AllianceBernstein (NYSE:AB) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday. The firm presently has a $30.00 target price on the asset manager’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 13.21% from the company’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. “
Other analysts have also recently issued reports about the company. ValuEngine upgraded AllianceBernstein from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Citigroup upgraded AllianceBernstein from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $26.00 to $31.00 in a research report on Thursday, October 26th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $28.00.
AllianceBernstein (NYSE:AB) last posted its quarterly earnings data on Tuesday, February 13th. The asset manager reported $0.84 EPS for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.19. The business had revenue of $919.14 million during the quarter, compared to analysts’ expectations of $839.49 million. AllianceBernstein had a return on equity of 13.72% and a net margin of 6.38%. The business’s revenue was up 16.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.67 earnings per share. equities analysts predict that AllianceBernstein will post 2.13 earnings per share for the current fiscal year.
In related news, SVP Edward J. Farrell sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $25.20, for a total transaction of $252,000.00. Following the completion of the sale, the senior vice president now directly owns 19,147 shares in the company, valued at $482,504.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Axa Equitable Holdings, Inc. purchased 124,983 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The shares were purchased at an average price of $24.95 per share, with a total value of $3,118,325.85. The disclosure for this purchase can be found here. 2.70% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC boosted its stake in AllianceBernstein by 2.3% during the second quarter. FMR LLC now owns 680,041 shares of the asset manager’s stock worth $16,083,000 after buying an additional 15,041 shares during the last quarter. New England Research & Management Inc. lifted its stake in shares of AllianceBernstein by 6.0% in the 4th quarter. New England Research & Management Inc. now owns 79,278 shares of the asset manager’s stock valued at $1,986,000 after purchasing an additional 4,500 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its stake in shares of AllianceBernstein by 25.1% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 64,608 shares of the asset manager’s stock valued at $1,570,000 after purchasing an additional 12,961 shares during the last quarter. California Public Employees Retirement System lifted its stake in shares of AllianceBernstein by 5.7% in the 3rd quarter. California Public Employees Retirement System now owns 191,870 shares of the asset manager’s stock valued at $4,662,000 after purchasing an additional 10,270 shares during the last quarter. Finally, Whalerock Point Partners LLC acquired a new position in shares of AllianceBernstein in the 4th quarter valued at $368,000. Hedge funds and other institutional investors own 21.08% of the company’s stock.
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AllianceBernstein 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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