AllianceBernstein (NYSE:AB) Downgraded by Zacks Investment Research

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

Separately, Citigroup decreased their target price on AllianceBernstein from $37.00 to $33.00 and set a “buy” rating on the stock in a research report on Tuesday, October 15th.

AB stock traded up $0.30 during mid-day trading on Wednesday, reaching $28.70. 23,541 shares of the company’s stock were exchanged, compared to its average volume of 206,861. The company has a market cap of $2.73 billion, a price-to-earnings ratio of 10.75, a price-to-earnings-growth ratio of 2.41 and a beta of 1.19. The stock’s 50 day moving average is $29.01 and its 200 day moving average is $28.93. AllianceBernstein has a 12-month low of $23.34 and a 12-month high of $31.42.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings data on Thursday, October 24th. The asset manager reported $0.63 EPS for the quarter, meeting 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 business’s revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.69 earnings per share. Analysts predict that AllianceBernstein will post 2.37 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE lifted its position in AllianceBernstein by 1.4% during the 2nd quarter. Bank of America Corp DE now owns 1,460,582 shares of the asset manager’s stock worth $43,409,000 after acquiring an additional 19,483 shares in the last quarter. UBS Group AG grew its stake in AllianceBernstein by 11.0% in the second quarter. UBS Group AG now owns 1,324,574 shares of the asset manager’s stock worth $39,366,000 after purchasing an additional 131,201 shares in the last quarter. Morgan Stanley increased its holdings in 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 during the last quarter. Wells Fargo & Company MN lifted its holdings in AllianceBernstein by 3.4% during the 2nd quarter. Wells Fargo & Company MN now owns 949,123 shares of the asset manager’s stock worth $28,208,000 after buying an additional 30,905 shares during the last quarter. Finally, Foundry Partners LLC raised its position 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 acquiring an additional 54,934 shares in the last quarter. Institutional investors own 17.76% of the company’s stock.

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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