SEI Investments (NASDAQ:SEIC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday. The firm presently has a $84.00 price objective on the asset manager’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 14.97% from the stock’s previous close.

According to Zacks, “SEI Investments’ shares have significantly 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 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, elevated expenses and increased exposure to fee-based revenues remain major concerns for the company in the near term.”

Other equities analysts have also issued reports about the stock. Mizuho reaffirmed a “buy” rating and set a $72.00 target price on shares of SEI Investments in a research report on Friday, November 17th. Oppenheimer raised their target price on shares of SEI Investments from $60.00 to $67.00 and gave the stock an “outperform” rating in a research report on Thursday, September 28th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $70.25.

Shares of SEI Investments (SEIC) traded up $1.00 during trading hours on Friday, hitting $73.06. 630,400 shares of the stock were exchanged, compared to its average volume of 707,733. The stock has a market capitalization of $11,347.52, a price-to-earnings ratio of 31.77, a PEG ratio of 2.22 and a beta of 1.40. SEI Investments has a fifty-two week low of $47.88 and a fifty-two week high of $73.53. The company has a current ratio of 5.52, a quick ratio of 5.41 and a debt-to-equity ratio of 0.03.

SEI Investments (NASDAQ:SEIC) last issued its earnings results on Wednesday, October 25th. The asset manager reported $0.63 EPS for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.06. The business had revenue of $368.02 million for the quarter, compared to analyst estimates of $384.43 million. SEI Investments had a net margin of 24.94% and a return on equity of 27.12%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company posted $0.53 earnings per share. sell-side analysts expect that SEI Investments will post 2.36 EPS for the current fiscal year.

SEI Investments declared that its board has initiated a share buyback plan on Wednesday, October 25th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the asset manager to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

In other news, major shareholder Alfred P. West, Jr. sold 50,000 shares of the stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $64.64, for a total transaction of $3,232,000.00. Following the transaction, the insider now directly owns 10,619,272 shares in the company, valued at $686,429,742.08. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Wayne Withrow sold 10,000 shares of the stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $70.35, for a total transaction of $703,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 136,250 shares of company stock worth $9,057,050. Insiders own 16.50% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its stake in SEI Investments by 21.3% in the second quarter. Victory Capital Management Inc. now owns 27,382 shares of the asset manager’s stock valued at $1,473,000 after acquiring an additional 4,808 shares in the last quarter. Prudential Financial Inc. boosted its stake in SEI Investments by 88.3% in the third quarter. Prudential Financial Inc. now owns 509,716 shares of the asset manager’s stock valued at $31,123,000 after acquiring an additional 239,000 shares in the last quarter. Shell Asset Management Co. boosted its stake in SEI Investments by 238.1% in the third quarter. Shell Asset Management Co. now owns 22,578 shares of the asset manager’s stock valued at $816,000 after acquiring an additional 15,900 shares in the last quarter. American Capital Management Inc. boosted its stake in SEI Investments by 0.5% in the third quarter. American Capital Management Inc. now owns 849,780 shares of the asset manager’s stock valued at $51,888,000 after acquiring an additional 4,620 shares in the last quarter. Finally, BP PLC acquired a new stake in SEI Investments in the third quarter valued at approximately $977,000. Hedge funds and other institutional investors own 70.47% of the company’s stock.

TRADEMARK VIOLATION WARNING: This article was posted by American Banking News and is the sole property of of American Banking News. If you are accessing this article on another domain, it was copied illegally and reposted in violation of U.S. & international copyright and trademark legislation. The legal version of this article can be viewed at https://www.americanbankingnews.com/2018/01/05/sei-investments-seic-upgraded-by-zacks-investment-research-to-strong-buy.html.

SEI Investments Company Profile

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.

Get a free copy of the Zacks research report on SEI Investments (SEIC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for SEI Investments Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SEI Investments and related companies with MarketBeat.com's FREE daily email newsletter.