Zacks Investment Research Upgrades AllianceBernstein Holding L.P. (AB) to “Buy”
AllianceBernstein Holding L.P. (NYSE:AB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The brokerage currently has a $26.00 price target on the asset manager’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.11% from the stock’s previous close.
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 analysts have also commented on the company. Sidoti started coverage on AllianceBernstein Holding L.P. in a report on Monday, June 5th. They issued a “buy” rating and a $28.00 target price on the stock. BidaskClub raised AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. ValuEngine lowered AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Credit Suisse Group reissued a “neutral” rating on shares of AllianceBernstein Holding L.P. in a report on Friday, August 11th. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $26.25.
AllianceBernstein Holding L.P. (NYSE:AB) traded up 0.21% on Friday, reaching $23.40. The company’s stock had a trading volume of 156,147 shares. The company has a 50 day moving average of $23.99 and a 200 day moving average of $23.04. AllianceBernstein Holding L.P. has a 52 week low of $20.40 and a 52 week high of $26.15. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of 10.75 and a beta of 1.52.
AllianceBernstein Holding L.P. (NYSE:AB) last posted its earnings results on Thursday, July 27th. The asset manager reported $0.49 EPS for the quarter, beating the consensus estimate of $0.47 by $0.02. The firm had revenue of $802.31 million for the quarter, compared to analyst estimates of $771.88 million. AllianceBernstein Holding L.P. had a return on equity of 13.28% and a net margin of 6.74%. AllianceBernstein Holding L.P.’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.39 earnings per share. On average, analysts forecast that AllianceBernstein Holding L.P. will post $2.07 earnings per share for the current year.
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In other AllianceBernstein Holding L.P. news, COO James A. Gingrich sold 21,000 shares of the company’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $23.08, for a total value of $484,680.00. Following the completion of the transaction, the chief operating officer now owns 367,081 shares in the company, valued at $8,472,229.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Axa America Holdings, Inc. acquired 1,071,180 shares of the firm’s stock in a transaction on Friday, September 1st. The stock was bought at an average price of $22.90 per share, with a total value of $24,530,022.00. The disclosure for this purchase can be found here. Insiders sold 608,705 shares of company stock valued at $14,521,456 in the last 90 days. 2.70% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Baker Ellis Asset Management LLC acquired a new position in AllianceBernstein Holding L.P. in the second quarter valued at $118,000. WFG Advisors LP boosted its stake in shares of AllianceBernstein Holding L.P. by 24.2% during the second quarter. WFG Advisors LP now owns 6,311 shares of the asset manager’s stock worth $149,000 after buying an additional 1,228 shares during the period. Snow Capital Management LP acquired a new stake in shares of AllianceBernstein Holding L.P. during the first quarter worth about $200,000. National Planning Corp boosted its stake in shares of AllianceBernstein Holding L.P. by 16.1% during the second quarter. National Planning Corp now owns 10,841 shares of the asset manager’s stock worth $258,000 after buying an additional 1,500 shares during the period. Finally, Neuberger Berman Group LLC boosted its stake in shares of AllianceBernstein Holding L.P. by 18.0% during the first quarter. Neuberger Berman Group LLC now owns 13,100 shares of the asset manager’s stock worth $299,000 after buying an additional 2,000 shares during the period. Institutional investors own 19.41% of the company’s stock.
AllianceBernstein Holding L.P. 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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