AllianceBernstein (NYSE:AB) Price Target Cut to $51.00

AllianceBernstein (NYSE:AB) had its target price decreased by Bank of America from $54.00 to $51.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the asset manager’s stock. Bank of America‘s target price would suggest a potential upside of 51.97% from the stock’s current price.

Several other analysts have also weighed in on AB. TheStreet raised AllianceBernstein from a “c” rating to a “b-” rating in a report on Friday, March 8th. Evercore ISI reiterated a “buy” rating and set a $38.00 target price on shares of AllianceBernstein in a research report on Tuesday, March 12th. Finally, TD Cowen restated a “buy” rating and issued a $40.00 price objective on shares of AllianceBernstein in a report on Tuesday, April 9th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $41.44.

AllianceBernstein Price Performance

Shares of AB stock opened at $33.56 on Monday. The business’s fifty day moving average price is $33.63 and its 200 day moving average price is $31.69. AllianceBernstein has a 1-year low of $25.83 and a 1-year high of $35.84. The firm has a market capitalization of $3.84 billion, a PE ratio of 13.93, a P/E/G ratio of 0.65 and a beta of 1.25.

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

Institutional Investors Weigh In On AllianceBernstein

A number of large investors have recently modified their holdings of AB. Herold Advisors Inc. grew its stake in AllianceBernstein by 2.0% during the 4th quarter. Herold Advisors Inc. now owns 15,500 shares of the asset manager’s stock valued at $481,000 after purchasing an additional 300 shares in the last quarter. Advisory Services Network LLC grew its stake in AllianceBernstein by 1.7% during the 4th quarter. Advisory Services Network LLC now owns 18,975 shares of the asset manager’s stock valued at $589,000 after purchasing an additional 315 shares in the last quarter. Karpas Strategies LLC grew its stake in AllianceBernstein by 2.2% during the 4th quarter. Karpas Strategies LLC now owns 18,110 shares of the asset manager’s stock valued at $562,000 after purchasing an additional 395 shares in the last quarter. Chilton Capital Management LLC grew its stake in AllianceBernstein by 1.3% during the 4th quarter. Chilton Capital Management LLC now owns 34,540 shares of the asset manager’s stock valued at $1,072,000 after purchasing an additional 448 shares in the last quarter. Finally, Avantax Advisory Services Inc. grew its stake in AllianceBernstein by 7.6% during the 4th quarter. Avantax Advisory Services Inc. now owns 8,014 shares of the asset manager’s stock valued at $249,000 after purchasing an additional 565 shares in the last quarter. Institutional investors and hedge funds own 19.25% of the company’s stock.

About AllianceBernstein

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.