AllianceBernstein Receives a Hold from Jefferies

By Ryan Adsit

Jefferies analyst Daniel Fannon reiterated a Hold rating on AllianceBernstein (NYSE: AB) today and set a price target of $24. The company’s shares opened today at $20.85, close to its 52-week low of $20.40.

According to TipRanks.com, Fannon is a 5-star analyst with an average return of 11.1% and a 70.3% success rate. Fannon covers the Financial sector, focusing on stocks such as Apollo Global Management LLC, Virtus Investment Partners, and Intercontinental Exchange.

AllianceBernstein has an analyst consensus of Moderate Buy, with a price target consensus of $25.50.

Based on AllianceBernstein’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $0 and quarterly net profit of $43.91 million. In comparison, last year the company earned revenue of $0 and had a net profit of $55.55 million.

Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Lorie Slutsky, a Director at AB sold 12,663 shares for a total of $266,050.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

AllianceBernstein Holding LP engages in the provision of diversified, global investment management to institutional, high net-worth and retail clients. Its products involves mutual funds, hedge funds, investment trusts, separately managed accounts and other investment vehicle products. It also provides research, sub-advisory, portfolio strategy, brokerage services and a broad range of investment products and services to clients. The company was founded in October 2000 and is headquartered in New York, NY.