AllianceBernstein (NYSE:AB) had its target price raised by Citigroup from $34.00 to $38.00 in a report released on Monday, BenzingaRatingsTable reports. They currently have a buy rating on the asset manager’s stock.

Separately, Zacks Investment Research upgraded AllianceBernstein from a sell rating to a hold rating and set a $34.00 target price for the company in a research note on Monday, December 23rd.

Shares of AllianceBernstein stock opened at $32.38 on Monday. The firm has a market cap of $3.06 billion, a P/E ratio of 12.13, a P/E/G ratio of 1.62 and a beta of 1.19. AllianceBernstein has a fifty-two week low of $26.29 and a fifty-two week high of $32.45. The business has a 50-day moving average price of $29.97 and a 200 day moving average price of $29.25.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings data on Thursday, October 24th. The asset manager reported $0.63 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.63. AllianceBernstein had a return on equity of 15.18% and a net margin of 6.55%. The firm had revenue of $877.87 million during the quarter, compared to analyst estimates of $880.27 million. During the same period in the previous year, the company earned $0.69 earnings per share. AllianceBernstein’s quarterly revenue was up 3.3% on a year-over-year basis. On average, equities analysts anticipate that AllianceBernstein will post 2.39 EPS for the current year.

A number of hedge funds have recently modified their holdings of AB. Envestnet Asset Management Inc. boosted its stake in AllianceBernstein by 6.0% in the second quarter. Envestnet Asset Management Inc. now owns 7,539 shares of the asset manager’s stock valued at $224,000 after acquiring an additional 428 shares during the period. Renaissance Technologies LLC lifted its position in AllianceBernstein by 1,290.0% in the second quarter. Renaissance Technologies LLC now owns 102,000 shares of the asset manager’s stock worth $3,031,000 after purchasing an additional 94,662 shares during the period. Northern Trust Corp acquired a new stake in AllianceBernstein in the second quarter worth approximately $227,000. MML Investors Services LLC lifted its position in AllianceBernstein by 26.2% in the second quarter. MML Investors Services LLC now owns 9,010 shares of the asset manager’s stock worth $268,000 after purchasing an additional 1,873 shares during the period. Finally, United Capital Financial Advisers LLC lifted its position in AllianceBernstein by 0.5% in the second quarter. United Capital Financial Advisers LLC now owns 186,100 shares of the asset manager’s stock worth $5,531,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 17.72% of the company’s stock.

About AllianceBernstein

AllianceBernstein Holding L.P. is publicly owned investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit sharing plans, banks and thrift institutions, trusts, estates, government agencies, charitable organizations, individuals, corporations, and other business entities.

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