AllianceBernstein (NYSE:AB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage currently has a $30.00 price target on the asset manager’s stock. Zacks Investment Research‘s price target suggests a potential upside of 10.70% 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. “
Several other research analysts also recently weighed in on the stock. 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 upgraded shares of AllianceBernstein from a “hold” rating to a “buy” rating in a report on Friday, December 1st. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. AllianceBernstein currently has an average rating of “Buy” and a consensus price target of $28.00.
AllianceBernstein (NYSE:AB) last released its quarterly earnings data on Wednesday, October 25th. The asset manager reported $0.51 earnings per share for the quarter, missing the Thomson Reuters’ 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 business had revenue of $812.15 million for the quarter, compared to analyst estimates of $786.74 million. During the same quarter in the previous year, the company posted $0.45 EPS. The business’s quarterly revenue was up 8.6% on a year-over-year basis. analysts forecast that AllianceBernstein will post 2.1 earnings per share for the current year.
In other news, COO James A. Gingrich sold 5,659 shares of the stock in a transaction dated Tuesday, October 17th. The shares were sold at an average price of $25.00, for a total value of $141,475.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO James A. Gingrich sold 30,000 shares of the stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $25.01, for a total transaction of $750,300.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,659 shares of company stock valued at $1,391,975. 2.70% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. WFG Advisors LP grew its position in AllianceBernstein by 24.2% during the second quarter. WFG Advisors LP now owns 6,311 shares of the asset manager’s stock valued at $149,000 after buying an additional 1,228 shares during the period. Tower Research Capital LLC TRC grew its position in AllianceBernstein by 399.3% during the second quarter. Tower Research Capital LLC TRC now owns 14,980 shares of the asset manager’s stock valued at $354,000 after buying an additional 11,980 shares during the period. Virtu KCG Holdings LLC bought a new position in AllianceBernstein during the second quarter valued at about $424,000. Cambridge Investment Research Advisors Inc. grew its position in AllianceBernstein by 25.2% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 20,293 shares of the asset manager’s stock valued at $480,000 after buying an additional 4,086 shares during the period. Finally, Citigroup Inc. grew its position in AllianceBernstein by 64.2% during the second quarter. Citigroup Inc. now owns 20,937 shares of the asset manager’s stock valued at $495,000 after buying an additional 8,187 shares during the period. Institutional investors own 20.77% of the company’s stock.
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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