Zacks Investment Research downgraded shares of AllianceBernstein (NYSE:AB) from a buy rating to a hold rating in a research report sent to 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. “
Several other brokerages also recently commented on AB. ValuEngine raised shares of AllianceBernstein from a hold rating to a buy rating in a report on Friday, December 1st. Citigroup raised shares of AllianceBernstein from a neutral rating to a buy rating and lifted their target price for the stock from $26.00 to $31.00 in a report on Thursday, October 26th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. AllianceBernstein presently has a consensus rating of Buy and an average price target of $28.00.
Shares of AllianceBernstein (NYSE AB) traded down $0.40 during mid-day trading on Monday, hitting $27.10. 263,100 shares of the company traded hands, compared to its average volume of 388,929. The company has a market cap of $2,540.00, a P/E ratio of 12.84, a price-to-earnings-growth ratio of 1.49 and a beta of 1.59. AllianceBernstein has a 1-year low of $20.40 and a 1-year high of $27.80.
AllianceBernstein (NYSE:AB) last announced its earnings results on Wednesday, October 25th. The asset manager reported $0.51 EPS 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 the consensus estimate of $786.74 million. AllianceBernstein had a return on equity of 13.72% and a net margin of 6.38%. The business’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 EPS. equities research analysts forecast that AllianceBernstein will post 2.1 EPS for the current year.
In other AllianceBernstein news, COO James A. Gingrich sold 5,659 shares of AllianceBernstein stock in a transaction dated Tuesday, October 17th. The shares were sold at an average price of $25.00, for a total value of $141,475.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Brugge Robert P. Van sold 10,000 shares of AllianceBernstein stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $24.82, for a total transaction of $248,200.00. Following the completion of the sale, the chairman now owns 101,609 shares of the company’s stock, valued at approximately $2,521,935.38. The disclosure for this sale can be found here. Insiders sold a total of 55,659 shares of company stock valued at $1,391,975 in the last quarter. Corporate insiders own 2.70% of the company’s stock.
Several large investors have recently modified their holdings of the company. New England Research & Management Inc. raised its position in shares of AllianceBernstein by 6.0% in the 4th quarter. New England Research & Management Inc. now owns 79,278 shares of the asset manager’s stock valued at $1,986,000 after buying an additional 4,500 shares in the last quarter. California Public Employees Retirement System raised its position in shares of AllianceBernstein by 5.7% in the 3rd quarter. California Public Employees Retirement System now owns 191,870 shares of the asset manager’s stock valued at $4,662,000 after buying an additional 10,270 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. raised its position in shares of AllianceBernstein by 25.1% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 64,608 shares of the asset manager’s stock valued at $1,570,000 after buying an additional 12,961 shares in the last quarter. First Allied Advisory Services Inc. raised its position in shares of AllianceBernstein by 68.1% in the 3rd quarter. First Allied Advisory Services Inc. now owns 28,815 shares of the asset manager’s stock valued at $696,000 after buying an additional 11,675 shares in the last quarter. Finally, Stifel Financial Corp raised its position in shares of AllianceBernstein by 10.1% in the 3rd quarter. Stifel Financial Corp now owns 251,595 shares of the asset manager’s stock valued at $6,116,000 after buying an additional 23,099 shares in the last quarter. Institutional investors own 20.77% of the company’s stock.
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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