Zacks Investment Research upgraded shares of AllianceBernstein (NYSE:AB) from a sell rating to a hold rating in a research report released on Tuesday morning.
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 opened at $31.17 on Tuesday. The firm has a market cap of $3.02 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 2.08 and a beta of 1.29. AllianceBernstein has a 1 year low of $23.34 and a 1 year high of $31.42.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AB. Miller Howard Investments Inc. NY purchased a new stake in AllianceBernstein during the fourth quarter valued at about $6,219,000. Bank of Montreal Can lifted its holdings in AllianceBernstein by 6,003.2% during the third quarter. Bank of Montreal Can now owns 189,200 shares of the asset manager’s stock valued at $5,761,000 after purchasing an additional 186,100 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in AllianceBernstein by 11.5% during the third quarter. JPMorgan Chase & Co. now owns 882,708 shares of the asset manager’s stock valued at $26,879,000 after purchasing an additional 91,244 shares during the last quarter. Inlet Private Wealth LLC purchased a new stake in AllianceBernstein during the fourth quarter valued at about $1,598,000. Finally, First Republic Investment Management Inc. lifted its holdings in AllianceBernstein by 22.3% during the third quarter. First Republic Investment Management Inc. now owns 273,305 shares of the asset manager’s stock valued at $8,322,000 after purchasing an additional 49,816 shares during the last quarter. 19.55% of the stock is currently owned by institutional investors and hedge funds.
AllianceBernstein Company Profile
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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