AllianceBernstein (NYSE:AB) Earns Outperform Rating from Analysts at Alliance Global Partners

Equities research analysts at Alliance Global Partners began coverage on shares of AllianceBernstein (NYSE:AB) in a research note issued to investors on Monday. The brokerage set an “outperform” rating and a $30.00 price target on the asset manager’s stock. Alliance Global Partners’ target price suggests a potential upside of 10.05% from the stock’s previous close.

Several other brokerages have also recently commented on AB. Zacks Investment Research upgraded shares of AllianceBernstein from a “sell” rating to a “strong-buy” rating and set a $31.00 target price for the company in a research report on Tuesday, June 9th. ValuEngine lowered shares of AllianceBernstein from a “hold” rating to a “sell” rating in a report on Thursday, April 2nd. TheStreet raised shares of AllianceBernstein from a “c+” rating to a “b-” rating in a report on Tuesday, June 16th. Credit Suisse Group boosted their price target on shares of AllianceBernstein from $18.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, April 17th. Finally, Evercore ISI assumed coverage on shares of AllianceBernstein in a research note on Monday. They issued an “outperform” rating and a $30.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $29.86.

Shares of NYSE:AB traded up $0.35 during trading on Monday, reaching $27.26. The stock had a trading volume of 3,502 shares, compared to its average volume of 299,251. The business’s 50-day moving average price is $25.91 and its 200 day moving average price is $26.66. AllianceBernstein has a 52 week low of $13.24 and a 52 week high of $36.06. The stock has a market capitalization of $2.63 billion, a PE ratio of 10.37, a P/E/G ratio of 0.67 and a beta of 1.51.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings data on Tuesday, April 28th. The asset manager reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. AllianceBernstein had a net margin of 7.07% and a return on equity of 17.20%. The firm had revenue of $874.20 million during the quarter, compared to analysts’ expectations of $886.43 million. During the same quarter in the previous year, the company posted $0.49 EPS. AllianceBernstein’s revenue was up 9.9% on a year-over-year basis. Equities research analysts anticipate that AllianceBernstein will post 2.6 earnings per share for the current fiscal year.

In other AllianceBernstein news, General Counsel Laurence E. Cranch sold 10,876 shares of the stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $23.74, for a total value of $258,196.24. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.70% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in AB. Hillsdale Investment Management Inc. acquired a new position in shares of AllianceBernstein during the 1st quarter worth approximately $30,000. Wealthcare Advisory Partners LLC boosted its position in shares of AllianceBernstein by 264.4% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 2,055 shares of the asset manager’s stock worth $38,000 after acquiring an additional 1,491 shares in the last quarter. Procyon Private Wealth Partners LLC boosted its position in shares of AllianceBernstein by 787.2% during the 1st quarter. Procyon Private Wealth Partners LLC now owns 2,085 shares of the asset manager’s stock worth $39,000 after acquiring an additional 1,850 shares in the last quarter. Verus Capital Partners LLC acquired a new stake in shares of AllianceBernstein during the 4th quarter worth approximately $83,000. Finally, Tower Research Capital LLC TRC acquired a new stake in shares of AllianceBernstein during the 1st quarter worth approximately $101,000. Hedge funds and other institutional investors own 19.66% of the company’s stock.

About AllianceBernstein

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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Analyst Recommendations for AllianceBernstein (NYSE:AB)

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