SEI Investments (NASDAQ:SEIC) Upgraded to "Overweight" at Morgan Stanley

SEI Investments (NASDAQ:SEIC - Get Free Report) was upgraded by equities researchers at Morgan Stanley from an "underweight" rating to an "overweight" rating in a report issued on Monday, Marketbeat.com reports. The firm presently has a $77.00 price objective on the asset manager's stock, down from their previous price objective of $81.00. Morgan Stanley's target price suggests a potential upside of 6.38% from the stock's current price.

Several other brokerages also recently issued reports on SEIC. Piper Sandler upped their price target on SEI Investments from $77.00 to $87.00 and gave the stock a "neutral" rating in a report on Monday, December 23rd. Raymond James upgraded shares of SEI Investments from a "market perform" rating to an "outperform" rating and set a $99.00 target price for the company in a report on Thursday, January 30th. Oppenheimer boosted their price target on shares of SEI Investments from $85.00 to $94.00 and gave the stock an "outperform" rating in a report on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and set a $90.00 target price (up previously from $86.00) on shares of SEI Investments in a research report on Thursday, January 30th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $86.80.

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SEI Investments Price Performance

Shares of NASDAQ SEIC traded up $1.34 during mid-day trading on Monday, reaching $72.38. 908,815 shares of the company's stock traded hands, compared to its average volume of 645,318. The business has a 50-day simple moving average of $77.31 and a 200 day simple moving average of $78.72. The stock has a market cap of $9.19 billion, a P/E ratio of 16.38, a PEG ratio of 1.41 and a beta of 0.90. SEI Investments has a 1-year low of $62.38 and a 1-year high of $87.25.

SEI Investments (NASDAQ:SEIC - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The asset manager reported $1.19 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.21 by ($0.02). SEI Investments had a net margin of 27.35% and a return on equity of 25.51%. Equities research analysts anticipate that SEI Investments will post 4.86 earnings per share for the current fiscal year.

SEI Investments announced that its Board of Directors has initiated a stock buyback program on Tuesday, March 18th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the asset manager to buy up to 5.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, Chairman Alfred P. West, Jr. sold 1,372 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $76.28, for a total value of $104,656.16. Following the sale, the chairman now owns 7,078,708 shares of the company's stock, valued at $539,963,846.24. The trade was a 0.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark Andrew Warner sold 5,000 shares of SEI Investments stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $80.39, for a total transaction of $401,950.00. Following the completion of the transaction, the insider now owns 1,300 shares of the company's stock, valued at $104,507. This represents a 79.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 79,214 shares of company stock valued at $6,293,903. 14.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On SEI Investments

Several hedge funds have recently made changes to their positions in SEIC. Norges Bank bought a new stake in shares of SEI Investments during the fourth quarter valued at about $48,009,000. Raymond James Financial Inc. bought a new position in SEI Investments in the 4th quarter valued at $42,548,000. GAMMA Investing LLC grew its position in shares of SEI Investments by 9,563.5% during the 1st quarter. GAMMA Investing LLC now owns 470,515 shares of the asset manager's stock valued at $36,526,000 after purchasing an additional 465,646 shares in the last quarter. FMR LLC increased its holdings in shares of SEI Investments by 39.3% in the fourth quarter. FMR LLC now owns 1,233,225 shares of the asset manager's stock worth $101,716,000 after purchasing an additional 348,112 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of SEI Investments in the fourth quarter worth $26,702,000. 70.59% of the stock is currently owned by hedge funds and other institutional investors.

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.