SEI Investments (NASDAQ:SEIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors 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.”
Several other research firms have also commented on SEIC. Mizuho restated a “buy” rating and set a $72.00 price target on shares of SEI Investments in a research report on Friday, November 17th. Oppenheimer lifted their target price on shares of SEI Investments from $60.00 to $67.00 and gave the company an “outperform” rating in a research report on Thursday, September 28th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $58.00 target price on shares of SEI Investments in a research report on Sunday, September 3rd. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $67.25.
SEI Investments (NASDAQ:SEIC) last posted its quarterly earnings results on Wednesday, October 25th. The asset manager reported $0.63 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.06. The business had revenue of $368.02 million during the quarter, compared to analysts’ expectations of $384.43 million. SEI Investments had a net margin of 24.94% and a return on equity of 27.12%. The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the company posted $0.53 earnings per share. equities analysts anticipate that SEI Investments will post 2.35 earnings per share for the current fiscal year.
SEI Investments declared that its Board of Directors has authorized a share repurchase plan on Wednesday, October 25th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the asset manager to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
In other SEI Investments news, major shareholder Alfred P. West, Jr. sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, November 2nd. The shares were 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 in the company, valued at approximately $686,429,742.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sarah Blumenstein sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $65.33, for a total transaction of $326,650.00. The disclosure for this sale can be found here. Insiders sold 156,250 shares of company stock valued at $10,287,250 in 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 bought and sold shares of SEIC. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of SEI Investments by 1.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 396,776 shares of the asset manager’s stock valued at $21,339,000 after buying an additional 6,325 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of SEI Investments by 21.3% in the 2nd quarter. Victory Capital Management Inc. now owns 27,382 shares of the asset manager’s stock valued at $1,473,000 after buying an additional 4,808 shares in the last quarter. Prudential Financial Inc. boosted its holdings in shares of SEI Investments by 88.3% in the 3rd quarter. Prudential Financial Inc. now owns 509,716 shares of the asset manager’s stock valued at $31,123,000 after buying an additional 239,000 shares in the last quarter. Aviva PLC boosted its holdings in shares of SEI Investments by 5.6% in the 2nd quarter. Aviva PLC now owns 78,736 shares of the asset manager’s stock valued at $4,235,000 after buying an additional 4,190 shares in the last quarter. Finally, Shell Asset Management Co. boosted its holdings in shares of SEI Investments by 238.1% in the 3rd quarter. Shell Asset Management Co. now owns 22,578 shares of the asset manager’s stock valued at $816,000 after buying an additional 15,900 shares in the last quarter. Institutional investors own 70.47% of the company’s stock.
COPYRIGHT VIOLATION WARNING: “Zacks Investment Research Downgrades SEI Investments (SEIC) to Hold” was originally published by Week Herald and is owned by of Week Herald. If you are accessing this story on another domain, it was stolen and republished in violation of United States & international copyright & trademark laws. The correct version of this story can be accessed at https://weekherald.com/2017/12/26/zacks-investment-research-downgrades-sei-investments-seic-to-hold.html.
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.
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.