AllianceBernstein Holding L.P. (AB) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of AllianceBernstein Holding L.P. (NYSE:AB) from a hold rating to a buy rating in a research report released on Tuesday morning. Zacks Investment Research currently has $28.00 price objective 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. “
Other analysts have also issued research reports about the stock. Credit Suisse Group reaffirmed a neutral rating on shares of AllianceBernstein Holding L.P. in a report on Friday, August 11th. BidaskClub raised shares of AllianceBernstein Holding L.P. from a buy rating to a strong-buy rating in a report on Sunday, July 16th. Four research 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 $26.75.
Shares of AllianceBernstein Holding L.P. (AB) opened at 25.20 on Tuesday. AllianceBernstein Holding L.P. has a 1-year low of $20.40 and a 1-year high of $26.15. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of 11.58 and a beta of 1.51. The stock’s 50 day moving average price is $24.08 and its 200 day moving average price is $23.30.
AllianceBernstein Holding L.P. (NYSE:AB) last released 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. AllianceBernstein Holding L.P. had a net margin of 6.74% and a return on equity of 13.28%. The firm had revenue of $802.31 million during the quarter, compared to analyst estimates of $771.88 million. During the same quarter in the previous year, the business earned $0.39 EPS. The business’s quarterly revenue was up 10.5% compared to the same quarter last year. Analysts expect that AllianceBernstein Holding L.P. will post $2.07 EPS for the current year.
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In other news, COO James A. Gingrich sold 7,000 shares of the business’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $24.30, for a total value of $170,100.00. Following the completion of the transaction, the chief operating officer now owns 283,081 shares of the company’s stock, valued at approximately $6,878,868.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Axa America Holdings, Inc. purchased 1,071,180 shares of the firm’s stock in a transaction dated Friday, September 1st. The stock was purchased at an average cost 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 a total of 559,832 shares of company stock valued at $13,490,534 in the last three months. 2.70% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in AB. First Trust Advisors LP acquired a new position in shares of AllianceBernstein Holding L.P. in the 1st quarter valued at $496,000. JPMorgan Chase & Co. grew its holdings in shares of AllianceBernstein Holding L.P. by 12.6% in the 1st quarter. JPMorgan Chase & Co. now owns 44,807 shares of the asset manager’s stock valued at $1,023,000 after buying an additional 5,025 shares during the period. Schroder Investment Management Group grew its holdings in shares of AllianceBernstein Holding L.P. by 5.3% in the 1st quarter. Schroder Investment Management Group now owns 73,589 shares of the asset manager’s stock valued at $1,656,000 after buying an additional 3,689 shares during the period. Neuberger Berman Group LLC grew its holdings in shares of AllianceBernstein Holding L.P. by 18.0% in the 1st quarter. Neuberger Berman Group LLC now owns 13,100 shares of the asset manager’s stock valued at $299,000 after buying an additional 2,000 shares during the period. Finally, California Public Employees Retirement System grew its holdings in shares of AllianceBernstein Holding L.P. by 1.5% in the 1st quarter. California Public Employees Retirement System now owns 174,000 shares of the asset manager’s stock valued at $3,976,000 after buying an additional 2,600 shares during the period. 19.40% of the stock is owned by institutional investors.
About AllianceBernstein Holding L.P.
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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