Zacks Investment Research upgraded shares of AllianceBernstein Holding L.P. (NYSE:AB) from a hold rating to a buy rating in a report issued on Tuesday. The brokerage currently has $28.00 price objective on the asset manager’s stock.
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 research analysts have also commented on the stock. BidaskClub raised shares of AllianceBernstein Holding L.P. from a hold rating to a buy rating in a research note on Saturday, June 24th. Credit Suisse Group reissued a neutral rating on shares of AllianceBernstein Holding L.P. in a research note on Friday, August 11th. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $26.75.
Shares of AllianceBernstein Holding L.P. (AB) traded up 1.01% during midday trading on Tuesday, reaching $25.10. 34,440 shares of the company’s stock traded hands. AllianceBernstein Holding L.P. has a one year low of $20.40 and a one year high of $26.15. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of 11.51 and a beta of 1.51. The company has a 50-day moving average of $23.99 and a 200-day moving average of $23.27.
AllianceBernstein Holding L.P. (NYSE:AB) last posted its quarterly earnings data on Thursday, July 27th. The asset manager reported $0.49 EPS for the quarter, topping the consensus estimate of $0.47 by $0.02. The company had revenue of $802.31 million during the quarter, compared to analyst estimates of $771.88 million. AllianceBernstein Holding L.P. had a net margin of 6.74% and a return on equity of 13.28%. AllianceBernstein Holding L.P.’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.39 earnings per share. Equities research analysts anticipate that AllianceBernstein Holding L.P. will post $2.07 EPS for the current year.
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In other AllianceBernstein Holding L.P. news, insider Axa America Holdings, Inc. acquired 1,071,180 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was bought at an average cost of $22.90 per share, with a total value of $24,530,022.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Weston M. Hicks sold 15,627 shares of the business’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $24.40, for a total transaction of $381,298.80. Following the completion of the transaction, the director now owns 10,842 shares of the company’s stock, valued at $264,544.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 550,832 shares of company stock valued at $13,247,429. 2.70% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in AB. First Trust Advisors LP bought a new position in AllianceBernstein Holding L.P. in the first quarter worth about $496,000. JPMorgan Chase & Co. raised its holdings in AllianceBernstein Holding L.P. by 12.6% in the first quarter. JPMorgan Chase & Co. now owns 44,807 shares of the asset manager’s stock worth $1,023,000 after purchasing an additional 5,025 shares in the last quarter. Schroder Investment Management Group raised its holdings in AllianceBernstein Holding L.P. by 5.3% in the first quarter. Schroder Investment Management Group now owns 73,589 shares of the asset manager’s stock worth $1,656,000 after purchasing an additional 3,689 shares in the last quarter. Neuberger Berman Group LLC raised its holdings in AllianceBernstein Holding L.P. by 18.0% in the first quarter. Neuberger Berman Group LLC now owns 13,100 shares of the asset manager’s stock worth $299,000 after purchasing an additional 2,000 shares in the last quarter. Finally, California Public Employees Retirement System raised its holdings in AllianceBernstein Holding L.P. by 1.5% in the first quarter. California Public Employees Retirement System now owns 174,000 shares of the asset manager’s stock worth $3,976,000 after purchasing an additional 2,600 shares in the last quarter. Institutional investors and hedge funds own 19.40% of the company’s stock.
About AllianceBernstein Holding L.P.
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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