AllianceBernstein (NYSE:AB) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of AllianceBernstein (NYSE:AB) from a sell rating to a hold rating in a research report sent to investors on Wednesday, Zacks.com reports.

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 decreased their price target on shares of AllianceBernstein from $37.00 to $33.00 and set a buy rating on the stock in a research report on Tuesday, October 15th.

AB traded up $1.09 during trading on Wednesday, hitting $29.25. The company’s stock had a trading volume of 583,926 shares, compared to its average volume of 256,815. AllianceBernstein has a one year low of $23.34 and a one year high of $31.42. The firm has a market cap of $2.69 billion, a PE ratio of 10.96, a P/E/G ratio of 2.30 and a beta of 1.20. The business’s 50 day simple moving average is $28.82 and its 200-day simple moving average is $28.96.

AllianceBernstein (NYSE:AB) last released its quarterly earnings results on Thursday, October 24th. The asset manager reported $0.63 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.63. AllianceBernstein had a net margin of 6.79% and a return on equity of 15.54%. The business had revenue of $877.87 million for the quarter, compared to the consensus estimate of $880.27 million. During the same period last year, the firm earned $0.69 earnings per share. The company’s quarterly revenue was up 3.3% on a year-over-year basis. Analysts expect that AllianceBernstein will post 2.38 earnings per share for the current fiscal year.

In other AllianceBernstein news, CFO John C. Weisenseel sold 32,723 shares of AllianceBernstein stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $29.61, for a total value of $968,928.03. Following the sale, the chief financial officer now directly owns 22,723 shares in the company, valued at approximately $672,828.03. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO John C. Weisenseel sold 10,000 shares of AllianceBernstein stock in a transaction on Friday, July 26th. The shares were sold at an average price of $29.63, for a total transaction of $296,300.00. Following the completion of the sale, the chief financial officer now owns 22,723 shares in the company, valued at $673,282.49. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Foundry Partners LLC grew its stake in shares of AllianceBernstein by 9.0% during the third quarter. Foundry Partners LLC now owns 662,472 shares of the asset manager’s stock worth $19,444,000 after purchasing an additional 54,934 shares during the period. Moors & Cabot Inc. boosted its holdings in shares of AllianceBernstein by 17.0% during the 3rd quarter. Moors & Cabot Inc. now owns 61,269 shares of the asset manager’s stock valued at $1,798,000 after acquiring an additional 8,894 shares in the last quarter. Sicart Associates LLC bought a new position in shares of AllianceBernstein in the 3rd quarter worth about $280,000. North Star Investment Management Corp. acquired a new stake in shares of AllianceBernstein in the 3rd quarter valued at about $44,000. Finally, Royal Bank of Canada boosted its stake in AllianceBernstein by 13.3% during the 2nd quarter. Royal Bank of Canada now owns 120,278 shares of the asset manager’s stock valued at $3,574,000 after purchasing an additional 14,154 shares during the last quarter. 17.61% of the stock is owned by institutional investors.

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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