Zacks Investment Research upgraded shares of AllianceBernstein (NYSE:AB) from a hold rating to a buy rating in a research report report published on Tuesday morning. The brokerage currently has $30.00 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 equities research analysts also recently weighed in on AB. Citigroup raised shares of AllianceBernstein from a neutral rating to a buy rating and increased their target price for the company from $26.00 to $31.00 in a research note on Thursday, October 26th. ValuEngine downgraded shares of AllianceBernstein from a buy rating to a hold rating in a research note on Tuesday, November 14th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $28.00.
AllianceBernstein (NYSE:AB) last announced its earnings results on Wednesday, October 25th. The asset manager reported $0.51 earnings per share for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $812.15 million during the quarter, compared to analysts’ expectations of $786.74 million. During the same period in the prior year, the company posted $0.45 EPS. The company’s revenue was up 8.6% compared to the same quarter last year. analysts expect that AllianceBernstein will post 2.1 earnings per share for the current fiscal year.
In other news, SVP Edward J. Farrell sold 10,000 shares of the company’s stock in a transaction dated 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 in the company, valued at $482,504.40. The transaction was disclosed in a document filed with the SEC, 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 dated Friday, December 15th. The stock was bought at an average price of $24.95 per share, for a total transaction of $3,118,325.85. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 55,659 shares of company stock worth $1,391,975. Company insiders own 2.70% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of AB. WFG Advisors LP grew its holdings 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 worth $149,000 after purchasing an additional 1,228 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in AllianceBernstein by 399.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 14,980 shares of the asset manager’s stock worth $354,000 after acquiring an additional 11,980 shares in the last quarter. Virtu KCG Holdings LLC bought a new position in AllianceBernstein during the 2nd quarter worth about $424,000. Cambridge Investment Research Advisors Inc. grew its holdings in AllianceBernstein by 25.2% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 20,293 shares of the asset manager’s stock worth $480,000 after acquiring an additional 4,086 shares in the last quarter. Finally, Citigroup Inc. grew its holdings in AllianceBernstein by 64.2% during the 2nd quarter. Citigroup Inc. now owns 20,937 shares of the asset manager’s stock worth $495,000 after acquiring an additional 8,187 shares in the last quarter. Hedge funds and other institutional investors own 20.77% of the company’s stock.
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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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