AllianceBernstein Holding L.P. (AB) Rating Lowered to Hold at Zacks Investment Research
AllianceBernstein Holding L.P. (NYSE:AB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued 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. “
A number of other equities analysts also recently commented on AB. ValuEngine downgraded shares of AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Sidoti initiated coverage on shares of AllianceBernstein Holding L.P. in a research note on Monday, June 5th. They set a “buy” rating and a $28.00 target price for the company. BidaskClub upgraded shares of AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. Finally, Credit Suisse Group reiterated a “neutral” rating on shares of AllianceBernstein Holding L.P. in a research note on Friday, August 11th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $26.25.
Shares of AllianceBernstein Holding L.P. (AB) opened at 23.70 on Monday. The stock has a 50 day moving average price of $23.92 and a 200-day moving average price of $23.02. AllianceBernstein Holding L.P. has a 52-week low of $20.40 and a 52-week high of $26.15. The firm has a market cap of $2.22 billion, a PE ratio of 10.89 and a beta of 1.52.
AllianceBernstein Holding L.P. (NYSE:AB) last issued its earnings results on Thursday, July 27th. The asset manager reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.02. The firm had revenue of $802.31 million during the quarter, compared to the consensus estimate of $771.88 million. AllianceBernstein Holding L.P. had a net margin of 6.74% and a return on equity of 13.28%. The company’s revenue was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.39 earnings per share. On average, equities analysts anticipate that AllianceBernstein Holding L.P. will post $2.07 EPS for the current fiscal year.
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In other AllianceBernstein Holding L.P. news, COO James A. Gingrich sold 21,000 shares of the company’s stock in a transaction on Monday, June 19th. The shares were sold at an average price of $23.13, for a total value of $485,730.00. Following the completion of the transaction, the chief operating officer now owns 356,581 shares in the company, valued at $8,247,718.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Axa America Holdings, Inc. acquired 1,071,180 shares of the firm’s stock in a transaction on Friday, September 1st. The stock was bought at an average price of $22.90 per share, with a total value of $24,530,022.00. The disclosure for this purchase can be found here. Insiders sold 587,705 shares of company stock valued at $14,036,776 in the last 90 days. 2.70% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. WFG Advisors LP boosted its stake in AllianceBernstein Holding L.P. by 24.2% in the second quarter. WFG Advisors LP now owns 6,311 shares of the asset manager’s stock valued at $149,000 after acquiring an additional 1,228 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in AllianceBernstein Holding L.P. by 70.0% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 75,524 shares of the asset manager’s stock valued at $1,786,000 after acquiring an additional 31,107 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in AllianceBernstein Holding L.P. by 399.3% in the second quarter. Tower Research Capital LLC TRC now owns 14,980 shares of the asset manager’s stock valued at $354,000 after acquiring an additional 11,980 shares in the last quarter. Royal Bank of Canada boosted its stake in AllianceBernstein Holding L.P. by 5.2% in the second quarter. Royal Bank of Canada now owns 96,449 shares of the asset manager’s stock valued at $2,282,000 after acquiring an additional 4,750 shares in the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new position in AllianceBernstein Holding L.P. in the second quarter valued at $769,000. Institutional investors own 19.41% of the company’s stock.
AllianceBernstein Holding L.P. Company Profile
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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