AllianceBernstein (NYSE:AB) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research cut shares of AllianceBernstein (NYSE:AB) from a hold rating to a sell rating in a report published 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 reduced 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.

AllianceBernstein stock opened at $29.32 on Wednesday. The stock’s 50-day moving average is $29.06 and its 200-day moving average is $28.93. The company has a market cap of $2.81 billion, a price-to-earnings ratio of 10.98, a price-to-earnings-growth ratio of 2.41 and a beta of 1.19. AllianceBernstein has a 12 month low of $23.34 and a 12 month high of $31.42.

AllianceBernstein (NYSE:AB) last issued its earnings results on Thursday, October 24th. The asset manager reported $0.63 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.63. The business had revenue of $877.87 million during the quarter, compared to analysts’ expectations of $880.27 million. AllianceBernstein had a return on equity of 15.18% and a net margin of 6.55%. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.69 EPS. Analysts expect that AllianceBernstein will post 2.37 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were issued a dividend of $0.63 per share. This is a positive change from AllianceBernstein’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend was Friday, November 1st. This represents a $2.52 annualized dividend and a dividend yield of 8.59%. AllianceBernstein’s payout ratio is presently 94.38%.

A number of institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE raised its position in AllianceBernstein by 1.4% in the second quarter. Bank of America Corp DE now owns 1,460,582 shares of the asset manager’s stock valued at $43,409,000 after purchasing an additional 19,483 shares during the period. UBS Group AG grew its stake in shares of AllianceBernstein by 11.0% in the second quarter. UBS Group AG now owns 1,324,574 shares of the asset manager’s stock valued at $39,366,000 after buying an additional 131,201 shares in the last quarter. Morgan Stanley grew its stake in shares of AllianceBernstein by 67.1% in the second quarter. Morgan Stanley now owns 1,188,873 shares of the asset manager’s stock valued at $35,333,000 after buying an additional 477,495 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of AllianceBernstein by 3.4% during the 2nd quarter. Wells Fargo & Company MN now owns 949,123 shares of the asset manager’s stock valued at $28,208,000 after buying an additional 30,905 shares during the period. Finally, Foundry Partners LLC raised its holdings in shares of AllianceBernstein by 9.0% during the 3rd quarter. Foundry Partners LLC now owns 662,472 shares of the asset manager’s stock valued at $19,444,000 after buying an additional 54,934 shares during the period. 17.76% of the stock is owned by hedge funds and other 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.

See Also: Buy-Side Analysts

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