AllianceBernstein (NYSE:AB) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of AllianceBernstein (NYSE:AB) from a hold rating to a sell rating in a research note issued to investors 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. “

Other equities research analysts have also issued research reports about the company. Goldman Sachs Group upgraded AllianceBernstein from a neutral rating to a buy rating and upped their target price for the company from $31.50 to $35.00 in a research report on Wednesday, June 12th. Citigroup upped their target price on AllianceBernstein from $36.00 to $37.00 and gave the company a buy rating in a research report on Tuesday, July 9th.

Shares of AB traded up $0.02 during mid-day trading on Wednesday, hitting $28.59. 100 shares of the company traded hands, compared to its average volume of 170,950. AllianceBernstein has a 1-year low of $23.34 and a 1-year high of $31.42. The company has a market capitalization of $2.76 billion, a PE ratio of 10.68, a price-to-earnings-growth ratio of 2.18 and a beta of 1.20. The business has a 50 day moving average of $28.78 and a 200 day moving average of $28.98.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings data on Thursday, July 25th. The asset manager reported $0.56 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by ($0.02). AllianceBernstein had a net margin of 6.79% and a return on equity of 15.54%. The company had revenue of $714.00 million for the quarter, compared to analyst estimates of $778.88 million. During the same quarter last year, the company earned $0.62 EPS. The business’s revenue was down .7% compared to the same quarter last year. On average, sell-side analysts predict that AllianceBernstein will post 2.38 earnings per share for the current fiscal year.

In other news, CFO John C. Weisenseel sold 32,723 shares of the stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $29.61, for a total transaction of $968,928.03. Following the transaction, the chief financial officer now owns 22,723 shares in the company, valued at approximately $672,828.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO John C. Weisenseel sold 10,000 shares of the stock in a transaction on Friday, July 26th. The shares were sold at an average price of $29.63, for a total value of $296,300.00. Following the completion of the transaction, the chief financial officer now directly owns 22,723 shares of the company’s stock, valued at $673,282.49. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. HM Payson & Co. acquired a new position in AllianceBernstein in the 2nd quarter valued at $30,000. Advisory Services Network LLC raised its stake 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 purchasing an additional 904 shares during the last quarter. North Star Investment Management Corp. acquired a new position in AllianceBernstein in the 3rd quarter valued at $44,000. NEXT Financial Group Inc acquired a new position in AllianceBernstein in the 2nd quarter valued at $51,000. Finally, Steward Partners Investment Advisory LLC acquired a new position in AllianceBernstein in the 2nd quarter valued at $112,000. 17.60% of the stock is owned by hedge funds and other institutional investors.

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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