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 to investors 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. “
Other analysts have also issued research reports about the stock. 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 reissued a “neutral” rating on shares of AllianceBernstein Holding L.P. in a report on Friday, August 11th. Four equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $26.75.
Shares of AllianceBernstein Holding L.P. (NYSE AB) traded up 1.694% during trading on Wednesday, reaching $25.271. The company’s stock had a trading volume of 184,618 shares. The company has a market capitalization of $2.36 billion, a P/E ratio of 11.592 and a beta of 1.51. AllianceBernstein Holding L.P. has a 12 month low of $20.40 and a 12 month 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 posted its earnings results on Thursday, July 27th. The asset manager reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.02. The company had revenue of $802.31 million during the quarter, compared to analysts’ expectations of $771.88 million. AllianceBernstein Holding L.P. had a net margin of 6.74% and a return on equity of 13.28%. AllianceBernstein Holding L.P.’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.39 earnings per share. On average, analysts forecast that AllianceBernstein Holding L.P. will post $2.07 EPS for the current fiscal year.
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In other news, COO James A. Gingrich sold 60,000 shares of the business’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $24.97, for a total value of $1,498,200.00. Following the completion of the transaction, the chief operating officer now owns 255,581 shares of the company’s stock, valued at approximately $6,381,857.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO James A. Gingrich sold 3,500 shares of the business’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $24.70, for a total transaction of $86,450.00. Following the completion of the transaction, the chief operating officer now directly owns 62,659 shares of the company’s stock, valued at approximately $1,547,677.30. The disclosure for this sale can be found here. Insiders have sold a total of 550,832 shares of company stock valued at $13,247,429 in the last ninety days. Company insiders own 2.70% of the company’s stock.
Several hedge funds have recently made changes to their positions in AB. Meiji Yasuda Life Insurance Co acquired a new position in shares of AllianceBernstein Holding L.P. in the 2nd quarter valued at $37,556,000. Morgan Stanley grew its holdings in shares of AllianceBernstein Holding L.P. by 166.0% in the 1st quarter. Morgan Stanley now owns 1,258,872 shares of the asset manager’s stock valued at $28,765,000 after buying an additional 785,538 shares during the period. Bank of Montreal Can grew its holdings in shares of AllianceBernstein Holding L.P. by 9,523.4% in the 2nd quarter. Bank of Montreal Can now owns 444,600 shares of the asset manager’s stock valued at $10,514,000 after buying an additional 439,980 shares during the period. Franklin Resources Inc. grew its holdings in shares of AllianceBernstein Holding L.P. by 25.4% in the 2nd quarter. Franklin Resources Inc. now owns 1,474,636 shares of the asset manager’s stock valued at $34,874,000 after buying an additional 299,008 shares during the period. Finally, Foundry Partners LLC acquired a new position in shares of AllianceBernstein Holding L.P. in the 2nd quarter valued at $6,970,000. 19.40% of the stock is owned by institutional investors.
AllianceBernstein Holding L.P. 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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