AllianceBernstein (AB) Stock Rating Lowered by Zacks Investment Research
AllianceBernstein (NYSE:AB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors 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. “
AB has been the topic of a number of other research reports. Citigroup upgraded shares of AllianceBernstein from a “neutral” rating to a “buy” rating and lifted their target price for the company from $26.00 to $31.00 in a research note on Thursday, October 26th. ValuEngine downgraded shares of AllianceBernstein from a “buy” rating to a “hold” rating in a report on Tuesday, November 14th. One research 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. The company presently has a consensus rating of “Buy” and a consensus price target of $27.80.
AllianceBernstein (NYSE:AB) last released its earnings results on Wednesday, October 25th. The asset manager reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). AllianceBernstein had a net margin of 6.38% and a return on equity of 13.72%. The firm had revenue of $812.15 million for the quarter, compared to analysts’ expectations of $786.74 million. During the same quarter last year, the firm posted $0.45 EPS. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. analysts forecast that AllianceBernstein will post 2.1 earnings per share for the current year.
In related news, insider Axa Equitable Holdings, Inc. purchased 124,983 shares of AllianceBernstein stock in a transaction on Friday, December 15th. The shares were bought 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 accessible through this hyperlink. Also, SVP Edward J. Farrell sold 10,000 shares of AllianceBernstein stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $25.20, for a total transaction of $252,000.00. Following the completion of the sale, the senior vice president now owns 19,147 shares in the company, valued at $482,504.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 152,159 shares of company stock worth $3,763,640. 2.70% of the stock is currently owned by insiders.
Several institutional investors have recently bought and sold shares of AB. WFG Advisors LP increased its holdings in shares of AllianceBernstein by 24.2% in the 2nd quarter. WFG Advisors LP now owns 6,311 shares of the asset manager’s stock worth $149,000 after buying an additional 1,228 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of AllianceBernstein by 399.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 14,980 shares of the asset manager’s stock worth $354,000 after buying an additional 11,980 shares during the last quarter. Virtu KCG Holdings LLC bought a new stake in shares of AllianceBernstein in the 2nd quarter worth about $424,000. Symons Capital Management Inc. increased its holdings in shares of AllianceBernstein by 2.9% in the 2nd quarter. Symons Capital Management Inc. now owns 20,105 shares of the asset manager’s stock worth $476,000 after buying an additional 565 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its holdings in shares of AllianceBernstein by 25.2% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 20,293 shares of the asset manager’s stock worth $480,000 after buying an additional 4,086 shares during the last quarter. Hedge funds and other institutional investors 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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