SEI Investments (SEIC) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of SEI Investments (NASDAQ:SEIC) from a hold rating to a buy rating in a research note released on Friday morning, Zacks.com reports. The firm currently has $63.00 target price on the asset manager’s stock.

According to Zacks, “Shares of SEI Investments have outperformed the industry over the past three months. The company's earnings surpassed the Zacks Consensus Estimate in two of the trailing four quarters. Also, earnings estimates have remained stable ahead of the company's first-quarter 2019 results. Solid assets under management (AUM) balance, rising demand for SEI Wealth Platform (SWP) and technological innovations will likely boost the company’s revenue prospects. Although mounting operating expenses and the company's increasing dependence on fee-based income remain major concerns, efficient capital deployment activities reflect strong balance sheet position.”

A number of other research firms have also recently issued reports on SEIC. BidaskClub upgraded SEI Investments from a sell rating to a hold rating in a report on Tuesday, April 9th. TheStreet upgraded SEI Investments from a c+ rating to a b- rating in a report on Tuesday, March 12th. Oppenheimer cut their price target on SEI Investments from $68.00 to $60.00 and set an outperform rating on the stock in a report on Wednesday, January 9th. Finally, ValuEngine cut SEI Investments from a hold rating to a sell rating in a report on Wednesday, January 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The company has an average rating of Hold and a consensus target price of $66.20.

SEI Investments stock opened at $56.98 on Friday. The company has a market cap of $8.82 billion, a price-to-earnings ratio of 18.15, a price-to-earnings-growth ratio of 1.52 and a beta of 1.24. SEI Investments has a 52-week low of $42.27 and a 52-week high of $71.65.

SEI Investments (NASDAQ:SEIC) last posted its quarterly earnings results on Wednesday, January 30th. The asset manager reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.01). The business had revenue of $405.05 million for the quarter, compared to the consensus estimate of $403.45 million. SEI Investments had a return on equity of 31.48% and a net margin of 31.15%. SEI Investments’s quarterly revenue was down .8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.75 earnings per share. On average, sell-side analysts anticipate that SEI Investments will post 3.09 earnings per share for the current fiscal year.

In other news, insider Paul Klauder bought 3,110 shares of the business’s stock in a transaction that occurred on Tuesday, February 5th. The shares were bought at an average cost of $49.81 per share, for a total transaction of $154,909.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Wayne Withrow sold 10,000 shares of the stock in a transaction on Thursday, February 14th. The stock was sold at an average price of $50.50, for a total value of $505,000.00. Following the completion of the transaction, the executive vice president now owns 41,714 shares in the company, valued at $2,106,557. The disclosure for this sale can be found here. Over the last quarter, insiders sold 307,103 shares of company stock worth $16,143,042. 17.30% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of SEIC. Bank of New York Mellon Corp lifted its holdings in shares of SEI Investments by 2.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,852,116 shares of the asset manager’s stock worth $113,164,000 after purchasing an additional 41,307 shares in the last quarter. Renaissance Technologies LLC raised its position in SEI Investments by 74.6% in the 3rd quarter. Renaissance Technologies LLC now owns 208,926 shares of the asset manager’s stock valued at $12,765,000 after buying an additional 89,300 shares during the last quarter. Deutsche Bank AG raised its position in SEI Investments by 36.4% in the 3rd quarter. Deutsche Bank AG now owns 686,500 shares of the asset manager’s stock valued at $41,940,000 after buying an additional 183,302 shares during the last quarter. Paloma Partners Management Co purchased a new stake in SEI Investments in the 3rd quarter valued at $1,051,000. Finally, BlueMountain Capital Management LLC raised its position in SEI Investments by 2.1% in the 3rd quarter. BlueMountain Capital Management LLC now owns 95,565 shares of the asset manager’s stock valued at $5,839,000 after buying an additional 1,923 shares during the last quarter. Institutional investors own 69.39% of the company’s stock.

About SEI Investments

SEI Investments Co is a publicly owned asset management holding company. Through its subsidiaries, the firm provides wealth management, retirement and investment solutions, asset management, asset administration, investment processing outsourcing solutions, financial services, and investment advisory services to its clients.

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