SEI Investments (SEIC) Upgraded by Zacks Investment Research to “Strong-Buy”
Zacks Investment Research upgraded shares of SEI Investments (NASDAQ:SEIC) from a hold rating to a strong-buy rating in a research note released on Friday. Zacks Investment Research currently has $84.00 price target on the asset manager’s stock.
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.”
A number of other analysts also recently issued reports on the stock. Mizuho restated a buy rating and set a $72.00 price objective on shares of SEI Investments in a report on Friday, November 17th. Oppenheimer raised their price objective on shares of SEI Investments from $60.00 to $67.00 and gave the stock an outperform rating in a report on Thursday, September 28th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $70.25.
SEI Investments (NASDAQ SEIC) opened at $73.59 on Friday. 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 has a 12-month low of $47.88 and a 12-month high of $73.63. The firm has a market cap of $11,504.99, a PE ratio of 31.76, a P/E/G ratio of 2.07 and a beta of 1.40.
SEI Investments (NASDAQ:SEIC) last released its quarterly earnings results on Wednesday, October 25th. The asset manager reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. SEI Investments had a net margin of 24.94% and a return on equity of 27.12%. The company had revenue of $368.02 million for the quarter, compared to analyst estimates of $384.43 million. During the same period last year, the firm earned $0.53 earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis. research analysts predict that SEI Investments will post 2.36 EPS for the current fiscal year.
SEI Investments announced that its board has initiated a share repurchase program on Wednesday, October 25th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the asset manager to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The business also recently disclosed a semiannual dividend, which will be paid on Monday, January 8th. Investors of record on Wednesday, December 27th will be issued a dividend of $0.30 per share. This represents a yield of 0.85%. The ex-dividend date of this dividend is Tuesday, December 26th. This is an increase from SEI Investments’s previous semiannual dividend of $0.28. SEI Investments’s dividend payout ratio (DPR) is 26.09%.
In other news, insider Wayne Withrow sold 10,000 shares of SEI Investments stock in a transaction dated Tuesday, December 5th. The shares were sold at an average price of $70.35, for a total value of $703,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Alfred P. West, Jr. sold 50,000 shares of SEI Investments stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $64.64, for a total transaction of $3,232,000.00. Following the completion of the transaction, the insider now owns 10,619,272 shares of the company’s stock, valued at approximately $686,429,742.08. The disclosure for this sale can be found here. Insiders have sold 136,250 shares of company stock valued at $9,057,050 in the last 90 days. 16.50% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of SEIC. BlackRock Inc. increased its stake in shares of SEI Investments by 5.5% in the second quarter. BlackRock Inc. now owns 13,447,854 shares of the asset manager’s stock worth $723,225,000 after purchasing an additional 697,125 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of SEI Investments by 47.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,907,730 shares of the asset manager’s stock worth $102,598,000 after purchasing an additional 615,539 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of SEI Investments by 2.8% in the second quarter. Vanguard Group Inc. now owns 13,260,600 shares of the asset manager’s stock worth $713,155,000 after purchasing an additional 357,187 shares in the last quarter. Frontier Capital Management Co. LLC increased its stake in shares of SEI Investments by 51.2% in the third quarter. Frontier Capital Management Co. LLC now owns 968,388 shares of the asset manager’s stock worth $59,130,000 after purchasing an additional 328,037 shares in the last quarter. Finally, Prudential Financial Inc. increased its stake in shares of SEI Investments by 88.3% in the third quarter. Prudential Financial Inc. now owns 509,716 shares of the asset manager’s stock worth $31,123,000 after purchasing an additional 239,000 shares in the last quarter. Hedge funds and other institutional investors own 70.47% of the company’s stock.
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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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