AllianceBernstein (NYSE:AB) Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of AllianceBernstein (NYSE:AB) from a hold rating to a strong sell rating in a report issued on Tuesday,Zacks.com reports.

AB has been the topic of a number of other research reports. TD Cowen reaffirmed a “hold” rating on shares of AllianceBernstein in a report on Wednesday, January 14th. Sanford C. Bernstein restated a “negative” rating on shares of AllianceBernstein in a research report on Friday, April 17th. Weiss Ratings upgraded AllianceBernstein from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, February 17th. Finally, Barclays reduced their price target on AllianceBernstein from $41.00 to $40.00 and set an “equal weight” rating on the stock in a report on Friday, April 17th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, AllianceBernstein has an average rating of “Hold” and a consensus target price of $41.42.

AllianceBernstein Price Performance

Shares of NYSE:AB opened at $38.82 on Tuesday. AllianceBernstein has a 1 year low of $35.59 and a 1 year high of $44.11. The company has a market capitalization of $3.58 billion, a P/E ratio of 12.94, a P/E/G ratio of 1.87 and a beta of 0.86. The business’s 50 day simple moving average is $38.54 and its 200 day simple moving average is $39.43.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings results on Thursday, February 5th. The asset manager reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. AllianceBernstein had a return on equity of 21.17% and a net margin of 6.62%.The company had revenue of $957.31 million for the quarter, compared to analysts’ expectations of $956.45 million. During the same quarter last year, the business earned $1.05 earnings per share. AllianceBernstein’s revenue was down 2.7% on a year-over-year basis. On average, sell-side analysts anticipate that AllianceBernstein will post 3.5 EPS for the current fiscal year.

AllianceBernstein Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 12th. Investors of record on Friday, February 20th were given a dividend of $0.96 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $3.84 annualized dividend and a yield of 9.9%. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.86. AllianceBernstein’s dividend payout ratio is 128.00%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AB. Goldman Sachs Group Inc. lifted its stake in shares of AllianceBernstein by 51.8% in the first quarter. Goldman Sachs Group Inc. now owns 916,574 shares of the asset manager’s stock worth $35,114,000 after acquiring an additional 312,878 shares during the period. Focus Partners Wealth boosted its holdings in AllianceBernstein by 43.5% in the first quarter. Focus Partners Wealth now owns 27,375 shares of the asset manager’s stock valued at $1,049,000 after acquiring an additional 8,304 shares during the last quarter. Ausdal Financial Partners Inc. acquired a new stake in AllianceBernstein during the 2nd quarter valued at approximately $210,000. Curi Capital LLC bought a new position in AllianceBernstein during the 2nd quarter worth approximately $309,000. Finally, HRT Financial LP raised its holdings in AllianceBernstein by 438.1% during the 2nd quarter. HRT Financial LP now owns 108,143 shares of the asset manager’s stock worth $4,415,000 after purchasing an additional 88,045 shares during the last quarter. 19.25% of the stock is owned by institutional investors.

AllianceBernstein Company Profile

AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.

The firm’s roots date back to 1967 with the founding of Sanford C.