Zacks Investment Research lowered shares of SEI Investments Company (NASDAQ:SEIC) from a buy rating to a hold rating in a research report released on Wednesday morning.
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 is well positioned for organic growth, given its innovative and diverse global investment products and services. Further, robust asset growth and the acquisition of Archway Technology Partners are expected to support profitability. However, persistently increasing expenses due to additional investment spending on services will likely hurt bottom line growth. Also, increased exposure to fee-based revenue sources might hurt its financials.”
A number of other research analysts have also recently issued reports on SEIC. BidaskClub cut SEI Investments from a strong-buy rating to a buy rating in a research note on Thursday, June 22nd. Keefe, Bruyette & Woods restated a hold rating and issued a $54.00 price target on shares of SEI Investments in a report on Friday, June 23rd. Mizuho began coverage on SEI Investments in a report on Tuesday, June 27th. They issued a buy rating and a $60.00 price target on the stock. Finally, Oppenheimer Holdings, Inc. boosted their price target on SEI Investments from $55.00 to $60.00 and gave the company an outperform rating in a report on Tuesday, July 11th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $59.75.
Shares of SEI Investments (NASDAQ:SEIC) opened at 56.18 on Wednesday. SEI Investments has a 52 week low of $42.90 and a 52 week high of $58.62. The company has a 50-day moving average price of $56.52 and a 200 day moving average price of $52.99. The stock has a market capitalization of $8.88 billion, a P/E ratio of 25.76 and a beta of 1.33.
SEI Investments (NASDAQ:SEIC) last posted its earnings results on Wednesday, July 26th. The asset manager reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.02. SEI Investments had a return on equity of 26.60% and a net margin of 24.44%. The firm had revenue of $372.30 million during the quarter, compared to analysts’ expectations of $369.88 million. During the same period in the previous year, the firm earned $0.49 earnings per share. The company’s revenue was up 8.3% on a year-over-year basis. Analysts forecast that SEI Investments will post $2.28 earnings per share for the current fiscal year.
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In related news, major shareholder Alfred P. West, Jr. sold 15,884 shares of the company’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $52.46, for a total transaction of $833,274.64. Following the sale, the insider now owns 10,886,282 shares in the company, valued at $571,094,353.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William Doran sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $57.49, for a total value of $574,900.00. Following the sale, the director now owns 671,015 shares in the company, valued at approximately $38,576,652.35. The disclosure for this sale can be found here. Insiders have sold 308,384 shares of company stock worth $17,190,125 in the last quarter. 16.50% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SEIC. BlackRock Inc. raised its holdings in SEI Investments by 3,644.6% during the first quarter. BlackRock Inc. now owns 12,750,729 shares of the asset manager’s stock worth $643,148,000 after acquiring an additional 12,410,221 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in SEI Investments by 47.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,907,730 shares of the asset manager’s stock worth $102,598,000 after acquiring an additional 615,539 shares in the last quarter. Vanguard Group Inc. raised its holdings in SEI Investments by 4.8% during the first quarter. Vanguard Group Inc. now owns 12,903,413 shares of the asset manager’s stock worth $650,849,000 after acquiring an additional 595,691 shares in the last quarter. Frontier Capital Management Co. LLC raised its holdings in SEI Investments by 123.0% during the first quarter. Frontier Capital Management Co. LLC now owns 642,811 shares of the asset manager’s stock worth $32,423,000 after acquiring an additional 354,536 shares in the last quarter. Finally, Balyasny Asset Management LLC raised its holdings in SEI Investments by 386.9% during the second quarter. Balyasny Asset Management LLC now owns 286,738 shares of the asset manager’s stock worth $15,421,000 after acquiring an additional 227,849 shares in the last quarter. Institutional investors and hedge funds own 68.66% 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.
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