Zacks Investment Research lowered shares of AllianceBernstein (NYSE:AB) from a buy rating to a hold rating in a research report report published on Monday, December 18th.
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. “
Several other analysts also recently issued reports on the company. ValuEngine upgraded AllianceBernstein from a hold rating to a buy rating in a research report on Friday, December 1st. Citigroup upgraded AllianceBernstein from a neutral rating to a buy rating and increased their target price for the stock from $26.00 to $31.00 in a research report on Thursday, October 26th. 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 stock presently has a consensus rating of Buy and a consensus target price of $28.00.
Shares of AllianceBernstein (NYSE:AB) traded up $0.05 during mid-day trading on Monday, reaching $27.15. The company had a trading volume of 201,729 shares, compared to its average volume of 365,529. AllianceBernstein has a 52-week low of $20.40 and a 52-week high of $27.80. The firm has a market capitalization of $2,540.00, a price-to-earnings ratio of 12.87, a PEG ratio of 1.49 and a beta of 1.59.
AllianceBernstein (NYSE:AB) last posted its earnings results on Wednesday, October 25th. The asset manager reported $0.51 EPS for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.01). AllianceBernstein had a return on equity of 13.72% and a net margin of 6.38%. The firm had revenue of $812.15 million for the quarter, compared to analysts’ expectations of $786.74 million. During the same quarter in the previous year, the firm posted $0.45 earnings per share. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. research analysts expect that AllianceBernstein will post 2.1 EPS for the current year.
In other news, Chairman Brugge Robert P. Van sold 10,000 shares of the firm’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $24.82, for a total value of $248,200.00. Following the completion of the sale, the chairman now owns 101,609 shares of the company’s stock, valued at $2,521,935.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Axa Equitable Holdings, Inc. bought 124,983 shares of the firm’s stock in a transaction dated Friday, December 15th. The stock was acquired at an average cost of $24.95 per share, with a total value of $3,118,325.85. The disclosure for this purchase can be found here. In the last three months, insiders sold 55,659 shares of company stock worth $1,391,975. Company insiders own 2.70% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. WFG Advisors LP increased its stake in shares of AllianceBernstein by 24.2% in the second quarter. WFG Advisors LP now owns 6,311 shares of the asset manager’s stock worth $149,000 after purchasing an additional 1,228 shares during the period. Tower Research Capital LLC TRC increased its stake in AllianceBernstein by 399.3% during the second quarter. Tower Research Capital LLC TRC now owns 14,980 shares of the asset manager’s stock valued at $354,000 after acquiring an additional 11,980 shares during the period. Virtu KCG Holdings LLC bought a new position in AllianceBernstein during the second quarter valued at about $424,000. Symons Capital Management Inc. increased its stake in AllianceBernstein by 2.9% during the second quarter. Symons Capital Management Inc. now owns 20,105 shares of the asset manager’s stock valued at $476,000 after acquiring an additional 565 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its stake in AllianceBernstein by 25.2% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 20,293 shares of the asset manager’s stock valued at $480,000 after acquiring an additional 4,086 shares during the period. 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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