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.

COPYRIGHT VIOLATION NOTICE: “AllianceBernstein (AB) Downgraded by Zacks Investment Research” was first published by Watch List News and is owned by of Watch List News. If you are reading this piece of content on another publication, it was illegally copied and reposted in violation of U.S. and international copyright & trademark laws. The legal version of this piece of content can be accessed at https://www.watchlistnews.com/alliancebernstein-ab-downgraded-by-zacks-investment-research/1800295.html.

About AllianceBernstein

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.

Get a free copy of the Zacks research report on AllianceBernstein (AB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for AllianceBernstein (NYSE:AB)

Receive News & Ratings for AllianceBernstein Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AllianceBernstein and related companies with Analyst Ratings Network's FREE daily email newsletter.