AllianceBernstein (AB) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of AllianceBernstein (NYSE:AB) from a buy rating to a hold rating in a report published on Monday, January 8th.

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. “

A number of other analysts have also recently weighed in on the company. ValuEngine upgraded AllianceBernstein from a hold rating to a buy rating in a research report on Friday, December 1st. Citigroup upgraded AllianceBernstein from a neutral rating to a buy rating and increased their target price for the stock from $26.00 to $31.00 in a report on Thursday, October 26th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $28.00.

Shares of AllianceBernstein (AB) traded up $0.05 during trading on Monday, hitting $27.20. The stock had a trading volume of 277,000 shares, compared to its average volume of 355,689. AllianceBernstein has a fifty-two week low of $20.40 and a fifty-two week high of $27.80. The firm has a market cap of $2,550.00, a price-to-earnings ratio of 12.89, a price-to-earnings-growth ratio of 1.33 and a beta of 1.59.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings results on Wednesday, October 25th. The asset manager reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). The business had revenue of $812.15 million for the quarter, compared to analyst estimates of $786.74 million. AllianceBernstein had a return on equity of 13.72% and a net margin of 6.38%. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.45 earnings per share. sell-side analysts predict that AllianceBernstein will post 2.13 EPS for the current fiscal year.

In other news, COO James A. Gingrich sold 5,659 shares of AllianceBernstein stock in a transaction on Tuesday, October 17th. The stock was sold at an average price of $25.00, for a total value of $141,475.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Edward J. Farrell sold 10,000 shares of AllianceBernstein stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $25.20, for a total value of $252,000.00. Following the completion of the transaction, the senior vice president now owns 19,147 shares in the company, valued at approximately $482,504.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,659 shares of company stock valued at $641,675. 2.70% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of AB. Franklin Resources Inc. lifted its stake in shares of AllianceBernstein 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 purchasing an additional 299,008 shares during the period. FMR LLC lifted its stake in shares of AllianceBernstein by 2.3% in the 2nd quarter. FMR LLC now owns 680,041 shares of the asset manager’s stock valued at $16,083,000 after purchasing an additional 15,041 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of AllianceBernstein by 787.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 456,134 shares of the asset manager’s stock valued at $11,107,000 after purchasing an additional 404,727 shares during the period. Foundry Partners LLC lifted its stake in shares of AllianceBernstein by 25.3% in the 3rd quarter. Foundry Partners LLC now owns 369,235 shares of the asset manager’s stock valued at $8,972,000 after purchasing an additional 74,537 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ acquired a new position in shares of AllianceBernstein in the 3rd quarter valued at about $7,290,000. Institutional investors and hedge funds own 20.77% of the company’s stock.

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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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