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

AllianceBernstein (NYSE:AB) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Several other analysts have also recently weighed in on the company. Weiss Ratings cut AllianceBernstein from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Evercore set a $40.00 target price on AllianceBernstein in a research report on Monday, June 8th. Sanford C. Bernstein restated an “outperform” rating on shares of AllianceBernstein in a research note on Monday, June 8th. TD Cowen dropped their price target on AllianceBernstein from $39.50 to $39.00 and set a “hold” rating on the stock in a research report on Wednesday, April 29th. Finally, Barclays reduced their price target on AllianceBernstein from $40.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 29th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $39.90.

AllianceBernstein Trading Up 0.4%

Shares of NYSE AB opened at $35.23 on Monday. The firm has a fifty day simple moving average of $37.55 and a two-hundred day simple moving average of $38.62. AllianceBernstein has a 12 month low of $34.92 and a 12 month high of $44.11. The firm has a market capitalization of $3.29 billion, a PE ratio of 10.84, a price-to-earnings-growth ratio of 1.65 and a beta of 0.80.

AllianceBernstein (NYSE:AB) last announced its earnings results on Tuesday, April 28th. The asset manager reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.04). AllianceBernstein had a net margin of 6.69% and a return on equity of 23.11%. The company had revenue of $871.13 million for the quarter, compared to the consensus estimate of $894.70 million. During the same period in the previous year, the firm posted $0.80 EPS. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. On average, sell-side analysts predict that AllianceBernstein will post 3.46 earnings per share for the current year.

Institutional Trading of AllianceBernstein

Institutional investors have recently bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in AllianceBernstein during the 4th quarter valued at about $28,000. Axiom Investment Management LLC bought a new position in shares of AllianceBernstein in the first quarter worth approximately $28,000. Ascentis Independent Advisors purchased a new stake in shares of AllianceBernstein during the first quarter valued at approximately $30,000. NFSG Corp increased its position in shares of AllianceBernstein by 800.0% during the first quarter. NFSG Corp now owns 900 shares of the asset manager’s stock valued at $34,000 after acquiring an additional 800 shares in the last quarter. Finally, Garton & Associates Financial Advisors LLC bought a new stake in shares of AllianceBernstein during the fourth quarter valued at approximately $35,000. 19.25% of the stock is owned by hedge funds and other institutional investors.

About AllianceBernstein

AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.

The firm’s roots date back to 1967 with the founding of Sanford C.