Analyst Note| Rajiv Bhatia, CFA |
In our view, SEI Investments' third-quarter results were generally good but not without some headwinds. Revenue came in at $485.3 million, up 14% on the back of market appreciation and was modestly ahead of the FactSet consensus of $482.3 million. Likewise, earnings per share of $0.97 was $0.02 above the consensus estimate. Overall, we will maintain our fair value estimate of $71 and narrow moat rating.