued a $58.00 price objective on shares of SEI Investments in a research report on Sunday, September 3rd. Finally, Oppenheimer Holdings, Inc. raised their price objective on shares of SEI Investments from $60.00 to $67.00 and gave the company an “outperform” rating in a research report on Thursday, September 28th.
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In related news, major shareholder Alfred P. West, Jr. sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $56.06, for a total transaction of $2,803,000.00. Following the completion of the transaction, the insider now owns 10,736,282 shares in the company, valued at $601,875,968.92. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Dennis Mcgonigle sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $56.35, for a total transaction of $845,250.00. Following the transaction, the insider now owns 612,034 shares of the company’s stock, valued at approximately $34,488,115.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 195,000 shares of company stock valued at $11,209,750. 16.50% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of SEIC. OppenheimerFunds Inc. grew its holdings in SEI Investments by 14.8% during the first quarter. OppenheimerFunds Inc. now owns 6,710 shares of the asset manager’s stock valued at $338,000 after purchasing an additional 863 shares during the period. FMR LLC grew its holdings in SEI Investments by 1.8% during the first quarter. FMR LLC now owns 245,094 shares of the asset manager’s stock valued at $12,362,000 after purchasing an additional 4,244 shares during the period. Teachers Advisors LLC grew its holdings in SEI Investments by 3.2% during the first quarter. Teachers Advisors LLC now owns 126,330 shares of the asset manager’s stock valued at $6,372,000 after purchasing an additional 3,954 shares during the period. Dimensional Fund Advisors LP grew its holdings in SEI Investments by 1.9% during the first quarter. Dimensional Fund Advisors LP now owns 488,046 shares of the asset manager’s stock valued at $24,616,000 after purchasing an additional 9,155 shares during the period. Finally, Morgan Stanley grew its holdings in SEI Investments by 13.6% during the first quarter. Morgan Stanley now owns 629,146 shares of the asset manager’s stock valued at $31,734,000 after purchasing an additional 75,098 shares during the period. Hedge funds and other institutional investors own 68.75% of the company’s stock.
SEI Investments (NASDAQ:SEIC) last announced its quarterly 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 firm had revenue of $368.02 million during the quarter, compared to the consensus estimate of $384.43 million. During the same period last year, the firm posted $0.53 EPS. The firm’s quarterly revenue was up 3.8% on a year-over-year basis.
SEI Investments announced that its Board of Directors has approved a stock repurchase program on Wednesday, October 25th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the asset manager to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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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