AllianceBernstein (NYSE:AB) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of AllianceBernstein (NYSE:AB) from a strong sell rating to a hold rating in a research report sent to investors on Monday,Zacks.com reports.

Several other research firms have also recently weighed in on AB. TD Cowen cut their price objective on AllianceBernstein from $39.50 to $39.00 and set a “hold” rating on the stock in a report on Wednesday, April 29th. Weiss Ratings lowered shares of AllianceBernstein from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. Barclays cut their target price on shares of AllianceBernstein from $40.00 to $39.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 29th. Evercore set a $40.00 price target on AllianceBernstein in a report on Monday, June 8th. Finally, Sanford C. Bernstein reissued an “outperform” rating on shares of AllianceBernstein in a research report on Monday, June 8th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $39.90.

AllianceBernstein Stock Up 0.4%

AllianceBernstein stock opened at $35.23 on Monday. The business’s 50-day simple moving average is $37.55 and its 200 day simple moving average is $38.62. The stock has a market cap of $3.29 billion, a price-to-earnings ratio of 10.84, a P/E/G ratio of 1.65 and a beta of 0.80. AllianceBernstein has a 12-month low of $34.92 and a 12-month high of $44.11.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings data on Tuesday, April 28th. The asset manager reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.04). The business had revenue of $871.13 million during the quarter, compared to the consensus estimate of $894.70 million. AllianceBernstein had a net margin of 6.69% and a return on equity of 23.11%. AllianceBernstein’s revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.80 earnings per share. As a group, sell-side analysts expect that AllianceBernstein will post 3.46 EPS for the current year.

AllianceBernstein Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Friday, May 8th were paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 9.4%. The ex-dividend date was Friday, May 8th. AllianceBernstein’s dividend payout ratio (DPR) is currently 102.15%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AB. Northwestern Mutual Wealth Management Co. increased its stake in shares of AllianceBernstein by 17,664.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,640,896 shares of the asset manager’s stock worth $140,102,000 after purchasing an additional 3,620,401 shares during the period. Morgan Stanley boosted its stake in AllianceBernstein by 79.2% in the 4th quarter. Morgan Stanley now owns 1,412,548 shares of the asset manager’s stock valued at $54,355,000 after purchasing an additional 624,270 shares during the period. Goldman Sachs Group Inc. grew its holdings in 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 buying an additional 312,878 shares in the last quarter. Focus Partners Wealth grew its holdings in AllianceBernstein by 1,154.2% in the 3rd quarter. Focus Partners Wealth now owns 336,502 shares of the asset manager’s stock valued at $12,861,000 after buying an additional 309,673 shares in the last quarter. Finally, Crestwood Advisors Group LLC increased its position in AllianceBernstein by 1,243.9% during the 4th quarter. Crestwood Advisors Group LLC now owns 218,727 shares of the asset manager’s stock worth $8,417,000 after buying an additional 202,451 shares during the period. 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.