AllianceBernstein (AB) Upgraded at Zacks Investment Research

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.

In related news, insider Axa Equitable Holdings, Inc. purchased 254,675 shares of the business’s stock in a transaction that occurred on Friday, December 21st. The shares were bought at an average cost of $24.95 per share, with a total value of $6,354,141.25. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.70% of the stock is currently owned by insiders.

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.

See Also: How are Outstanding Shares Different from Authorized Shares?

Get a free copy of the Zacks research report on AllianceBernstein (AB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for AllianceBernstein Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AllianceBernstein and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit