AllianceBernstein (NYSE:AB) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of AllianceBernstein (NYSE:AB) from a hold rating to a buy rating in a report issued on Thursday morning, Zacks.com reports. They currently have $34.00 price objective on the asset manager’s stock.
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 topic of a number of other research reports. Goldman Sachs Group started coverage on shares of Taylor Wimpey in a report on Wednesday, June 12th. They issued a buy rating on the stock. Citigroup cut shares of Apergy from a buy rating to a neutral rating and lowered their price target for the stock from $41.00 to $34.00 in a report on Tuesday.
AllianceBernstein (NYSE:AB) last announced its 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 business had revenue of $795.46 million during the quarter, compared to analysts’ expectations of $739.93 million. During the same quarter in the previous year, the firm earned $0.73 EPS. AllianceBernstein’s quarterly revenue was down 8.3% on a year-over-year basis. Analysts predict that AllianceBernstein will post 2.38 EPS for the current fiscal year.
In related news, insider Kate C. Burke sold 18,897 shares of AllianceBernstein stock in a transaction that occurred on Wednesday, June 12th. The shares were 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 SEC, which is available at the SEC website. Insiders own 2.70% of the company’s stock.
Several large investors have recently bought and sold shares of AB. Meridian Wealth Management LLC raised its holdings in AllianceBernstein by 4.7% during the 1st quarter. Meridian Wealth Management LLC now owns 7,915 shares of the asset manager’s stock valued at $229,000 after acquiring an additional 355 shares during the period. MML Investors Services LLC raised its holdings in AllianceBernstein by 4.9% during the 4th quarter. MML Investors Services LLC now owns 7,888 shares of the asset manager’s stock valued at $216,000 after acquiring an additional 367 shares during the period. Cetera Advisor Networks LLC raised its holdings in AllianceBernstein by 2.2% during the 4th quarter. Cetera Advisor Networks LLC now owns 17,839 shares of the asset manager’s stock valued at $486,000 after acquiring an additional 380 shares during the period. Blue Fin Capital Inc. raised its holdings in AllianceBernstein by 1.3% during the 1st quarter. Blue Fin Capital Inc. now owns 36,324 shares of the asset manager’s stock valued at $1,049,000 after acquiring an additional 459 shares during the period. Finally, Fiduciary Group LLC raised its holdings in AllianceBernstein by 4.8% during the 1st quarter. Fiduciary Group LLC now owns 10,193 shares of the asset manager’s stock valued at $294,000 after acquiring an additional 465 shares during the period. 16.66% of the stock is currently owned by 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.
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