SEI Investments (SEIC) Raised to Strong-Buy at Zacks Investment Research
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, January 5th. 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 equities research analysts have also weighed in on SEIC. Oppenheimer boosted their price objective on SEI Investments from $60.00 to $67.00 and gave the stock an outperform rating in a research report on Thursday, September 28th. Mizuho restated a buy rating and set a $65.00 price objective on shares of SEI Investments in a research report on Friday, October 20th. Two investment 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 stock. SEI Investments presently has an average rating of Buy and a consensus target price of $70.25.
The business also recently announced a semiannual dividend, which was paid on Monday, January 8th. Shareholders of record on Wednesday, December 27th were issued a dividend of $0.30 per share. The ex-dividend date was Tuesday, December 26th. This is an increase from SEI Investments’s previous semiannual dividend of $0.28. This represents a yield of 0.85%. SEI Investments’s payout ratio is presently 26.20%.
SEI Investments declared that its Board of Directors has approved a stock buyback program on Wednesday, October 25th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the asset manager to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In other news, major shareholder Alfred P. West, Jr. sold 50,000 shares of the business’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $64.64, for a total value of $3,232,000.00. Following the transaction, the insider now directly owns 10,619,272 shares of the company’s stock, valued at approximately $686,429,742.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joseph P. Ujobai sold 17,500 shares of the business’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $64.46, for a total value of $1,128,050.00. Following the completion of the transaction, the insider now directly owns 30,040 shares in the company, valued at $1,936,378.40. The disclosure for this sale can be found here. Insiders have sold a total of 136,250 shares of company stock worth $9,057,050 over the last ninety days. Company insiders own 16.50% of the company’s stock.
Several large investors have recently made changes to their positions in SEIC. BlackRock Inc. lifted its stake in shares of SEI Investments by 5.5% in the 2nd quarter. BlackRock Inc. now owns 13,447,854 shares of the asset manager’s stock valued at $723,225,000 after purchasing an additional 697,125 shares during the period. Arrowstreet Capital Limited Partnership increased its position in SEI Investments by 47.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,907,730 shares of the asset manager’s stock valued at $102,598,000 after buying an additional 615,539 shares in the last quarter. Vanguard Group Inc. increased its position in SEI Investments by 2.8% in the 2nd quarter. Vanguard Group Inc. now owns 13,260,600 shares of the asset manager’s stock valued at $713,155,000 after buying an additional 357,187 shares in the last quarter. Frontier Capital Management Co. LLC increased its position in SEI Investments by 51.2% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 968,388 shares of the asset manager’s stock valued at $59,130,000 after buying an additional 328,037 shares in the last quarter. Finally, Prudential Financial Inc. increased its position in 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. 70.29% of the stock is currently owned by institutional investors.
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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