Zacks Investment Research upgraded shares of AllianceBernstein (NYSE:AB) from a hold rating to a buy rating in a report published on Tuesday. Zacks Investment Research currently has $30.00 price target on the asset manager’s stock.
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. “
Other research analysts have also recently issued reports about 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 lifted their price target for the company from $26.00 to $31.00 in a research report on Thursday, October 26th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. AllianceBernstein presently has a consensus rating of Buy and a consensus target price of $28.00.
Shares of AllianceBernstein (AB) traded up $0.05 during mid-day trading on Tuesday, reaching $27.20. The company had a trading volume of 277,069 shares, compared to its average volume of 306,745. The stock has a market capitalization of $2,550.00, a PE ratio of 12.89, a P/E/G ratio of 1.33 and a beta of 1.59. AllianceBernstein has a 52 week low of $20.40 and a 52 week high of $27.80.
AllianceBernstein (NYSE:AB) last announced its quarterly earnings results on Wednesday, October 25th. The asset manager reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). The company had revenue of $812.15 million for the quarter, compared to analysts’ expectations of $786.74 million. AllianceBernstein had a net margin of 6.38% and a return on equity of 13.72%. The firm’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.45 earnings per share. equities analysts predict that AllianceBernstein will post 2.13 EPS for the current fiscal year.
In other AllianceBernstein news, insider Axa Equitable Holdings, Inc. acquired 124,983 shares of the business’s 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Edward J. Farrell sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $25.20, for a total value of $252,000.00. Following the completion of the sale, the senior vice president now owns 19,147 shares of the company’s stock, valued at $482,504.40. The disclosure for this sale can be found here. Insiders sold 55,659 shares of company stock valued at $1,391,975 over the last 90 days. Company insiders own 2.70% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the stock. New England Research & Management Inc. increased its position in shares of AllianceBernstein by 6.0% during the fourth quarter. New England Research & Management Inc. now owns 79,278 shares of the asset manager’s stock worth $1,986,000 after purchasing an additional 4,500 shares in the last quarter. California Public Employees Retirement System increased its position in shares of AllianceBernstein by 5.7% during the third quarter. California Public Employees Retirement System now owns 191,870 shares of the asset manager’s stock worth $4,662,000 after purchasing an additional 10,270 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its position in shares of AllianceBernstein by 25.1% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 64,608 shares of the asset manager’s stock worth $1,570,000 after purchasing an additional 12,961 shares in the last quarter. First Allied Advisory Services Inc. increased its position in shares of AllianceBernstein by 68.1% during the third quarter. First Allied Advisory Services Inc. now owns 28,815 shares of the asset manager’s stock worth $696,000 after purchasing an additional 11,675 shares in the last quarter. Finally, Stifel Financial Corp increased its position in shares of AllianceBernstein by 10.1% during the third quarter. Stifel Financial Corp now owns 251,595 shares of the asset manager’s stock worth $6,116,000 after purchasing an additional 23,099 shares in 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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