AllianceBernstein (NYSE:AB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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. “
Several other analysts have also weighed in on AB. Citigroup upgraded shares of AllianceBernstein from a “neutral” rating to a “buy” rating and lifted their target price for the company 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 report on Tuesday, November 14th. Two equities research 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’s stock. AllianceBernstein currently has an average rating of “Buy” and an average price target of $28.00.
AllianceBernstein (NYSE:AB) last issued its earnings results on Wednesday, October 25th. The asset manager reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). AllianceBernstein had a net margin of 6.38% and a return on equity of 13.72%. The business had revenue of $812.15 million for the quarter, compared to analyst estimates of $786.74 million. During the same quarter last year, the firm posted $0.45 earnings per share. AllianceBernstein’s revenue 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 related news, Chairman Brugge Robert P. Van sold 10,000 shares of AllianceBernstein stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $24.82, for a total transaction of $248,200.00. Following the completion of the transaction, the chairman now directly owns 101,609 shares of the company’s stock, valued at approximately $2,521,935.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Axa Equitable Holdings, Inc. purchased 124,983 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were purchased at an average cost of $24.95 per share, with a total value of $3,118,325.85. The disclosure for this purchase can be found here. Company insiders own 2.70% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in AB. JPMorgan Chase & Co. raised its stake in shares of AllianceBernstein by 14.7% in the second quarter. JPMorgan Chase & Co. now owns 51,407 shares of the asset manager’s stock worth $1,215,000 after acquiring an additional 6,600 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of AllianceBernstein by 121.2% in the second quarter. Ameriprise Financial Inc. now owns 30,276 shares of the asset manager’s stock worth $716,000 after acquiring an additional 16,591 shares during the last quarter. GSA Capital Partners LLP raised its stake in shares of AllianceBernstein by 437.1% in the second quarter. GSA Capital Partners LLP now owns 67,200 shares of the asset manager’s stock worth $1,589,000 after acquiring an additional 54,688 shares during the last quarter. Citigroup Inc. raised its stake in shares of AllianceBernstein by 64.2% in the second quarter. Citigroup Inc. now owns 20,937 shares of the asset manager’s stock worth $495,000 after acquiring an additional 8,187 shares during the last quarter. Finally, FMR LLC raised its stake in shares of AllianceBernstein by 2.3% in the second quarter. FMR LLC now owns 680,041 shares of the asset manager’s stock worth $16,083,000 after acquiring an additional 15,041 shares during the last quarter. 20.77% of the stock is owned by institutional investors.
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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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