SEI Investments price target lowered to $69 from $72 at Piper Sandler

Piper Sandler lowered the firm’s price target on SEI Investments to $69 from $72 and keeps a Neutral rating on the shares. The firm notes SEI reported a core beat versus its estimate after excluding one-time severance costs in the quarter. Firmwide operating margins expanded with additional improvement in the private banks segment as management continues to be focused on expense control and long-term margin expansion. Revenues increased 9% year-over-year with help from markets as average levels in the S&P were up 12% sequentially, but have turned into a headwind in the second quarter, Piper adds.