AllianceBernstein (AB) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of AllianceBernstein (NYSE:AB) from a hold rating to a buy rating in a research note issued to investors on Friday. The brokerage currently has $32.00 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. “

Separately, Citigroup increased their price target on shares of AllianceBernstein from $31.00 to $34.00 and gave the company a buy rating in a report on Monday, July 30th.

Shares of AB stock traded up $0.94 on Friday, reaching $29.20. The stock had a trading volume of 489,312 shares, compared to its average volume of 305,742. The stock has a market cap of $2.98 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 1.65 and a beta of 1.29. AllianceBernstein has a 12 month low of $24.00 and a 12 month high of $31.24.

AllianceBernstein (NYSE:AB) last issued its earnings results on Thursday, July 26th. The asset manager reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.03. The company had revenue of $719.69 million for the quarter, compared to analysts’ expectations of $690.90 million. AllianceBernstein had a net margin of 6.94% and a return on equity of 17.02%. During the same period in the prior year, the firm earned $0.43 EPS. As a group, research analysts anticipate that AllianceBernstein will post 2.6 EPS for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the business. Centaurus Financial Inc. bought a new position in AllianceBernstein in the 2nd quarter valued at about $129,000. Benjamin F. Edwards & Company Inc. increased its holdings in shares of AllianceBernstein by 516.6% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 5,549 shares of the asset manager’s stock worth $158,000 after purchasing an additional 4,649 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in shares of AllianceBernstein during the second quarter worth approximately $200,000. Roberts Glore & Co. Inc. IL bought a new position in shares of AllianceBernstein during the second quarter worth approximately $205,000. Finally, First American Trust FSB bought a new position in shares of AllianceBernstein during the second quarter worth approximately $288,000. 20.26% of the stock is currently owned by hedge funds and other institutional investors.

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.

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