Zacks Investment Research lowered shares of AllianceBernstein (NYSE:AB) from a buy rating to a hold rating in a research report sent to investors on Monday.
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. “
AB has been the subject of several other reports. Citigroup raised AllianceBernstein from a neutral rating to a buy rating and lifted their price target for the stock from $26.00 to $31.00 in a report on Thursday, October 26th. ValuEngine cut AllianceBernstein from a buy rating to a hold rating in a report on Tuesday, November 14th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. AllianceBernstein currently has an average rating of Buy and an average price target of $27.80.
AllianceBernstein (NYSE:AB) last issued its earnings results on Wednesday, October 25th. The asset manager reported $0.51 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.01). The business had revenue of $812.15 million for the quarter, compared to the consensus estimate of $786.74 million. AllianceBernstein had a return on equity of 13.72% and a net margin of 6.38%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 earnings per share. equities analysts expect that AllianceBernstein will post 2.1 EPS for the current year.
In related news, COO James A. Gingrich sold 10,500 shares of AllianceBernstein stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $24.35, for a total transaction of $255,675.00. Following the completion of the sale, the chief operating officer now directly owns 83,659 shares of the company’s stock, valued at approximately $2,037,096.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Brugge Robert P. Van sold 10,000 shares of AllianceBernstein stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $24.82, for a total value of $248,200.00. Following the sale, the chairman now directly owns 101,609 shares of the company’s stock, valued at $2,521,935.38. The disclosure for this sale can be found here. Over the last three months, insiders have sold 141,659 shares of company stock valued at $3,508,805. 2.70% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in AB. Meiji Yasuda Life Insurance Co acquired a new position in AllianceBernstein in the 2nd quarter valued at $37,556,000. JPMorgan Chase & Co. raised its holdings in AllianceBernstein by 787.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 456,134 shares of the asset manager’s stock valued at $11,107,000 after acquiring an additional 404,727 shares in the last quarter. Skandinaviska Enskilda Banken AB publ acquired a new position in AllianceBernstein in the 3rd quarter valued at $7,290,000. Franklin Resources Inc. raised its holdings in AllianceBernstein by 25.4% in the 2nd quarter. Franklin Resources Inc. now owns 1,474,636 shares of the asset manager’s stock valued at $34,874,000 after acquiring an additional 299,008 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in AllianceBernstein by 6.0% in the 2nd quarter. American Century Companies Inc. now owns 2,518,953 shares of the asset manager’s stock valued at $59,573,000 after acquiring an additional 141,736 shares in the last quarter. 20.77% of the stock is owned by hedge funds and other 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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