AllianceBernstein (AB) Rating Lowered to Hold at Zacks Investment Research
Zacks Investment Research cut shares of AllianceBernstein (NYSE:AB) from a buy rating to a hold rating in a report published on Wednesday.
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 subject of a number of other research reports. 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 research report on Thursday, October 26th. ValuEngine downgraded shares of AllianceBernstein from a buy rating to a hold rating in a research report on Tuesday, November 14th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of Buy and an average price target of $28.00.
AllianceBernstein (NYSE:AB) last posted its earnings results on Wednesday, October 25th. The asset manager reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). AllianceBernstein had a return on equity of 13.72% and a net margin of 6.38%. The company had revenue of $812.15 million during the quarter, compared to the consensus estimate of $786.74 million. During the same period last year, the firm posted $0.45 EPS. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. equities research analysts anticipate that AllianceBernstein will post 2.13 EPS for the current year.
In other AllianceBernstein news, insider Axa Equitable Holdings, Inc. acquired 124,983 shares of the business’s stock in a transaction dated Friday, December 15th. The stock was purchased at an average price of $24.95 per share, with a total value of $3,118,325.85. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Edward J. Farrell sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $25.20, for a total transaction of $252,000.00. Following the sale, the senior vice president now directly owns 19,147 shares of the company’s stock, valued at approximately $482,504.40. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.
Hedge funds have recently modified their holdings of the company. FMR LLC grew its position in shares of AllianceBernstein by 2.3% during the 2nd quarter. FMR LLC now owns 680,041 shares of the asset manager’s stock valued at $16,083,000 after acquiring an additional 15,041 shares during the period. GSA Capital Partners LLP lifted its stake in shares of AllianceBernstein by 437.1% during the 2nd quarter. GSA Capital Partners LLP now owns 67,200 shares of the asset manager’s stock valued at $1,589,000 after buying an additional 54,688 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its stake in shares of AllianceBernstein by 25.1% during 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. Tower Research Capital LLC TRC lifted its stake in shares of AllianceBernstein by 399.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 14,980 shares of the asset manager’s stock valued at $354,000 after buying an additional 11,980 shares in the last quarter. Finally, New England Research & Management Inc. lifted its stake in shares of AllianceBernstein by 6.0% during 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. 20.77% of the stock is owned by hedge funds and other institutional investors.
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AllianceBernstein 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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