AllianceBernstein (NYSE:AB) Price Target Cut to $39.00

AllianceBernstein (NYSE:AB) had its target price cut by TD Cowen from $40.00 to $39.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the asset manager’s stock. TD Cowen’s price objective would indicate a potential upside of 15.59% from the stock’s current price.

Several other brokerages have also issued reports on AB. TheStreet raised shares of AllianceBernstein from a “c” rating to a “b-” rating in a research note on Friday, March 8th. Bank of America cut their target price on shares of AllianceBernstein from $54.00 to $51.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Evercore ISI reissued a “buy” rating and set a $38.00 target price on shares of AllianceBernstein in a research note on Tuesday, March 12th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, AllianceBernstein has an average rating of “Moderate Buy” and a consensus price target of $41.19.

AllianceBernstein Price Performance

Shares of AB traded up $0.18 during trading hours on Monday, hitting $33.74. 228,743 shares of the stock were exchanged, compared to its average volume of 342,197. AllianceBernstein has a fifty-two week low of $25.83 and a fifty-two week high of $35.84. The business has a 50-day moving average of $33.63 and a 200-day moving average of $31.69. The firm has a market capitalization of $3.86 billion, a P/E ratio of 13.87, a price-to-earnings-growth ratio of 0.65 and a beta of 1.25.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings data on Wednesday, February 7th. The asset manager reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.14. AllianceBernstein had a net margin of 6.47% and a return on equity of 15.27%. The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $857.85 million. During the same period in the prior year, the company posted $0.70 earnings per share. AllianceBernstein’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, analysts forecast that AllianceBernstein will post 3.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Crestwood Advisors Group LLC purchased a new position in shares of AllianceBernstein in the third quarter worth about $85,508,000. UBS Group AG lifted its holdings in shares of AllianceBernstein by 39.9% in the 4th quarter. UBS Group AG now owns 851,533 shares of the asset manager’s stock worth $26,423,000 after acquiring an additional 242,765 shares during the last quarter. TCG Advisory Services LLC lifted its holdings in shares of AllianceBernstein by 2,811.0% in the 4th quarter. TCG Advisory Services LLC now owns 222,928 shares of the asset manager’s stock worth $6,917,000 after acquiring an additional 215,270 shares during the last quarter. Nomura Holdings Inc. bought a new stake in shares of AllianceBernstein in the 3rd quarter worth approximately $4,328,000. Finally, General American Investors Co. Inc. purchased a new position in shares of AllianceBernstein in the fourth quarter worth $4,192,000. 19.25% of the stock is owned by institutional investors.

AllianceBernstein Company Profile

AllianceBernstein Holding L.P. is a publicly owned investment manager. The firm is a related adviser The firm manages separate client focused portfolios for its clients. The firm primarily invests in common and preferred stocks, warrants and convertible securities, government and corporate fxed-income securities, commodities, currencies, real estate-related assets and infation-protected securities.