Zacks Investment Research Upgrades AllianceBernstein (NYSE:AB) to “Buy”

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AllianceBernstein (NYSE:AB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Zacks.com reports. The brokerage presently has a $34.00 price target on the asset manager’s stock. Zacks Investment Research‘s target price points to a potential upside of 11.51% from the stock’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. “

AB has been the subject of several other research reports. Citigroup cut Apergy from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $41.00 to $34.00 in a research report on Tuesday. Goldman Sachs Group started coverage on Taylor Wimpey in a research report on Wednesday, June 12th. They set a “buy” rating for the company.

Shares of NYSE:AB opened at $30.49 on Thursday. AllianceBernstein has a fifty-two week low of $23.34 and a fifty-two week high of $31.42. The business has a 50-day moving average of $29.05. The firm has a market capitalization of $2.92 billion, a PE ratio of 12.59, a P/E/G ratio of 2.78 and a beta of 1.21.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings results on Thursday, April 25th. The asset manager reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.05). AllianceBernstein had a return on equity of 15.89% and a net margin of 7.01%. The company had revenue of $795.46 million during the quarter, compared to analyst estimates of $739.93 million. During the same period in the prior year, the firm earned $0.73 EPS. AllianceBernstein’s quarterly revenue was down 8.3% on a year-over-year basis. As a group, equities analysts anticipate that AllianceBernstein will post 2.38 earnings per share for the current year.

In other AllianceBernstein news, insider Kate C. Burke sold 18,897 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $28.75, for a total value of $543,288.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.70% of the stock is currently owned by insiders.

A number of institutional investors have recently bought and sold shares of the business. Truvestments Capital LLC bought a new stake in AllianceBernstein during the 1st quarter worth approximately $42,000. FTB Advisors Inc. grew its position in AllianceBernstein by 44.1% during the 1st quarter. FTB Advisors Inc. now owns 2,450 shares of the asset manager’s stock worth $71,000 after acquiring an additional 750 shares during the last quarter. Osborn Williams & Donohoe LLC bought a new stake in AllianceBernstein during the 1st quarter worth approximately $131,000. Centric Wealth Management bought a new stake in AllianceBernstein during the 2nd quarter worth approximately $204,000. Finally, GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in AllianceBernstein during the 1st quarter worth approximately $202,000. 16.66% of the stock is owned by hedge funds and other 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.

See Also: Market Capitalization, Large-Caps, Mid-Caps, Small-Caps

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