AllianceBernstein (NYSE:AB) Stock Rating Lowered by Zacks Investment Research

AllianceBernstein (NYSE:AB – Get Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, 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, StockNews.com initiated coverage on AllianceBernstein in a report on Thursday, March 31st. They issued a “hold” rating on the stock.

Shares of AB stock traded down $0.10 during mid-day trading on Tuesday, reaching $39.63. The stock had a trading volume of 391,269 shares, compared to its average volume of 446,509. The business’s fifty day moving average is $43.18 and its 200-day moving average is $46.81. The firm has a market cap of $3.95 billion, a price-to-earnings ratio of 10.06 and a beta of 1.40. AllianceBernstein has a 1-year low of $35.20 and a 1-year high of $57.54.

AllianceBernstein (NYSE:AB – Get Rating) last announced its quarterly earnings data on Friday, April 29th. The asset manager reported $0.90 earnings per share for the quarter, beating analysts’ consensus 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 firm earned $0.81 EPS. Analysts forecast that AllianceBernstein will post 3.43 earnings per share for the current year.

In related news, insider Mark R. Manley sold 5,000 shares of AllianceBernstein stock in a transaction that occurred on Wednesday, May 11th. 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 in the company, valued at $1,728,139.32. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.70% of the company’s stock.

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

About AllianceBernstein (Get Rating)

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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