AllianceBernstein (NYSE:AB) Lowered to "Strong Sell" Rating by Zacks Research

Key Points

• Zacks Research downgraded AllianceBernstein (NYSE:AB) from a "hold" to a "strong sell".
• The analyst landscape is mixed but the market consensus remains a "Hold" with a $41.42 average target, even as Barclays cut its target to $40 and Weiss upgraded to a "Buy".
• AB beat Q earnings estimates with $0.96 EPS on $957.3M revenue (revenue down 2.7% YoY); the stock trades around $39, with a market cap of $3.6B and a P/E of about 13.0.

AllianceBernstein (NYSE:AB - Get Free Report) was downgraded by analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Tuesday,Zacks.com reports.

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

AllianceBernstein Stock Up 0.4%

AB stock opened at $39.06 on Tuesday. AllianceBernstein has a 52-week low of $35.59 and a 52-week high of $44.11. The stock's fifty day simple moving average is $38.57 and its 200-day simple moving average is $39.43. The stock has a market capitalization of $3.60 billion, a price-to-earnings ratio of 13.02, a price-to-earnings-growth ratio of 1.86 and a beta of 0.86.

AllianceBernstein (NYSE:AB - Get Free Report) last posted its quarterly earnings data on Thursday, February 5th. The asset manager reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.04. AllianceBernstein had a return on equity of 21.17% and a net margin of 6.62%.The business had revenue of $957.31 million for the quarter, compared to analysts' expectations of $956.45 million. During the same quarter last year, the firm earned $1.05 earnings per share. The business's revenue was down 2.7% on a year-over-year basis. As a group, analysts anticipate that AllianceBernstein will post 3.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AllianceBernstein

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

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.

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