On Mar 14, Zacks Investment Research upgraded
AllianceBernstein Holding, L.P.
) to a Zacks Rank #1 (Strong Buy). AllianceBernstein witnessed
sharp upward estimate revisions after reporting solid
fourth-quarter 2013 results on Feb 12, 2014.
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Why the Upgrade?
AllianceBernstein fourth-quarter 2013 results clocked a positive
earnings surprise of 39.5%. With this, the company delivered
positive earnings surprises in all of the last four consecutive
quarters with an average beat of 15.3%. Since the earnings
release, shares of this financial investment manager has spiked
11% to close at $24.30 on Mar 13.
AllianceBernstein reported fourth-quarter net operating earnings
per share of 60 cents, escalating 50% year over year. The number
also breezed past the Zacks Consensus Estimate of 43 cents.
Bottom-line growth was largely attributable to higher revenues
and lower expenses. Total revenue at AllianceBernstein also
scaled heights during the fourth quarter. Top-line growth was
driven by higher base and performance fees as well as improved
Bernstein research services.
AllianceBernstein is witnessing operating synergies owing to
better investment performance, expanded global business mix and
innovative and strong growth initiatives. The company has a
sturdy financial position which helps to fund the large scale
It is also worth noting that AllianceBernstein has been
witnessing solid activity on the earnings estimate front. For
current year earnings, the Zacks Consensus Estimate has increased
by 5.3% to $1.78 in the past 30 days, thanks to 4 upward
revisions in the past one month compared to nil downward
revisions. This estimate strength plays a key role in propelling
AllianceBernstein to a Zacks Rank #1 (Strong Buy), suggesting
that it is poised to outperform in the near term.
Other Insurers Worth a Look
Investors interested in the financial investment management
industry may also consider some other top-ranked stocks like
Calamos Asset management Inc.
Fortress Investment Group LLC
). All these stocks sport the same Zacks Rank as