Raymond James Upgrades SEI Investments (NASDAQ:SEIC) to Outperform

SEI Investments (NASDAQ:SEIC) was upgraded by equities researchers at Raymond James from a “market perform” rating to an “outperform” rating in a report issued on Thursday,Finviz reports. The brokerage currently has a $99.00 price target on the asset manager’s stock. Raymond James’ target price would indicate a potential upside of 19.33% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Morgan Stanley upped their price target on shares of SEI Investments from $75.00 to $80.00 and gave the company an “underweight” rating in a research report on Friday, January 3rd. Oppenheimer raised their target price on SEI Investments from $85.00 to $94.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 7th. Piper Sandler boosted their price target on SEI Investments from $77.00 to $87.00 and gave the company a “neutral” rating in a research note on Monday, December 23rd. Finally, Keefe, Bruyette & Woods raised their price objective on shares of SEI Investments from $76.00 to $86.00 and gave the stock a “market perform” rating in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $89.20.

SEI Investments Stock Performance

Shares of NASDAQ:SEIC opened at $82.96 on Thursday. The firm has a market cap of $10.69 billion, a PE ratio of 20.04, a price-to-earnings-growth ratio of 1.44 and a beta of 0.98. SEI Investments has a 52 week low of $62.38 and a 52 week high of $87.25. The firm’s fifty day moving average is $82.94 and its 200-day moving average is $74.60.

SEI Investments (NASDAQ:SEIC) last released its earnings results on Wednesday, January 29th. The asset manager reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.02). SEI Investments had a net margin of 26.60% and a return on equity of 24.29%. Sell-side analysts forecast that SEI Investments will post 4.41 EPS for the current year.

SEI Investments announced that its board has initiated a stock repurchase plan on Tuesday, October 22nd that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the asset manager to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at SEI Investments

In related news, Chairman Alfred P. West, Jr. sold 19,010 shares of SEI Investments stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $82.49, for a total transaction of $1,568,134.90. Following the transaction, the chairman now owns 7,377,506 shares of the company’s stock, valued at $608,570,469.94. The trade was a 0.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Carmen Romeo sold 5,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $79.64, for a total value of $398,200.00. Following the completion of the sale, the director now directly owns 1,577,652 shares of the company’s stock, valued at $125,644,205.28. The trade was a 0.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 186,194 shares of company stock worth $15,769,472. 14.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SEI Investments

A number of institutional investors have recently added to or reduced their stakes in SEIC. Geode Capital Management LLC lifted 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 worth $174,092,000 after buying an additional 300,704 shares in the last quarter. Boston Trust Walden Corp boosted its position in SEI Investments by 1.6% in the fourth quarter. Boston Trust Walden Corp now owns 1,306,329 shares of the asset manager’s stock worth $107,746,000 after purchasing an additional 20,020 shares during the last quarter. FMR LLC grew its stake in SEI Investments by 249.7% in the 3rd quarter. FMR LLC now owns 885,113 shares of the asset manager’s stock valued at $61,241,000 after purchasing an additional 632,024 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of SEI Investments by 2.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 546,187 shares of the asset manager’s stock valued at $37,791,000 after purchasing an additional 10,576 shares during the last quarter. Finally, Raymond James & Associates raised its stake in shares of SEI Investments by 3.8% during the 3rd quarter. Raymond James & Associates now owns 544,477 shares of the asset manager’s stock worth $37,672,000 after purchasing an additional 19,846 shares during the period. 70.59% of the stock is owned by institutional investors.

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.