AllianceBernstein (NYSE:AB) Lifted to “Hold” 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 report published on Wednesday morning, Zacks.com reports.

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. “

Separately, Citigroup decreased their price target on shares of AllianceBernstein from $37.00 to $33.00 and set a buy rating for the company in a report on Tuesday, October 15th.

AB traded down $0.22 during trading on Wednesday, reaching $29.35. 316,583 shares of the company’s stock were exchanged, compared to its average volume of 260,531. AllianceBernstein has a fifty-two week low of $23.34 and a fifty-two week high of $31.42. The firm has a market capitalization of $2.84 billion, a PE ratio of 10.99, a P/E/G ratio of 2.45 and a beta of 1.20. The company’s fifty day moving average price is $28.85 and its 200-day moving average price is $28.94.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings results on Thursday, October 24th. The asset manager reported $0.63 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.63. AllianceBernstein had a net margin of 6.55% and a return on equity of 15.18%. The company had revenue of $877.87 million during the quarter, compared to analyst estimates of $880.27 million. During the same quarter in the previous year, the business earned $0.69 EPS. The firm’s revenue was up 3.3% on a year-over-year basis. Equities research analysts forecast that AllianceBernstein will post 2.37 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 4th will be issued a $0.63 dividend. This is a positive change from AllianceBernstein’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, November 1st. This represents a $2.52 annualized dividend and a dividend yield of 8.59%. AllianceBernstein’s payout ratio is 94.38%.

Several hedge funds have recently made changes to their positions in AB. First Allied Advisory Services Inc. grew its position in shares of AllianceBernstein by 29.8% during the 3rd quarter. First Allied Advisory Services Inc. now owns 26,685 shares of the asset manager’s stock worth $787,000 after purchasing an additional 6,132 shares in the last quarter. Cetera Advisor Networks LLC grew its position in shares of AllianceBernstein by 22.8% during the 3rd quarter. Cetera Advisor Networks LLC now owns 25,245 shares of the asset manager’s stock worth $740,000 after purchasing an additional 4,690 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its position in shares of AllianceBernstein by 8.8% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 10,516 shares of the asset manager’s stock worth $309,000 after purchasing an additional 854 shares in the last quarter. Creative Planning grew its position in shares of AllianceBernstein by 48.3% during the 3rd quarter. Creative Planning now owns 24,522 shares of the asset manager’s stock worth $720,000 after purchasing an additional 7,984 shares in the last quarter. Finally, BB&T Corp grew its position in shares of AllianceBernstein by 26.5% during the 3rd quarter. BB&T Corp now owns 9,067 shares of the asset manager’s stock worth $266,000 after purchasing an additional 1,900 shares in the last quarter. 17.67% of the stock is owned by institutional investors.

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.

Further Reading: What is the return on assets (ROA) ratio?

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