Mizuho analyst Thomas McCrohan views the selloff yesterday in shares of SEI Investments as overdone. The announced Wells implementation delay "is not a canary in the coal mine that foretells of impending danger ahead," McCrohan tells investors in a research note. He attributes the delay to specific circumstances at a single client. He believes no read-through conclusions should be made regarding other implementations and reiterates a Buy rating on SEI shares.

Reports Q1 revenue $511.58M, consensus $510.41M. "We entered 2024 with continued momentum, reflecting our strategic focus on increasing sales and profitability across SEI. In the first quarter, we delivered strong topline growth and margin expansion-with notable sales and implementation activity in our technology and investment processing businesses," said CEO Ryan Hicke. "We are well-positioned to capitalize on opportunities in the markets we serve globally. Our strong financial position, unmatched set of capabilities, and unique ability to connect the financial services ecosystem enable us to deliver comprehensive solutions to drive growth and deliver long-term value for our clients and shareholders."