Morgan Stanley Raises SEI Investments (NASDAQ:SEIC) Price Target to $80.00

SEI Investments (NASDAQ:SEIC) had its target price upped by investment analysts at Morgan Stanley from $75.00 to $80.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “underweight” rating on the asset manager’s stock. Morgan Stanley’s price objective would indicate a potential downside of 1.91% from the stock’s previous close.

Several other research firms have also commented on SEIC. Oppenheimer increased their price target on shares of SEI Investments from $81.00 to $85.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Piper Sandler lifted their price target on shares of SEI Investments from $77.00 to $87.00 and gave the stock a “neutral” rating in a report on Monday, December 23rd. Finally, Keefe, Bruyette & Woods upped their price objective on shares of SEI Investments from $76.00 to $86.00 and gave the company a “market perform” rating in a research note on Friday, December 20th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, SEI Investments currently has a consensus rating of “Hold” and an average price target of $84.50.

SEI Investments Stock Performance

NASDAQ:SEIC traded down $0.36 during mid-day trading on Friday, reaching $81.56. The stock had a trading volume of 123,153 shares, compared to its average volume of 339,018. The firm has a market capitalization of $10.51 billion, a price-to-earnings ratio of 19.70, a PEG ratio of 1.62 and a beta of 0.98. The business has a 50 day simple moving average of $81.43 and a 200 day simple moving average of $72.30. SEI Investments has a twelve month low of $61.58 and a twelve month high of $87.25.

SEI Investments (NASDAQ:SEIC) last announced its quarterly earnings results on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.12. The business had revenue of $537.40 million during the quarter, compared to the consensus estimate of $534.08 million. SEI Investments had a net margin of 26.60% and a return on equity of 24.29%. The business’s revenue was up 12.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.87 EPS. As a group, sell-side analysts expect that SEI Investments will post 4.41 earnings per share for the current year.

SEI Investments declared that its Board of Directors has authorized a share buyback plan on Tuesday, October 22nd that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the asset manager to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at SEI Investments

In related news, CEO Ryan Hicke sold 10,000 shares of SEI Investments stock in a transaction on Friday, October 25th. The shares were sold at an average price of $74.90, for a total transaction of $749,000.00. Following the sale, the chief executive officer now owns 147,609 shares of the company’s stock, valued at $11,055,914.10. The trade was a 6.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Alfred P. West, Jr. sold 52,042 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $85.23, for a total value of $4,435,539.66. Following the completion of the transaction, the chairman now directly owns 7,232,922 shares of the company’s stock, valued at $616,461,942.06. This represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 239,258 shares of company stock valued at $19,753,402. Company insiders own 14.30% of the company’s stock.

Institutional Trading of SEI Investments

Several institutional investors have recently added to or reduced their stakes in the business. FMR LLC grew its holdings in SEI Investments by 249.7% in the 3rd quarter. FMR LLC now owns 885,113 shares of the asset manager’s stock worth $61,241,000 after buying an additional 632,024 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of SEI Investments by 13.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,520,430 shares of the asset manager’s stock valued at $174,092,000 after purchasing an additional 300,704 shares in the last quarter. Dimensional Fund Advisors LP grew its position in SEI Investments by 19.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,380,311 shares of the asset manager’s stock worth $89,291,000 after buying an additional 222,631 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new stake in shares of SEI Investments during the second quarter worth $7,787,000. Finally, Verition Fund Management LLC boosted its holdings in shares of SEI Investments by 2,766.3% in the third quarter. Verition Fund Management LLC now owns 111,098 shares of the asset manager’s stock worth $7,687,000 after buying an additional 107,222 shares during the period. Institutional investors own 70.59% of the company’s stock.

About SEI Investments

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.