AllianceBernstein (NYSE:AB) Issues Earnings Results

AllianceBernstein (NYSE:AB) released its earnings results on Tuesday. The asset manager reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01), Zacks reports. AllianceBernstein had a return on equity of 23.11% and a net margin of 6.69%.

AllianceBernstein Price Performance

Shares of NYSE:AB opened at $37.88 on Tuesday. The company’s 50-day moving average price is $36.88 and its two-hundred day moving average price is $38.34. AllianceBernstein has a one year low of $34.92 and a one year high of $44.11. The stock has a market capitalization of $3.54 billion, a PE ratio of 11.65, a price-to-earnings-growth ratio of 1.19 and a beta of 0.81.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on AB. Evercore set a $39.00 price target on AllianceBernstein in a report on Friday, July 10th. Weiss Ratings lowered AllianceBernstein from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, June 29th. Zacks Research raised AllianceBernstein from a “strong sell” rating to a “hold” rating in a research report on Monday, June 29th. TD Cowen boosted their target price on AllianceBernstein from $37.00 to $38.00 and gave the company a “hold” rating in a research note on Monday, July 20th. Finally, Barclays reduced their price target on AllianceBernstein from $40.00 to $39.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 29th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $39.50.

Hedge Funds Weigh In On AllianceBernstein

Hedge funds have recently modified their holdings of the stock. Ausdal Financial Partners Inc. increased its position in shares of AllianceBernstein by 62.0% in the fourth quarter. Ausdal Financial Partners Inc. now owns 9,589 shares of the asset manager’s stock valued at $369,000 after acquiring an additional 3,670 shares during the last quarter. Vivaldi Capital Management LP acquired a new position in AllianceBernstein during the fourth quarter valued at approximately $332,000. Mercer Global Advisors Inc. ADV boosted its position in AllianceBernstein by 7.4% during the third quarter. Mercer Global Advisors Inc. ADV now owns 8,397 shares of the asset manager’s stock valued at $321,000 after purchasing an additional 576 shares during the last quarter. Curi Capital LLC bought a new position in AllianceBernstein in the second quarter valued at approximately $309,000. Finally, Advisory Services Network LLC grew its stake in AllianceBernstein by 12.3% in the fourth quarter. Advisory Services Network LLC now owns 7,532 shares of the asset manager’s stock valued at $290,000 after purchasing an additional 822 shares in the last quarter. Institutional investors own 19.25% of the company’s stock.

About AllianceBernstein

AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.

The firm’s roots date back to 1967 with the founding of Sanford C.