AllianceBernstein (NYSE:AB) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $30.00 price target on the asset manager’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 13.21% from the stock’s current price.
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 research analysts have also issued reports about the stock. Citigroup raised shares of AllianceBernstein from a “neutral” rating to a “buy” rating and increased their target price for the stock from $26.00 to $31.00 in a research note on Thursday, October 26th. ValuEngine raised shares of AllianceBernstein from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. One investment analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $28.00.
AllianceBernstein (NYSE:AB) last posted its quarterly earnings data on Tuesday, February 13th. The asset manager reported $0.84 EPS for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.19. AllianceBernstein had a net margin of 6.38% and a return on equity of 13.72%. The company had revenue of $919.14 million for the quarter, compared to analyst estimates of $839.49 million. During the same period in the prior year, the firm posted $0.67 EPS. The company’s quarterly revenue was up 16.9% on a year-over-year basis. analysts expect that AllianceBernstein will post 2.13 earnings per share for the current fiscal year.
In other AllianceBernstein news, SVP Edward J. Farrell sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $25.20, for a total value of $252,000.00. Following the transaction, the senior vice president now directly owns 19,147 shares of the company’s stock, valued at $482,504.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Axa Equitable Holdings, Inc. acquired 124,983 shares of the company’s stock in a transaction on Friday, December 15th. The stock was acquired at an average cost of $24.95 per share, for a total transaction of $3,118,325.85. The disclosure for this purchase can be found here. 2.70% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. WFG Advisors LP lifted its stake in shares of AllianceBernstein by 24.2% in the second quarter. WFG Advisors LP now owns 6,311 shares of the asset manager’s stock valued at $149,000 after buying an additional 1,228 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in shares of AllianceBernstein in the fourth quarter valued at $200,000. Baker Ellis Asset Management LLC lifted its stake in shares of AllianceBernstein by 38.5% in the fourth quarter. Baker Ellis Asset Management LLC now owns 9,000 shares of the asset manager’s stock valued at $225,000 after buying an additional 2,500 shares in the last quarter. Cetera Advisor Networks LLC bought a new position in shares of AllianceBernstein in the fourth quarter valued at $227,000. Finally, QS Investors LLC bought a new position in shares of AllianceBernstein in the fourth quarter valued at $231,000. 21.08% of the stock is currently 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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