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 report released on Tuesday. The brokerage presently has a $28.00 target price on the asset manager’s stock. Zacks Investment Research‘s target price indicates a potential upside of 12.68% from the company’s current price.
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. “
Other equities research analysts also recently issued reports about the company. Credit Suisse Group reiterated a “neutral” rating on shares of AllianceBernstein Holding L.P. in a research report on Friday, August 11th. BidaskClub upgraded AllianceBernstein Holding L.P. from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 16th. 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 stock. The company currently has an average rating of “Buy” and an average target price of $26.75.
AllianceBernstein Holding L.P. (AB) traded down 0.20% on Tuesday, reaching $24.85. 136,357 shares of the company traded hands. AllianceBernstein Holding L.P. has a 1-year low of $20.40 and a 1-year high of $26.15. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 11.41 and a beta of 1.51. The stock’s 50-day moving average is $23.99 and its 200-day moving average is $23.27.
AllianceBernstein Holding L.P. (NYSE:AB) last announced its quarterly earnings results on Thursday, July 27th. The asset manager reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.02. The firm had revenue of $802.31 million during the quarter, compared to the consensus estimate of $771.88 million. AllianceBernstein Holding L.P. had a return on equity of 13.28% and a net margin of 6.74%. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.39 earnings per share. Equities research analysts expect that AllianceBernstein Holding L.P. will post $2.07 EPS for the current year.
In other AllianceBernstein Holding L.P. news, insider Axa America Holdings, Inc. acquired 1,071,180 shares of the company’s stock in a transaction on Friday, September 1st. The shares were bought at an average cost of $22.90 per share, for a total transaction of $24,530,022.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO John C. Weisenseel sold 2,000 shares of AllianceBernstein Holding L.P. stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $23.25, for a total value of $46,500.00. Following the sale, the chief financial officer now owns 44,869 shares in the company, valued at $1,043,204.25. The disclosure for this sale can be found here. Insiders sold a total of 557,832 shares of company stock worth $13,415,779 over the last ninety days. Corporate insiders own 2.70% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of AB. Meiji Yasuda Life Insurance Co bought a new stake in shares of AllianceBernstein Holding L.P. in the 2nd quarter valued at approximately $37,556,000. Morgan Stanley boosted its position in AllianceBernstein Holding L.P. by 166.0% during the 1st quarter. Morgan Stanley now owns 1,258,872 shares of the asset manager’s stock valued at $28,765,000 after purchasing an additional 785,538 shares during the period. Bank of Montreal Can boosted its position in AllianceBernstein Holding L.P. by 9,523.4% during the 2nd quarter. Bank of Montreal Can now owns 444,600 shares of the asset manager’s stock valued at $10,514,000 after purchasing an additional 439,980 shares during the period. Franklin Resources Inc. boosted its position in AllianceBernstein Holding L.P. by 25.4% during the 2nd quarter. Franklin Resources Inc. now owns 1,474,636 shares of the asset manager’s stock valued at $34,874,000 after purchasing an additional 299,008 shares during the period. Finally, Foundry Partners LLC acquired a new position in AllianceBernstein Holding L.P. during the 2nd quarter valued at approximately $6,970,000. Institutional investors and hedge funds own 19.40% of the company’s stock.
About AllianceBernstein Holding L.P.
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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