AllianceBernstein Holding LP (NYSE:AB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday.
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 subject of a number of other research reports. Citigroup Inc. lowered their price objective on AllianceBernstein Holding from $28.00 to $27.00 and set a “buy” rating for the company in a research report on Friday, July 29th. Jefferies Group raised their price objective on AllianceBernstein Holding from $21.50 to $22.00 and gave the stock a “hold” rating in a research report on Monday, July 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. AllianceBernstein Holding currently has an average rating of “Hold” and an average target price of $25.26.
AllianceBernstein Holding (NYSE:AB) traded down 0.733% on Monday, hitting $22.355. The stock had a trading volume of 77,768 shares. AllianceBernstein Holding has a 52-week low of $16.11 and a 52-week high of $27.70. The firm has a market cap of $2.16 billion, a PE ratio of 11.619 and a beta of 1.31. The company has a 50-day moving average price of $22.27 and a 200 day moving average price of $22.93.
AllianceBernstein Holding (NYSE:AB) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.40 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.44 by $0.04. The business earned $725.80 million during the quarter, compared to analyst estimates of $701.98 million. AllianceBernstein Holding had a return on equity of 29.76% and a net margin of 16.18%. The firm’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.48 EPS. Equities analysts forecast that AllianceBernstein Holding will post $1.73 earnings per share for the current fiscal year.
In related news, Director Weston M. Hicks sold 4,539 shares of the firm’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $21.50, for a total value of $97,588.50. Following the completion of the transaction, the director now owns 26,469 shares in the company, valued at approximately $569,083.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.40% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. Hillsdale Investment Management Inc. bought a new position in AllianceBernstein Holding during the second quarter worth $112,000. Boston Private Wealth LLC raised its position in shares of AllianceBernstein Holding by 3.2% in the second quarter. Boston Private Wealth LLC now owns 10,197 shares of the company’s stock valued at $238,000 after buying an additional 320 shares in the last quarter. Diligent Investors LLC raised its position in shares of AllianceBernstein Holding by 6.7% in the second quarter. Diligent Investors LLC now owns 12,694 shares of the company’s stock valued at $296,000 after buying an additional 794 shares in the last quarter. Bridgecreek Investment Management LLC acquired a new position in shares of AllianceBernstein Holding during the second quarter valued at $306,000. Finally, Investors Capital Advisory Services raised its position in shares of AllianceBernstein Holding by 18.3% in the second quarter. Investors Capital Advisory Services now owns 13,835 shares of the company’s stock valued at $322,000 after buying an additional 2,142 shares in the last quarter. 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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