Zacks Investment Research Downgrades SEI Investments (SEIC) to Hold
SEI Investments (NASDAQ:SEIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
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, persistently increasing expenses will likely hurt bottom line growth. Management expects expenses to remain elevated over the next couple of years due to additional investment spending on services.”
SEIC has been the subject of several other reports. Mizuho restated a “buy” rating and set a $72.00 target price on shares of SEI Investments in a research note on Friday, November 17th. Oppenheimer upped their target price on SEI Investments from $60.00 to $67.00 and gave the stock an “outperform” rating in a research note on Thursday, September 28th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $58.00 target price on shares of SEI Investments in a research note on Sunday, September 3rd. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $67.25.
Shares of SEI Investments (NASDAQ SEIC) opened at $71.82 on Tuesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.41 and a current ratio of 5.52. SEI Investments has a 12 month low of $47.88 and a 12 month high of $72.48. The firm has a market capitalization of $11,350.00, a price-to-earnings ratio of 31.36, a price-to-earnings-growth ratio of 2.55 and a beta of 1.40.
SEI Investments (NASDAQ:SEIC) last released its earnings results on Wednesday, October 25th. The asset manager reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.06. SEI Investments had a return on equity of 27.12% and a net margin of 24.94%. The firm had revenue of $368.02 million during the quarter, compared to analysts’ expectations of $384.43 million. During the same period in the prior year, the company earned $0.53 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. equities analysts anticipate that SEI Investments will post 2.35 EPS for the current fiscal year.
SEI Investments announced that its board has authorized a stock repurchase program on Wednesday, October 25th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the asset manager to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.
In other 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 transaction of $326,650.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Wayne Withrow sold 10,000 shares of the company’s stock in a transaction on Tuesday, December 5th. The stock was 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. Insiders have sold 136,250 shares of company stock valued at $9,057,050 over the last 90 days. Corporate insiders own 16.50% of the company’s stock.
Large investors have recently made changes to their positions in the company. Victory Capital Management Inc. increased its holdings in shares of SEI Investments by 21.3% during the second quarter. Victory Capital Management Inc. now owns 27,382 shares of the asset manager’s stock worth $1,473,000 after buying an additional 4,808 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in SEI Investments by 1.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 396,776 shares of the asset manager’s stock valued at $21,339,000 after purchasing an additional 6,325 shares during the period. Prudential Financial Inc. increased its holdings 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 purchasing an additional 239,000 shares during the period. Aviva PLC increased its holdings in SEI Investments by 5.6% in the second quarter. Aviva PLC now owns 78,736 shares of the asset manager’s stock valued at $4,235,000 after purchasing an additional 4,190 shares during the period. Finally, Shell Asset Management Co. increased its holdings 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 purchasing an additional 15,900 shares during the period. 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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