AllianceBernstein (NYSE:AB) Raised to “Hold” at Zacks Research

AllianceBernstein (NYSE:AB) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

AB has been the topic of several other reports. Sanford C. Bernstein reissued an “outperform” rating on shares of AllianceBernstein in a research note on Monday, June 8th. Barclays reduced their price objective on shares of AllianceBernstein from $40.00 to $39.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 29th. Weiss Ratings downgraded shares of AllianceBernstein from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Evercore set a $40.00 target price on shares of AllianceBernstein in a research note on Monday, June 8th. Finally, TD Cowen reduced their price target on shares of AllianceBernstein from $39.50 to $39.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, AllianceBernstein currently has a consensus rating of “Hold” and an average target price of $39.90.

AllianceBernstein Trading Up 0.4%

Shares of AB opened at $35.23 on Monday. The stock has a market capitalization of $3.29 billion, a P/E ratio of 10.84, a price-to-earnings-growth ratio of 1.65 and a beta of 0.80. The firm’s fifty day simple moving average is $37.55 and its two-hundred day simple moving average is $38.62. AllianceBernstein has a 12 month low of $34.92 and a 12 month high of $44.11.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings results on Tuesday, April 28th. The asset manager reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.04). The business had revenue of $871.13 million for the quarter, compared to analyst estimates of $894.70 million. AllianceBernstein had a return on equity of 23.11% and a net margin of 6.69%.The business’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.80 earnings per share. As a group, research analysts predict that AllianceBernstein will post 3.46 EPS for the current fiscal year.

Hedge Funds Weigh In On AllianceBernstein

A number of institutional investors have recently modified their holdings of the company. Axiom Investment Management LLC bought a new position in shares of AllianceBernstein in the 1st quarter worth $28,000. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in AllianceBernstein during the fourth quarter worth $28,000. Ascentis Independent Advisors acquired a new position in AllianceBernstein during the first quarter worth $30,000. NFSG Corp lifted its stake in shares of AllianceBernstein by 800.0% in the first quarter. NFSG Corp now owns 900 shares of the asset manager’s stock valued at $34,000 after buying an additional 800 shares in the last quarter. Finally, Garton & Associates Financial Advisors LLC bought a new position in shares of AllianceBernstein in the fourth quarter valued at $35,000. 19.25% of the stock is owned by institutional investors and hedge funds.

AllianceBernstein Company Profile

AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.

The firm’s roots date back to 1967 with the founding of Sanford C.