Brokerages forecast that SEI Investments (NASDAQ:SEIC) will post $398.84 million in sales for the current quarter, Zacks reports. Three analysts have made estimates for SEI Investments’ earnings, with the lowest sales estimate coming in at $396.50 million and the highest estimate coming in at $402.00 million. SEI Investments posted sales of $368.81 million in the same quarter last year, which suggests a positive year-over-year growth rate of 8.1%. The firm is scheduled to announce its next quarterly earnings results on Wednesday, January 24th.
According to Zacks, analysts expect that SEI Investments will report full year sales of $398.84 million for the current financial year, with estimates ranging from $1.51 billion to $1.52 billion. For the next fiscal year, analysts anticipate that the company will report sales of $1.67 billion per share, with estimates ranging from $1.64 billion to $1.68 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for SEI Investments.
A number of equities research analysts recently commented on the stock. Mizuho reiterated a “buy” rating and set a $72.00 price target on shares of SEI Investments in a report on Friday, November 17th. Zacks Investment Research upgraded shares of SEI Investments from a “sell” rating to a “hold” rating in a report on Tuesday, October 3rd. Finally, Oppenheimer upped their price target on shares of SEI Investments from $60.00 to $67.00 and gave the company an “outperform” rating in a report on Thursday, September 28th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. SEI Investments presently has an average rating of “Buy” and an average target price of $70.25.
SEI Investments declared that its Board of Directors has approved a stock buyback program on Wednesday, October 25th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the asset manager to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed a semiannual dividend, which was paid on Monday, January 8th. Shareholders of record on Wednesday, December 27th were issued a $0.30 dividend. The ex-dividend date was Tuesday, December 26th. This is a positive change from SEI Investments’s previous semiannual dividend of $0.28. This represents a yield of 0.85%. SEI Investments’s dividend payout ratio is 26.20%.
In other SEI Investments news, Director Sarah Blumenstein sold 5,000 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $65.33, for a total value of $326,650.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joseph P. Ujobai sold 17,500 shares of the company’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $64.46, for a total transaction of $1,128,050.00. Following the completion of the transaction, the insider now owns 30,040 shares of the company’s stock, valued at $1,936,378.40. The disclosure for this sale can be found here. Insiders sold a total of 136,250 shares of company stock valued at $9,057,050 over the last 90 days. Company insiders own 16.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Alliancebernstein L.P. grew its position in shares of SEI Investments by 2.7% in the 2nd quarter. Alliancebernstein L.P. now owns 96,216 shares of the asset manager’s stock worth $5,174,000 after buying an additional 2,561 shares during the period. Teachers Advisors LLC grew its position in shares of SEI Investments by 12.4% in the 2nd quarter. Teachers Advisors LLC now owns 142,025 shares of the asset manager’s stock worth $7,638,000 after buying an additional 15,695 shares during the period. Thrivent Financial For Lutherans grew its position in shares of SEI Investments by 7.3% in the 2nd quarter. Thrivent Financial For Lutherans now owns 26,940 shares of the asset manager’s stock worth $1,449,000 after buying an additional 1,830 shares during the period. Quantitative Investment Management LLC grew its position in shares of SEI Investments by 208.1% in the 2nd quarter. Quantitative Investment Management LLC now owns 90,900 shares of the asset manager’s stock worth $4,888,000 after buying an additional 61,400 shares during the period. Finally, Citigroup Inc. grew its position in shares of SEI Investments by 4.3% in the 2nd quarter. Citigroup Inc. now owns 42,409 shares of the asset manager’s stock worth $2,281,000 after buying an additional 1,761 shares during the period. Institutional investors and hedge funds own 70.18% of the company’s stock.
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.
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.