Zacks Investment Research lowered shares of AllianceBernstein (NYSE:AB) from a buy rating to a hold rating in a research report released on Friday morning.
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. “
Separately, Citigroup increased their price objective on AllianceBernstein from $31.00 to $34.00 and gave the company a buy rating in a report on Monday, July 30th.
AllianceBernstein (NYSE:AB) last released its quarterly earnings data on Wednesday, October 24th. The asset manager reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.06. AllianceBernstein had a return on equity of 18.08% and a net margin of 7.52%. The business had revenue of $850.20 million for the quarter, compared to the consensus estimate of $701.40 million. During the same quarter in the prior year, the business posted $0.51 EPS. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, sell-side analysts forecast that AllianceBernstein will post 2.68 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, November 5th will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 9.77%. The ex-dividend date of this dividend is Friday, November 2nd. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.62. AllianceBernstein’s dividend payout ratio (DPR) is currently 107.83%.
Large investors have recently added to or reduced their stakes in the stock. Centaurus Financial Inc. purchased a new position in AllianceBernstein during the 2nd quarter worth approximately $129,000. Moody Aldrich Partners LLC purchased a new position in AllianceBernstein during the 2nd quarter worth approximately $157,054,000. Benjamin F. Edwards & Company Inc. grew its stake in AllianceBernstein by 516.6% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 5,549 shares of the asset manager’s stock worth $158,000 after buying an additional 4,649 shares during the last quarter. IFP Advisors Inc grew its stake in AllianceBernstein by 54.4% during the 3rd quarter. IFP Advisors Inc now owns 6,146 shares of the asset manager’s stock worth $187,000 after buying an additional 2,166 shares during the last quarter. Finally, GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in AllianceBernstein during the 2nd quarter worth approximately $200,000. Hedge funds and other institutional investors own 20.56% of the company’s stock.
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.
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