SEI Investments (NASDAQ:SEIC) Price Target Raised to $117.00

SEI Investments (NASDAQ:SEIC) had its price objective hoisted by stock analysts at Morgan Stanley from $115.00 to $117.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the asset manager’s stock. Morgan Stanley’s price target would indicate a potential upside of 33.58% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Piper Sandler raised SEI Investments from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $93.00 to $102.00 in a report on Tuesday, December 23rd. Raymond James Financial reaffirmed an “outperform” rating and set a $117.00 target price on shares of SEI Investments in a research report on Monday. Weiss Ratings reiterated a “buy (b)” rating on shares of SEI Investments in a report on Wednesday, October 8th. Keefe, Bruyette & Woods raised shares of SEI Investments from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $93.00 to $97.00 in a research report on Tuesday, December 16th. Finally, Zacks Research downgraded shares of SEI Investments from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 11th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, SEI Investments has a consensus rating of “Moderate Buy” and a consensus price target of $106.80.

SEI Investments Stock Up 0.7%

Shares of SEIC traded up $0.64 during mid-day trading on Tuesday, hitting $87.59. 65,683 shares of the company’s stock were exchanged, compared to its average volume of 486,875. The stock has a market cap of $10.72 billion, a price-to-earnings ratio of 16.10 and a beta of 0.97. The firm has a fifty day moving average of $82.08 and a two-hundred day moving average of $85.62. The company has a quick ratio of 5.62, a current ratio of 5.73 and a debt-to-equity ratio of 0.04. SEI Investments has a twelve month low of $64.66 and a twelve month high of $93.96.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings data on Wednesday, October 22nd. The asset manager reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.05. The firm had revenue of $578.51 million during the quarter, compared to analysts’ expectations of $578.75 million. SEI Investments had a net margin of 31.09% and a return on equity of 30.21%. SEI Investments’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.19 earnings per share. On average, sell-side analysts forecast that SEI Investments will post 4.86 earnings per share for the current year.

SEI Investments declared that its Board of Directors has approved a share repurchase program on Friday, October 24th that allows the company to buyback $650.00 million in shares. This buyback authorization allows the asset manager to repurchase up to 6.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at SEI Investments

In other news, Chairman Alfred P. West, Jr. sold 24,770 shares of the business’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $80.87, for a total transaction of $2,003,149.90. Following the transaction, the chairman owned 6,942,812 shares in the company, valued at approximately $561,465,206.44. The trade was a 0.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 14.30% of the company’s stock.

Institutional Investors Weigh In On SEI Investments

A number of institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in SEI Investments in the 2nd quarter valued at approximately $55,685,000. Jupiter Asset Management Ltd. acquired a new stake in shares of SEI Investments during the 2nd quarter worth approximately $37,490,000. Azora Capital LP increased its position in shares of SEI Investments by 109.3% during the second quarter. Azora Capital LP now owns 777,952 shares of the asset manager’s stock valued at $69,907,000 after purchasing an additional 406,287 shares during the period. Qube Research & Technologies Ltd raised its stake in shares of SEI Investments by 82.5% in the third quarter. Qube Research & Technologies Ltd now owns 766,775 shares of the asset manager’s stock valued at $65,061,000 after purchasing an additional 346,696 shares in the last quarter. Finally, Caisse de depot et placement du Quebec raised its stake in shares of SEI Investments by 31.0% in the third quarter. Caisse de depot et placement du Quebec now owns 1,343,757 shares of the asset manager’s stock valued at $114,018,000 after purchasing an additional 317,703 shares in the last quarter. 70.59% of the stock is owned by institutional investors and hedge funds.

SEI Investments Company Profile

SEI Investments Company is a global provider of asset management, investment processing, and investment operations solutions. The firm offers a range of services designed to help financial institutions, private banks, wealth managers and family offices streamline back-office functions and enhance front-office capabilities. SEI’s technology platforms support various stages of the investment lifecycle, including trade execution, performance reporting, risk analytics and client communications.

The company’s core offerings include outsourced fund administration, custody and trust services, managed account solutions, and wealth management technology.