AllianceBernstein (NYSE:AB) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of AllianceBernstein (NYSE:AB) from a sell rating to a hold rating in a report released on Wednesday, 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 lowered their price objective on shares of AllianceBernstein from $37.00 to $33.00 and set a buy rating for the company in a research report on Tuesday, October 15th.

NYSE:AB opened at $29.35 on Wednesday. The stock has a market capitalization of $2.84 billion, a P/E ratio of 10.99, a PEG ratio of 2.45 and a beta of 1.20. The company has a 50 day moving average price of $28.85 and a 200 day moving average price of $28.94. AllianceBernstein has a fifty-two week low of $23.34 and a fifty-two week high of $31.42.

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

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Monday, November 4th will be given a dividend of $0.63 per share. The ex-dividend date is Friday, November 1st. This represents a $2.52 dividend on an annualized basis and a dividend yield of 8.59%. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.56. AllianceBernstein’s dividend payout ratio (DPR) is presently 94.38%.

Hedge funds have recently modified their holdings of the business. HM Payson & Co. purchased a new position in AllianceBernstein in the 2nd quarter valued at approximately $30,000. Advisory Services Network LLC boosted its position in AllianceBernstein by 168.3% in the 2nd quarter. Advisory Services Network LLC now owns 1,441 shares of the asset manager’s stock valued at $43,000 after buying an additional 904 shares during the period. North Star Investment Management Corp. purchased a new position in AllianceBernstein in the 3rd quarter valued at approximately $44,000. NEXT Financial Group Inc purchased a new position in AllianceBernstein in the 2nd quarter valued at approximately $51,000. Finally, Steward Partners Investment Advisory LLC purchased a new position in AllianceBernstein in the 2nd quarter valued at approximately $112,000. 17.67% of the stock is owned by institutional investors.

AllianceBernstein Company Profile

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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