AllianceBernstein Holding LP (AB) Upgraded to “Hold” at Zacks Investment Research
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. “
AB has been the topic of a number of other research reports. Jefferies Group raised their price objective on shares of AllianceBernstein Holding from $21.50 to $22.00 and gave the stock a hold rating in a report on Monday, July 11th. Citigroup Inc. dropped their price objective on shares of AllianceBernstein Holding from $28.00 to $27.00 and set a buy rating on the stock in a report on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $25.26.
Shares of AllianceBernstein Holding (NYSE:AB) traded up 0.22% during trading on Monday, hitting $22.30. 12,188 shares of the stock were exchanged. The stock has a market cap of $2.15 billion, a PE ratio of 11.59 and a beta of 1.31. AllianceBernstein Holding has a 52-week low of $16.11 and a 52-week high of $27.70. The firm has a 50 day moving average of $22.28 and a 200-day moving average of $22.94.
AllianceBernstein Holding (NYSE:AB) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by $0.04. AllianceBernstein Holding had a return on equity of 29.76% and a net margin of 16.18%. The company earned $725.80 million during the quarter, compared to the consensus estimate of $701.98 million. During the same quarter in the prior year, the firm earned $0.48 earnings per share. The business’s revenue was down 8.4% compared to the same quarter last year. Equities research analysts anticipate that AllianceBernstein Holding will post $1.73 earnings per share for the current fiscal year.
In related news, Director Weston M. Hicks sold 4,539 shares of the business’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $21.50, for a total value of $97,588.50. Following the sale, the director now owns 26,469 shares in the company, valued at $569,083.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.40% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in AB. Sadoff Investment Management LLC boosted its stake in shares of AllianceBernstein Holding by 2.4% in the third quarter. Sadoff Investment Management LLC now owns 236,800 shares of the company’s stock valued at $5,399,000 after buying an additional 5,450 shares in the last quarter. New England Research & Management Inc. boosted its position in AllianceBernstein Holding by 10.4% in the third quarter. New England Research & Management Inc. now owns 62,088 shares of the company’s stock worth $1,416,000 after buying an additional 5,850 shares during the period. Royal Bank of Canada boosted its position in AllianceBernstein Holding by 4.5% in the second quarter. Royal Bank of Canada now owns 51,923 shares of the company’s stock worth $1,210,000 after buying an additional 2,234 shares during the period. IFP Advisors Inc boosted its position in AllianceBernstein Holding by 18.6% in the second quarter. IFP Advisors Inc now owns 14,845 shares of the company’s stock worth $346,000 after buying an additional 2,323 shares during the period. Finally, Hillsdale Investment Management Inc. purchased a new position in AllianceBernstein Holding during the second quarter worth $112,000. Institutional investors own 26.31% of the company’s stock.
AllianceBernstein Holding Company Profile
AllianceBernstein Holding L.P. provides research, investment management and related services to a range of clients through three buy-side distribution channels, institutions, retail and private wealth management, and its sell-side business, Bernstein Research Services. The Company’s principal services include institutional services, retail services, private wealth management services and Bernstein research services.
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