AllianceBernstein (NYSE:AB) Rating Lowered to Hold at Zacks Investment Research

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AllianceBernstein (NYSE:AB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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. “

Other research analysts have also issued reports about the company. Citigroup boosted their target price on AllianceBernstein from $36.00 to $37.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Goldman Sachs Group raised shares of AllianceBernstein from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $31.50 to $35.00 in a research report on Wednesday, June 12th.

NYSE:AB traded up $0.50 during mid-day trading on Wednesday, hitting $29.75. The stock had a trading volume of 219,959 shares, compared to its average volume of 182,627. AllianceBernstein has a twelve month low of $23.34 and a twelve month high of $31.42. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of 11.14, a PEG ratio of 2.22 and a beta of 1.22. The company’s 50 day simple moving average is $28.36 and its 200 day simple moving average is $29.01.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings results on Thursday, July 25th. The asset manager reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.02). AllianceBernstein had a return on equity of 15.54% and a net margin of 6.79%. The business had revenue of $714.00 million for the quarter, compared to analyst estimates of $778.88 million. During the same period last year, the firm earned $0.62 EPS. AllianceBernstein’s quarterly revenue was down .7% compared to the same quarter last year. Equities analysts anticipate that AllianceBernstein will post 2.39 earnings per share for the current year.

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

A number of hedge funds have recently bought and sold shares of the stock. HM Payson & Co. bought a new position in AllianceBernstein in the 2nd quarter valued at about $30,000. Advisory Services Network LLC increased its stake in AllianceBernstein by 168.3% in the second quarter. Advisory Services Network LLC now owns 1,441 shares of the asset manager’s stock valued at $43,000 after acquiring an additional 904 shares during the last quarter. NEXT Financial Group Inc acquired a new position in AllianceBernstein during the second quarter valued at approximately $51,000. Steward Partners Investment Advisory LLC acquired a new position in AllianceBernstein during the second quarter valued at approximately $112,000. Finally, SRS Capital Advisors Inc. bought a new stake in AllianceBernstein during the second quarter worth $151,000. 17.60% of the stock is owned by institutional investors and hedge funds.

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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