AllianceBernstein (NYSE:AB) Raised to “Buy” at Goldman Sachs Group

AllianceBernstein (NYSE:AB) was upgraded by equities research analysts at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a report issued on Wednesday, BenzingaRatingsTable reports. The firm presently has a $35.00 target price on the asset manager’s stock, up from their prior target price of $31.50. Goldman Sachs Group’s target price points to a potential upside of 22.38% from the company’s previous close.

Separately, Zacks Investment Research raised AllianceBernstein from a “sell” rating to a “hold” rating in a research note on Tuesday, February 12th.

Shares of NYSE AB opened at $28.60 on Wednesday. The company has a market capitalization of $2.70 billion, a P/E ratio of 10.71, a PEG ratio of 2.57 and a beta of 1.21. AllianceBernstein has a 52 week low of $23.34 and a 52 week high of $31.42.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings results on Thursday, April 25th. The asset manager reported $0.49 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.05). The firm had revenue of $795.46 million during the quarter, compared to the consensus estimate of $739.93 million. AllianceBernstein had a net margin of 7.01% and a return on equity of 15.89%. The company’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.73 EPS. On average, research analysts expect that AllianceBernstein will post 2.35 earnings per share for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of AB. Janney Montgomery Scott LLC boosted its position in shares of AllianceBernstein by 2.2% in the fourth quarter. Janney Montgomery Scott LLC now owns 70,389 shares of the asset manager’s stock valued at $1,923,000 after acquiring an additional 1,487 shares during the period. Canton Hathaway LLC acquired a new position in shares of AllianceBernstein in the fourth quarter valued at $301,000. Birinyi Associates Inc. raised its stake in shares of AllianceBernstein by 24.5% in the fourth quarter. Birinyi Associates Inc. now owns 16,500 shares of the asset manager’s stock valued at $451,000 after purchasing an additional 3,250 shares in the last quarter. Shulman DeMeo Asset Management LLC acquired a new position in shares of AllianceBernstein in the fourth quarter valued at $342,000. Finally, Synovus Financial Corp raised its stake in shares of AllianceBernstein by 26.8% in the fourth quarter. Synovus Financial Corp now owns 4,729 shares of the asset manager’s stock valued at $130,000 after purchasing an additional 1,000 shares in the last quarter. 16.69% of the stock is owned by institutional investors.

AllianceBernstein Company Profile

AllianceBernstein Holding L.P. is publicly owned investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit sharing plans, banks and thrift institutions, trusts, estates, government agencies, charitable organizations, individuals, corporations, and other business entities.

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