AllianceBernstein (NYSE:AB) Announces Quarterly Earnings Results

AllianceBernstein (NYSE:ABGet Free Report) issued its quarterly earnings data on Wednesday. The asset manager reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.14, Briefing.com reports. AllianceBernstein had a return on equity of 14.43% and a net margin of 6.14%. The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $857.85 million. During the same quarter in the previous year, the business earned $0.70 earnings per share. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis.

AllianceBernstein Stock Performance

AllianceBernstein stock opened at $33.16 on Thursday. The firm has a market capitalization of $3.71 billion, a price-to-earnings ratio of 15.00, a price-to-earnings-growth ratio of 0.82 and a beta of 1.26. AllianceBernstein has a fifty-two week low of $25.83 and a fifty-two week high of $42.00. The stock’s fifty day moving average is $31.82 and its two-hundred day moving average is $30.78.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. TD Cowen assumed coverage on AllianceBernstein in a research note on Thursday, January 4th. They issued an “outperform” rating and a $36.00 price objective for the company. StockNews.com upgraded AllianceBernstein from a “sell” rating to a “hold” rating in a research note on Thursday, November 2nd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.25.

Read Our Latest Analysis on AllianceBernstein

Institutional Trading of AllianceBernstein

Several large investors have recently bought and sold shares of AB. Cowa LLC purchased a new stake in shares of AllianceBernstein in the first quarter valued at $27,000. Bank of America Corp DE lifted its position in AllianceBernstein by 130.8% during the first quarter. Bank of America Corp DE now owns 926,832 shares of the asset manager’s stock worth $33,885,000 after buying an additional 525,176 shares during the period. The Manufacturers Life Insurance Company lifted its position in AllianceBernstein by 98.0% during the first quarter. The Manufacturers Life Insurance Company now owns 501,095 shares of the asset manager’s stock worth $23,561,000 after buying an additional 248,055 shares during the period. Morgan Stanley lifted its position in AllianceBernstein by 26.3% during the fourth quarter. Morgan Stanley now owns 1,183,665 shares of the asset manager’s stock worth $40,683,000 after buying an additional 246,609 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in AllianceBernstein by 6.5% during the third quarter. JPMorgan Chase & Co. now owns 1,607,636 shares of the asset manager’s stock worth $48,792,000 after buying an additional 98,567 shares during the period. Institutional investors and hedge funds own 14.27% of the company’s stock.

About AllianceBernstein

(Get Free Report)

AllianceBernstein Holding L.P. is a publicly owned investment manager. The firm is a related adviser The firm manages separate client focused portfolios for its clients. The firm primarily invests in common and preferred stocks, warrants and convertible securities, government and corporate fxed-income securities, commodities, currencies, real estate-related assets and infation-protected securities.

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Earnings History for AllianceBernstein (NYSE:AB)

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