AllianceBernstein (AB) Receives Consensus Recommendation of “Buy” from Brokerages

AllianceBernstein (NYSE:AB) has been given an average recommendation of “Buy” by the six analysts that are covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $29.50.

A number of brokerages have commented on AB. ValuEngine lowered AllianceBernstein from a “buy” rating to a “hold” rating in a research report on Wednesday, April 18th. Zacks Investment Research lowered AllianceBernstein from a “buy” rating to a “hold” rating in a report on Friday, April 13th.

In other news, General Counsel Laurence E. Cranch sold 37,500 shares of AllianceBernstein stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $26.32, for a total transaction of $987,000.00. Following the completion of the sale, the general counsel now directly owns 150,707 shares in the company, valued at approximately $3,966,608.24. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Laurence E. Cranch sold 40,848 shares of the business’s stock in a transaction that occurred on Friday, March 2nd. The stock was sold at an average price of $26.26, for a total value of $1,072,668.48. Following the completion of the sale, the general counsel now owns 134,269 shares of the company’s stock, valued at $3,525,903.94. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of AB. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in AllianceBernstein in the 4th quarter worth approximately $200,000. Baker Ellis Asset Management LLC lifted its holdings in AllianceBernstein by 38.5% in the 4th quarter. Baker Ellis Asset Management LLC now owns 9,000 shares of the asset manager’s stock worth $225,000 after purchasing an additional 2,500 shares during the last quarter. Cetera Advisor Networks LLC acquired a new stake in AllianceBernstein in the 4th quarter worth approximately $227,000. QS Investors LLC acquired a new stake in AllianceBernstein in the 4th quarter worth approximately $231,000. Finally, Financial Advocates Investment Management acquired a new stake in AllianceBernstein in the 4th quarter worth approximately $253,000. Hedge funds and other institutional investors own 22.79% of the company’s stock.

Shares of NYSE AB opened at $26.10 on Thursday. AllianceBernstein has a one year low of $20.40 and a one year high of $28.15. The stock has a market cap of $2,541.77, a price-to-earnings ratio of 11.35, a price-to-earnings-growth ratio of 1.69 and a beta of 1.46.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings data on Tuesday, February 13th. The asset manager reported $0.84 EPS for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.19. AllianceBernstein had a return on equity of 14.72% and a net margin of 6.30%. The firm had revenue of $919.14 million during the quarter, compared to analyst estimates of $839.49 million. During the same period last year, the company posted $0.67 EPS. The business’s quarterly revenue was up 16.9% compared to the same quarter last year. equities analysts predict that AllianceBernstein will post 2.51 earnings per share for the current fiscal year.

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About AllianceBernstein

AllianceBernstein Holding L.P. is publicly owned investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit sharing plans, banks and thrift institutions, trusts, estates, government agencies, charitable organizations, individuals, corporations, and other business entities.

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