AllianceBernstein (NYSE:AB) Issues Quarterly Earnings Results

Key Points

• AllianceBernstein reported quarterly earnings of $0.82 per share, narrowly missing the consensus estimate of $0.83. The company posted a 6.69% net margin and 23.11% return on equity.
• Shares rose 1.8% to open at $37.88, while AllianceBernstein’s market capitalization stood at approximately $3.54 billion. The stock trades at a price-to-earnings ratio of 11.65.
• Analyst sentiment remains cautious, with two Buy ratings and five Hold ratings producing an overall “Hold” consensus and an average price target of $39.50.

AllianceBernstein (NYSE:AB - Get Free Report) released its earnings results on Tuesday. The asset manager reported $0.82 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.01), Zacks reports. AllianceBernstein had a net margin of 6.69% and a return on equity of 23.11%.

AllianceBernstein Trading Up 1.8%

NYSE:AB opened at $37.88 on Tuesday. AllianceBernstein has a 1 year low of $34.92 and a 1 year high of $44.11. The stock has a market cap of $3.54 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 1.19 and a beta of 0.81. The stock has a 50-day moving average price of $36.88 and a two-hundred day moving average price of $38.34.

Institutional Investors Weigh In On AllianceBernstein

A number of hedge funds have recently modified their holdings of AB. Virtus Advisers LLC bought a new stake in AllianceBernstein during the 3rd quarter worth approximately $915,000. Kovack Advisors Inc. bought a new position in AllianceBernstein in the fourth quarter valued at approximately $758,000. Vident Advisory LLC bought a new position in AllianceBernstein in the third quarter valued at approximately $703,000. Creative Planning boosted its holdings in shares of AllianceBernstein by 3.1% in the third quarter. Creative Planning now owns 15,119 shares of the asset manager's stock valued at $578,000 after buying an additional 450 shares during the period. Finally, NewEdge Advisors LLC boosted its holdings in shares of AllianceBernstein by 2.5% in the fourth quarter. NewEdge Advisors LLC now owns 10,849 shares of the asset manager's stock valued at $417,000 after buying an additional 264 shares during the period. Institutional investors and hedge funds own 19.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on AB shares. Weiss Ratings cut AllianceBernstein from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, June 29th. TD Cowen lifted their price objective on shares of AllianceBernstein from $37.00 to $38.00 and gave the stock a "hold" rating in a research note on Monday, July 20th. Zacks Research upgraded shares of AllianceBernstein from a "strong sell" rating to a "hold" rating in a report on Monday, June 29th. Evercore set a $39.00 price objective on shares of AllianceBernstein in a report on Friday, July 10th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating on shares of AllianceBernstein in a research note on Friday, July 10th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, AllianceBernstein has an average rating of "Hold" and a consensus target price of $39.50.

About AllianceBernstein

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.