AllianceBernstein (NYSE:AB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report 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 reports. Citigroup upgraded shares of AllianceBernstein from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $26.00 to $31.00 in a report on Thursday, October 26th. ValuEngine lowered shares of AllianceBernstein from a “buy” rating to a “hold” rating in a report on Tuesday, November 14th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $28.00.
AllianceBernstein (NYSE:AB) last issued its quarterly earnings data on Wednesday, October 25th. The asset manager reported $0.51 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.01). AllianceBernstein had a return on equity of 13.72% and a net margin of 6.38%. The company had revenue of $812.15 million during the quarter, compared to analyst estimates of $786.74 million. During the same quarter in the prior year, the company posted $0.45 earnings per share. The business’s revenue was up 8.6% compared to the same quarter last year. analysts forecast that AllianceBernstein will post 2.13 EPS for the current fiscal year.
In related news, Chairman Brugge Robert P. Van sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $24.82, for a total transaction of $248,200.00. Following the sale, the chairman now directly owns 101,609 shares of the company’s stock, valued at approximately $2,521,935.38. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Axa Equitable Holdings, Inc. bought 124,983 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were acquired at an average cost of $24.95 per share, for a total transaction of $3,118,325.85. The disclosure for this purchase can be found here. 2.70% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the business. Advocacy Wealth Management Services LLC increased its position in shares of AllianceBernstein by 29.0% in the 1st quarter. Advocacy Wealth Management Services LLC now owns 4,450 shares of the asset manager’s stock valued at $102,000 after purchasing an additional 1,000 shares during the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of AllianceBernstein in the 2nd quarter valued at approximately $112,000. WFG Advisors LP purchased a new stake in shares of AllianceBernstein in the 4th quarter valued at approximately $117,000. Baker Ellis Asset Management LLC purchased a new stake in shares of AllianceBernstein in the 2nd quarter valued at approximately $118,000. Finally, TCI Wealth Advisors Inc. increased its position in shares of AllianceBernstein by 28.8% in the 1st quarter. TCI Wealth Advisors Inc. now owns 5,556 shares of the asset manager’s stock valued at $127,000 after purchasing an additional 1,244 shares during the last quarter. 20.77% of the stock is currently owned by institutional investors.
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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