AllianceBernstein (AB) Downgraded to “Hold” at ValuEngine

ValuEngine downgraded shares of AllianceBernstein (NYSE:AB) from a buy rating to a hold rating in a report released on Wednesday.

Separately, Zacks Investment Research upgraded AllianceBernstein from a sell rating to a hold rating in a research report on Tuesday, May 1st. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. AllianceBernstein currently has an average rating of Buy and a consensus target price of $29.67.

Shares of AllianceBernstein stock opened at $26.95 on Wednesday. AllianceBernstein has a one year low of $20.60 and a one year high of $28.15. The company has a market cap of $2.59 billion, a P/E ratio of 11.72, a P/E/G ratio of 1.49 and a beta of 1.44.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings data on Thursday, April 26th. The asset manager reported $0.73 EPS for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.05. AllianceBernstein had a return on equity of 16.37% and a net margin of 6.53%. The firm had revenue of $867.78 million for the quarter, compared to the consensus estimate of $895.30 million. During the same quarter last year, the business posted $0.46 earnings per share. The firm’s revenue was up 13.4% compared to the same quarter last year. analysts forecast that AllianceBernstein will post 2.54 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 17th. Shareholders of record on Monday, May 7th will be given a $0.73 dividend. The ex-dividend date of this dividend is Friday, May 4th. This represents a $2.92 dividend on an annualized basis and a yield of 10.83%. AllianceBernstein’s dividend payout ratio is currently 126.96%.

In other AllianceBernstein news, General Counsel Laurence E. Cranch sold 40,848 shares of AllianceBernstein stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $26.26, for a total value of $1,072,668.48. Following the sale, the general counsel now owns 134,269 shares in the company, valued at $3,525,903.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Laurence E. Cranch sold 37,500 shares of AllianceBernstein stock in a transaction on Monday, March 5th. The shares were sold at an average price of $26.32, for a total value of $987,000.00. Following the completion of the sale, the general counsel now owns 150,707 shares in the company, valued at approximately $3,966,608.24. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of the business. Synovus Financial Corp purchased a new stake in shares of AllianceBernstein in the 1st quarter valued at $100,000. Optimum Investment Advisors purchased a new stake in shares of AllianceBernstein in the 1st quarter valued at $120,000. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in shares of AllianceBernstein in the 4th quarter valued at $200,000. Mission Wealth Management LP purchased a new stake in shares of AllianceBernstein in the 1st quarter valued at $205,000. Finally, American Asset Management Inc. purchased a new stake in shares of AllianceBernstein in the 1st quarter valued at $209,000. Institutional investors own 22.79% of the company’s stock.

AllianceBernstein Company Profile

AllianceBernstein Holding L.P. is publicly owned investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit sharing plans, banks and thrift institutions, trusts, estates, government agencies, charitable organizations, individuals, corporations, and other business entities.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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