AllianceBernstein Holding LP (AB) Upgraded to Hold at Zacks Investment Research
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. “
Several other equities research analysts have also recently commented on AB. Jefferies Group boosted their target price on AllianceBernstein Holding from $21.50 to $22.00 and gave the stock a hold rating in a report on Monday, July 11th. Citigroup Inc. dropped their price target on AllianceBernstein Holding from $28.00 to $27.00 and set a buy rating on the stock in a report on Friday, July 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $25.26.
AllianceBernstein Holding (NYSE:AB) opened at 21.85 on Monday. AllianceBernstein Holding has a 12 month low of $16.11 and a 12 month high of $27.70. The company has a 50 day moving average price of $22.28 and a 200 day moving average price of $22.92. The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of 11.36 and a beta of 1.31.
AllianceBernstein Holding (NYSE:AB) last announced its earnings results on Thursday, July 28th. The company reported $0.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by $0.04. AllianceBernstein Holding had a return on equity of 29.76% and a net margin of 16.18%. The firm had revenue of $725.80 million for the quarter, compared to the consensus estimate of $701.98 million. During the same period in the previous year, the firm earned $0.48 EPS. AllianceBernstein Holding’s revenue for the quarter was down 8.4% on a year-over-year basis. Equities research analysts predict that AllianceBernstein Holding will post $1.73 earnings per share for the current year.
In other AllianceBernstein Holding news, Director Weston M. Hicks sold 4,539 shares of AllianceBernstein Holding stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $21.50, for a total transaction of $97,588.50. Following the transaction, the director now directly owns 26,469 shares in the company, valued at approximately $569,083.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 3.40% of the company’s stock.
A number of institutional investors have recently bought and sold shares of AB. NN Investment Partners Holdings N.V. purchased a new position in AllianceBernstein Holding during the first quarter valued at $6,322,000. Allianz Asset Management AG boosted its position in AllianceBernstein Holding by 13.0% in the second quarter. Allianz Asset Management AG now owns 1,415,792 shares of the company’s stock valued at $32,988,000 after buying an additional 163,000 shares during the last quarter. Groesbeck Investment Management Corp NJ boosted its position in AllianceBernstein Holding by 99.7% in the first quarter. Groesbeck Investment Management Corp NJ now owns 100,150 shares of the company’s stock valued at $2,347,000 after buying an additional 50,000 shares during the last quarter. ING Groep NV boosted its position in AllianceBernstein Holding by 22.2% in the second quarter. ING Groep NV now owns 110,000 shares of the company’s stock valued at $2,563,000 after buying an additional 20,000 shares during the last quarter. Finally, Citigroup Inc. boosted its position in AllianceBernstein Holding by 31.5% in the second quarter. Citigroup Inc. now owns 81,776 shares of the company’s stock valued at $1,906,000 after buying an additional 19,579 shares during the last quarter. Hedge funds and other institutional investors own 26.31% of the company’s stock.
About AllianceBernstein Holding
AllianceBernstein Holding L.P. provides research, investment management and related services to a range of clients through three buy-side distribution channels, institutions, retail and private wealth management, and its sell-side business, Bernstein Research Services. The Company’s principal services include institutional services, retail services, private wealth management services and Bernstein research services.
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