AllianceBernstein (NYSE:AB) Releases Earnings Results, Beats Expectations By $0.02 EPS

AllianceBernstein (NYSE:AB) announced its quarterly earnings results on Tuesday. The asset manager reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.02, FiscalAI reports. AllianceBernstein had a return on equity of 25.94% and a net margin of 6.60%. During the same quarter in the prior year, the firm posted $0.86 EPS. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year.

AllianceBernstein Price Performance

AB opened at $35.33 on Tuesday. The company’s 50 day simple moving average is $35.74 and its two-hundred day simple moving average is $37.59. The firm has a market capitalization of $3.29 billion, a price-to-earnings ratio of 10.40, a price-to-earnings-growth ratio of 1.17 and a beta of 0.79. AllianceBernstein has a 1-year low of $33.90 and a 1-year high of $44.11.

Insider Buying and Selling

In other news, Director Charles Stonehill sold 5,000 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $37.17, for a total transaction of $185,850.00. Following the completion of the transaction, the director directly owned 24,573 shares in the company, valued at approximately $913,378.41. This represents a 16.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.80% of the stock is owned by company insiders.

Analyst Ratings Changes

AB has been the topic of several research reports. Evercore set a $39.00 target price on shares of AllianceBernstein in a report on Friday, July 10th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of AllianceBernstein in a research note on Friday, October 9th. Weiss Ratings cut AllianceBernstein from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, August 3rd. Barclays cut their price objective on AllianceBernstein from $39.00 to $37.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 14th. Finally, TD Cowen cut their target price on shares of AllianceBernstein from $38.00 to $36.00 and set a “hold” rating on the stock in a research report on Monday, October 12th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $37.88.

AllianceBernstein Company Profile

AllianceBernstein Holding L.P. (NYSE:AB) is a global investment management and research firm serving institutional investors, retail clients and private-wealth customers. The company provides investment strategies and advisory services across equities, fixed income, multi-asset portfolios and alternative investments.

AllianceBernstein offers actively managed and customized portfolios, along with mutual funds, separately managed accounts, institutional mandates and other investment vehicles.