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 report published on Friday, January 5th. Zacks Investment Research currently has $84.00 price objective 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 research analysts have also commented on the stock. Mizuho reiterated a buy rating and set a $65.00 price objective on shares of SEI Investments in a research note on Friday, October 20th. Oppenheimer raised their price objective on shares of SEI Investments from $60.00 to $67.00 and gave the company an outperform rating in a research note on Thursday, September 28th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. SEI Investments presently has an average rating of Buy and a consensus price target of $70.25.
SEI Investments (NASDAQ:SEIC) last issued its 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. SEI Investments had a net margin of 24.94% and a return on equity of 27.12%. The firm had revenue of $368.02 million for the quarter, compared to analysts’ expectations of $384.43 million. During the same quarter last year, the company posted $0.53 earnings per share. SEI Investments’s revenue was up 3.8% on a year-over-year basis. equities research analysts expect that SEI Investments will post 2.36 earnings per share for the current fiscal year.
SEI Investments declared that its board has approved a share repurchase program on Wednesday, October 25th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the asset manager to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a semiannual dividend, which was paid on Monday, January 8th. Investors of record on Wednesday, December 27th were paid a $0.30 dividend. This is a positive change from SEI Investments’s previous semiannual dividend of $0.28. The ex-dividend date was Tuesday, December 26th. This represents a yield of 0.85%. SEI Investments’s dividend payout ratio (DPR) is currently 26.20%.
In other SEI Investments news, major shareholder Alfred P. West, Jr. sold 50,000 shares of SEI Investments stock in a transaction 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 sale, the insider now 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 is available at this link. Also, insider Wayne Withrow sold 10,000 shares of SEI Investments stock in a transaction on Tuesday, December 5th. The shares were 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 sold a total of 136,250 shares of company stock valued at $9,057,050 in the last ninety days. Company insiders own 16.50% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. 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 last quarter. Vanguard Group Inc. lifted its stake in shares of 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 purchasing an additional 357,187 shares during the last quarter. State Street Corp lifted its stake in shares of SEI Investments by 0.4% in the 2nd quarter. State Street Corp now owns 5,954,992 shares of the asset manager’s stock valued at $320,254,000 after purchasing an additional 21,421 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of 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 purchasing an additional 615,539 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of SEI Investments by 0.9% in the 3rd quarter. American Century Companies Inc. now owns 1,786,915 shares of the asset manager’s stock valued at $109,109,000 after purchasing an additional 16,248 shares during the last quarter. 70.46% of the stock is owned by institutional investors and hedge funds.
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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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