AllianceBernstein (AB) Downgraded by Zacks Investment Research
Zacks Investment Research lowered shares of AllianceBernstein (NYSE:AB) from a buy rating to a hold rating in a research note released on Monday.
According to Zacks, “ALLIANCE CAP MANAGEMENT L.P. provides diversified investment management services, primarily to pension funds, endowments, foreign financial institutions, and to individual investors. “
A number of other equities research analysts have also commented on AB. Citigroup upgraded AllianceBernstein from a neutral rating to a buy rating and raised their price objective for the stock from $26.00 to $31.00 in a research report on Thursday, October 26th. ValuEngine upgraded AllianceBernstein from a hold rating to a buy rating in a research report on Friday, December 1st. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. AllianceBernstein has a consensus rating of Buy and a consensus target price of $28.00.
AllianceBernstein (NYSE:AB) traded up $0.80 during trading hours on Monday, hitting $27.50. The company had a trading volume of 1,006,010 shares, compared to its average volume of 409,900. AllianceBernstein has a fifty-two week low of $20.40 and a fifty-two week high of $27.80. The firm has a market cap of $2,570.00, a price-to-earnings ratio of 13.03, a price-to-earnings-growth ratio of 1.49 and a beta of 1.59.
AllianceBernstein (NYSE:AB) last released its quarterly earnings results on Wednesday, October 25th. The asset manager reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.01). AllianceBernstein had a net margin of 6.38% and a return on equity of 13.72%. The company had revenue of $812.15 million during the quarter, compared to analyst estimates of $786.74 million. During the same quarter last year, the business earned $0.45 EPS. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. sell-side analysts expect that AllianceBernstein will post 2.1 EPS for the current fiscal year.
In other news, insider Axa Equitable Holdings, Inc. purchased 124,983 shares of AllianceBernstein stock in a transaction dated Friday, December 15th. The stock was acquired at an average cost of $24.95 per share, for a total transaction of $3,118,325.85. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Brugge Robert P. Van sold 10,000 shares of AllianceBernstein stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $24.82, for a total value of $248,200.00. Following the sale, the chairman now owns 101,609 shares of the company’s stock, valued at $2,521,935.38. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 79,159 shares of company stock valued at $1,977,830. 2.70% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in AB. JPMorgan Chase & Co. lifted its holdings in shares of AllianceBernstein by 787.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 456,134 shares of the asset manager’s stock valued at $11,107,000 after buying an additional 404,727 shares during the last quarter. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of AllianceBernstein during the 3rd quarter valued at about $7,290,000. Franklin Resources Inc. lifted its holdings in shares of AllianceBernstein by 25.4% during the 2nd quarter. Franklin Resources Inc. now owns 1,474,636 shares of the asset manager’s stock valued at $34,874,000 after buying an additional 299,008 shares during the last quarter. M&T Bank Corp lifted its holdings in shares of AllianceBernstein by 302.9% during the 2nd quarter. M&T Bank Corp now owns 111,729 shares of the asset manager’s stock valued at $2,642,000 after buying an additional 84,000 shares during the last quarter. Finally, Seminole Management Co. Inc. acquired a new stake in shares of AllianceBernstein during the 3rd quarter valued at about $1,840,000. Institutional investors and hedge funds own 20.77% of the company’s stock.
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AllianceBernstein Holding L.P. is engaged in providing research, investment management and related services to a range of clients through its three buy-side distribution channels: Institutions, Retail and Private Wealth Management, and its sell-side business, Bernstein Research Services. The Company offers a range of investment services, including equity strategies, with global and regional portfolios across capitalization ranges and investment strategies, including value, growth and equities; traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; passive management, including index and enhanced index strategies; alternative investments, including hedge funds, fund of funds and private equity, and multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds.
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