AllianceBernstein (NYSE: AB) AllianceBernstein’s stock rating downgraded by Zacks Investment Research


AllianceBernstein (NYSE: AB – Get a Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note released Tuesday to investors, Zacks.com reports.

According to Zacks, “ALLIANCE CAP MANAGEMENT LP provides diversified investment management services primarily to pension funds, endowments, foreign financial institutions and individual investors. “

Separately, StockNews.com kicked off coverage on AllianceBernstein in a Thursday, March 31 report. They issued a “holding” rating on the stock.

Shares of AB traded down $0.10 in midday trading on Tuesday, hitting $39.63. The stock recorded trading volume of 391,269 shares, compared to an average trading volume of 446,509 shares. The company’s fifty-day moving average is $43.18 and its 200-day moving average is $46.81. The company has a market capitalization of $3.95 billion, a price-earnings ratio of 10.06 and a beta of 1.40. AllianceBernstein has a 1 year minimum of $35.20 and a 1 year maximum of $57.54.

AllianceBernstein (NYSE: AB – Get Rating) last reported quarterly earnings data on Friday, April 29. The asset manager reported earnings per share of $0.90 for the quarter, beating consensus analyst estimates of $0.84 by $0.06. AllianceBernstein had a return on equity of 24.87% and a net margin of 8.61%. During the same period last year, the company achieved EPS of $0.81. Analysts expect AllianceBernstein to post earnings per share of 3.43 for the current year.

Separately, insider Mark R. Manley sold 5,000 shares of AllianceBernstein in a trade that took place on Wednesday, May 11. The stock was sold at an average price of $38.98, for a total transaction of $194,900.00. Following the transaction, the insider now owns 44,334 shares of the company, valued at $1,728,139.32. The sale was disclosed in a document filed with the SEC, accessible via this link. Insiders of the company own 2.70% of the shares of the company.

Hedge funds and other institutional investors have recently changed their holdings in the company. MV Capital Management Inc. increased its stake in AllianceBernstein by 20.0% during the third quarter. MV Capital Management Inc. now owns 1,200 shares of the asset manager worth $59,000 after buying an additional 200 shares in the last quarter. Allianz Asset Management GmbH increased its stake in AllianceBernstein by 0.6% during the 4th quarter. Allianz Asset Management GmbH now owns 34,544 shares in the asset manager worth $1,687,000 after buying 222 more shares last quarter. Flagship Harbor Advisors LLC increased its stake in AllianceBernstein by 2.1% during the 4th quarter. Flagship Harbor Advisors LLC now owns 11,172 shares of the asset manager worth $546,000 after buying 225 additional shares in the last quarter. Claraphi Advisory Network LLC increased its stake in AllianceBernstein by 4.6% in the 3rd quarter. Claraphi Advisory Network LLC now owns 5,207 shares of the asset manager worth $258,000 after buying 228 additional shares in the last quarter. Finally, Spire Wealth Management increased its stake in AllianceBernstein by 16.4% in the 4th quarter. Spire Wealth Management now owns 1,630 shares of the asset manager worth $80,000 after buying an additional 230 shares last quarter. 13.01% of the shares are held by institutional investors and hedge funds.

About AllianceBernstein (Get an assessment)

AllianceBernstein Holding LP is a public investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit-sharing schemes, banks and savings institutions, trusts, estates, government agencies, charities, individuals, corporations and other business entities.

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