Morgan Stanley Boosts SEI Investments (NASDAQ:SEIC) Price Target to $75.00

SEI Investments (NASDAQ:SEIC) had its target price upped by Morgan Stanley from $70.00 to $75.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have an underweight rating on the asset manager’s stock.

Several other equities analysts have also commented on the company. Piper Sandler increased their target price on SEI Investments from $74.00 to $77.00 and gave the company a “neutral” rating in a report on Thursday. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $73.00 price objective (down previously from $74.00) on shares of SEI Investments in a report on Thursday, July 25th. Finally, Oppenheimer boosted their target price on SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $77.50.

SEI Investments Stock Performance

Shares of SEIC traded down $0.41 during midday trading on Thursday, hitting $74.00. The company had a trading volume of 54,297 shares, compared to its average volume of 579,672. SEI Investments has a 1 year low of $52.19 and a 1 year high of $75.97. The firm has a market capitalization of $9.61 billion, a P/E ratio of 19.48, a P/E/G ratio of 1.39 and a beta of 0.99. The company’s 50-day simple moving average is $68.78 and its 200-day simple moving average is $67.37.

SEI Investments (NASDAQ:SEIC) last issued its quarterly earnings results on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.12. SEI Investments had a net margin of 25.44% and a return on equity of 23.25%. The company had revenue of $537.40 million during the quarter, compared to the consensus estimate of $534.08 million. During the same quarter in the previous year, the firm earned $0.87 earnings per share. The firm’s quarterly revenue was up 12.7% on a year-over-year basis. Equities analysts predict that SEI Investments will post 4.25 earnings per share for the current fiscal year.

SEI Investments declared that its board has initiated a stock repurchase plan on Tuesday, October 22nd that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the asset manager to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, Chairman Alfred P. West, Jr. sold 44,163 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $67.55, for a total value of $2,983,210.65. Following the completion of the sale, the chairman now directly owns 7,605,414 shares of the company’s stock, valued at approximately $513,745,715.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other SEI Investments news, Chairman Alfred P. West, Jr. sold 61,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $67.36, for a total transaction of $4,108,960.00. Following the transaction, the chairman now directly owns 7,504,285 shares of the company’s stock, valued at approximately $505,488,637.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Alfred P. West, Jr. sold 44,163 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $67.55, for a total transaction of $2,983,210.65. Following the completion of the sale, the chairman now directly owns 7,605,414 shares of the company’s stock, valued at $513,745,715.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 132,582 shares of company stock valued at $8,942,405. 14.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SEI Investments

Several institutional investors have recently added to or reduced their stakes in SEIC. Dimensional Fund Advisors LP lifted its position in SEI Investments by 19.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,380,311 shares of the asset manager’s stock worth $89,291,000 after acquiring an additional 222,631 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of SEI Investments by 3.2% during the second quarter. Bank of New York Mellon Corp now owns 1,186,439 shares of the asset manager’s stock worth $76,751,000 after purchasing an additional 36,810 shares during the period. Raymond James & Associates grew its position in SEI Investments by 3.8% in the 3rd quarter. Raymond James & Associates now owns 544,477 shares of the asset manager’s stock valued at $37,672,000 after buying an additional 19,846 shares during the last quarter. ProShare Advisors LLC increased its stake in SEI Investments by 0.6% in the 2nd quarter. ProShare Advisors LLC now owns 465,011 shares of the asset manager’s stock valued at $30,082,000 after buying an additional 2,698 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in SEI Investments by 1.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 381,372 shares of the asset manager’s stock worth $24,671,000 after buying an additional 4,656 shares during the last quarter. Institutional investors and hedge funds own 70.59% of the company’s stock.

SEI Investments Company Profile

SEI Investments Company 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.