SEI Investments (NASDAQ:SEIC) Sets New 52-Week High After Analyst Upgrade

Key Points

• SEI Investments hit a new 52-week high after Raymond James Financial raised its price target on the stock from $122 to $124 and kept an outperform rating. The shares traded as high as $94.99, up from the prior close of $91.43.
• Analyst sentiment remains generally positive, with seven Buy ratings and one Hold rating, giving SEIC a consensus Moderate Buy and a consensus target price of $110.00. Several firms recently adjusted their targets higher, though Morgan Stanley cut its price objective to $108.
• The company also reported solid quarterly results, beating EPS expectations with $1.44 per share versus the expected $1.29. Revenue grew 12.9% year over year, and SEI Investments recently paid a $0.52 dividend.

SEI Investments Company (NASDAQ:SEIC - Get Free Report)'s share price hit a new 52-week high during trading on Monday after Raymond James Financial raised their price target on the stock from $122.00 to $124.00. Raymond James Financial currently has an outperform rating on the stock. SEI Investments traded as high as $94.99 and last traded at $95.3070, with a volume of 297521 shares traded. The stock had previously closed at $91.43.

A number of other equities research analysts have also weighed in on the company. Morgan Stanley lowered their price objective on SEI Investments from $119.00 to $108.00 and set an "overweight" rating on the stock in a report on Thursday, April 2nd. Keefe, Bruyette & Woods raised their price target on SEI Investments from $95.00 to $107.00 and gave the company an "outperform" rating in a report on Thursday, April 23rd. Piper Sandler reaffirmed an "overweight" rating and set a $105.00 price objective (up from $99.00) on shares of SEI Investments in a report on Thursday, April 23rd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of SEI Investments in a research report on Tuesday, April 21st. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $110.00.

Insiders Place Their Bets

In related news, insider Philip Mccabe sold 15,000 shares of the firm's stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $91.82, for a total value of $1,377,300.00. Following the completion of the transaction, the insider directly owned 54,884 shares of the company's stock, valued at $5,039,448.88. This trade represents a 21.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kathryn Mccarthy sold 10,000 shares of SEI Investments stock in a transaction on Monday, May 4th. The stock was sold at an average price of $91.07, for a total value of $910,700.00. Following the transaction, the director directly owned 77,883 shares of the company's stock, valued at approximately $7,092,804.81. This represents a 11.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 111,332 shares of company stock worth $9,908,883. 4.80% of the stock is owned by insiders.

Hedge Funds Weigh In On SEI Investments

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SEIC. Allworth Financial LP increased its stake in SEI Investments by 44.0% during the third quarter. Allworth Financial LP now owns 432 shares of the asset manager's stock worth $37,000 after acquiring an additional 132 shares during the last quarter. Commerce Bank lifted its position in SEI Investments by 1.3% during the fourth quarter. Commerce Bank now owns 10,060 shares of the asset manager's stock valued at $825,000 after buying an additional 133 shares in the last quarter. Root Financial Partners LLC increased its position in shares of SEI Investments by 40.8% in the first quarter. Root Financial Partners LLC now owns 487 shares of the asset manager's stock worth $38,000 after acquiring an additional 141 shares in the last quarter. Focus Partners Advisor Solutions LLC lifted its holdings in shares of SEI Investments by 1.2% during the 4th quarter. Focus Partners Advisor Solutions LLC now owns 11,957 shares of the asset manager's stock valued at $981,000 after acquiring an additional 141 shares in the last quarter. Finally, Glenmede Trust Co. NA boosted its position in SEI Investments by 1.2% during the 1st quarter. Glenmede Trust Co. NA now owns 12,296 shares of the asset manager's stock worth $965,000 after purchasing an additional 149 shares during the period. Institutional investors and hedge funds own 70.59% of the company's stock.

SEI Investments Trading Up 4.5%

The stock has a market capitalization of $11.49 billion, a PE ratio of 16.27 and a beta of 0.97. The company has a current ratio of 4.52, a quick ratio of 4.40 and a debt-to-equity ratio of 0.07. The business's 50-day moving average is $89.90 and its two-hundred day moving average is $84.77.

SEI Investments (NASDAQ:SEIC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The asset manager reported $1.44 EPS for the quarter, topping analysts' consensus estimates of $1.29 by $0.15. SEI Investments had a return on equity of 30.70% and a net margin of 31.17%.The company had revenue of $622.18 million for the quarter, compared to analysts' expectations of $641.82 million. During the same quarter in the previous year, the firm posted $1.17 earnings per share. The firm's quarterly revenue was up 12.9% on a year-over-year basis. On average, analysts predict that SEI Investments Company will post 5.89 earnings per share for the current year.

SEI Investments Announces Dividend

The company also recently disclosed a dividend, which was paid on Tuesday, June 16th. Shareholders of record on Monday, June 8th were given a $0.52 dividend. The ex-dividend date of this dividend was Monday, June 8th. This represents a yield of 118.0%. SEI Investments's dividend payout ratio (DPR) is 17.75%.

SEI Investments Company Profile

SEI Investments Company is a global provider of asset management, investment processing, and investment operations solutions. The firm offers a range of services designed to help financial institutions, private banks, wealth managers and family offices streamline back-office functions and enhance front-office capabilities. SEI's technology platforms support various stages of the investment lifecycle, including trade execution, performance reporting, risk analytics and client communications.

The company's core offerings include outsourced fund administration, custody and trust services, managed account solutions, and wealth management technology.

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