Financial technology provider SEI Investments (NASDAQ:SEIC) will be announcing earnings results this Wednesday after the bell. Here’s what you need to know.
SEI Investments beat analysts’ revenue expectations last quarter, reporting revenues of $607.9 million, up 9.1% year on year. It was a satisfactory quarter for the company, with a narrow beat of analysts’ revenue estimates but .
Is SEI Investments a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting SEI Investments’s revenue to grow 10.9% year on year, improving from the 7.8% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. SEI Investments has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at SEI Investments’s peers in the custody bank segment, some have already reported their Q1 results, giving us a hint as to what we can expect. BNY delivered year-on-year revenue growth of 13.8%, beating analysts’ expectations by 4.3%, and State Street reported revenues up 15.6%, topping estimates by 3.3%. BNY traded up 2.4% following the results while State Street was also up 5.8%.
Read our full analysis of BNY’s results here and State Street’s results here.
There has been positive sentiment among investors in the custody bank segment, with share prices up 12.4% on average over the last month. SEI Investments is up 3.6% during the same time and is heading into earnings with an average analyst price target of $97.43 (compared to the current share price of $81.39).
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