AllianceBernstein (NYSE:AB) Announces Quarterly Earnings Results

AllianceBernstein (NYSE:AB) posted its earnings results on Tuesday. The asset manager reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.02, FiscalAI reports. AllianceBernstein had a return on equity of 25.94% and a net margin of 6.60%.

AllianceBernstein Price Performance

NYSE:AB opened at $35.27 on Tuesday. AllianceBernstein has a one year low of $33.90 and a one year high of $44.11. The company’s 50-day simple moving average is $35.74 and its 200 day simple moving average is $37.59. The firm has a market capitalization of $3.28 billion, a P/E ratio of 10.44, a PEG ratio of 1.17 and a beta of 0.79.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Barclays decreased their target price on AllianceBernstein from $39.00 to $37.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 14th. Evercore set a $39.00 price target on AllianceBernstein in a research report on Friday, July 10th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of AllianceBernstein in a research note on Friday, October 9th. TD Cowen decreased their price objective on AllianceBernstein from $38.00 to $36.00 and set a “hold” rating for the company in a report on Monday, October 12th. Finally, Weiss Ratings lowered AllianceBernstein from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, August 3rd. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, AllianceBernstein has an average rating of “Hold” and an average target price of $37.88.

Insiders Place Their Bets

In other AllianceBernstein news, Director Charles Stonehill sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $37.17, for a total transaction of $185,850.00. Following the completion of the transaction, the director owned 24,573 shares of the company’s stock, valued at approximately $913,378.41. This trade represents a 16.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.80% of the company’s stock.

About AllianceBernstein

AllianceBernstein Holding L.P. (NYSE:AB) is a global investment management and research firm serving institutional investors, retail clients and private-wealth customers. The company provides investment strategies and advisory services across equities, fixed income, multi-asset portfolios and alternative investments.

AllianceBernstein offers actively managed and customized portfolios, along with mutual funds, separately managed accounts, institutional mandates and other investment vehicles.