AllianceBernstein Holding L.P. (AB) Downgraded by Zacks Investment Research
AllianceBernstein Holding L.P. (NYSE:AB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
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 has been the topic of several other research reports. BidaskClub raised shares of AllianceBernstein Holding L.P. from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. Credit Suisse Group reaffirmed a “neutral” rating on shares of AllianceBernstein Holding L.P. in a report on Friday, August 11th. Four analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $26.75.
Shares of AllianceBernstein Holding L.P. (NYSE AB) traded up 1.61% on Wednesday, reaching $25.25. 198,299 shares of the company’s stock traded hands. The firm has a market capitalization of $2.36 billion, a P/E ratio of 11.60 and a beta of 1.51. AllianceBernstein Holding L.P. has a 52 week low of $20.40 and a 52 week high of $26.15. The company’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 Thomson Reuters’ 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 net margin of 6.74% and a return on equity of 13.28%. The business’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 EPS. Equities research analysts anticipate that AllianceBernstein Holding L.P. will post $2.07 earnings per share for the current fiscal year.
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In related news, COO James A. Gingrich sold 3,500 shares of the stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $24.70, for a total transaction of $86,450.00. Following the completion of the sale, the chief operating officer now directly owns 62,659 shares of the company’s stock, valued at approximately $1,547,677.30. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO James A. Gingrich sold 7,000 shares of the stock in a transaction that occurred on Friday, October 6th. The stock was sold at an average price of $24.70, for a total value of $172,900.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 550,832 shares of company stock valued at $13,247,429. 2.70% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Baker Ellis Asset Management LLC bought a new stake in AllianceBernstein Holding L.P. during the 2nd quarter worth approximately $118,000. WFG Advisors LP increased its stake in AllianceBernstein Holding L.P. by 24.2% during the 2nd quarter. WFG Advisors LP now owns 6,311 shares of the asset manager’s stock worth $149,000 after purchasing an additional 1,228 shares in the last quarter. National Planning Corp increased its stake in AllianceBernstein Holding L.P. by 16.1% during the 2nd quarter. National Planning Corp now owns 10,841 shares of the asset manager’s stock worth $258,000 after purchasing an additional 1,500 shares in the last quarter. Neuberger Berman Group LLC increased its stake in AllianceBernstein Holding L.P. by 18.0% during the 1st quarter. Neuberger Berman Group LLC now owns 13,100 shares of the asset manager’s stock worth $299,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in AllianceBernstein Holding L.P. by 399.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 14,980 shares of the asset manager’s stock worth $354,000 after purchasing an additional 11,980 shares in the last quarter. 19.40% of the stock is owned by institutional investors and hedge funds.
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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