AllianceBernstein (NYSE:AB) Given New $39.00 Price Target at Barclays

AllianceBernstein (NYSE:AB) had its target price lowered by analysts at Barclays from $42.00 to $39.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the asset manager’s stock. Barclays‘s target price indicates a potential downside of 1.08% from the company’s previous close.

Other research analysts have also issued research reports about the company. Zacks Research lowered AllianceBernstein from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Evercore ISI raised their price objective on AllianceBernstein from $44.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, December 5th. Sanford C. Bernstein reiterated a “negative” rating on shares of AllianceBernstein in a report on Thursday. Cowen restated a “hold” rating on shares of AllianceBernstein in a report on Wednesday. Finally, TD Cowen lifted their price objective on shares of AllianceBernstein from $40.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $41.83.

AllianceBernstein Stock Up 1.3%

AB stock traded up $0.52 during mid-day trading on Thursday, hitting $39.43. The company had a trading volume of 163,053 shares, compared to its average volume of 204,700. The company has a 50-day moving average price of $39.75 and a 200 day moving average price of $39.78. AllianceBernstein has a 12-month low of $32.28 and a 12-month high of $43.30. The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of 13.00, a P/E/G ratio of 1.10 and a beta of 0.86.

AllianceBernstein (NYSE:AB) last posted its earnings results on Thursday, October 23rd. The asset manager reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.01. The company had revenue of $884.67 million for the quarter, compared to the consensus estimate of $900.69 million. AllianceBernstein had a return on equity of 20.56% and a net margin of 7.09%.The firm’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.77 earnings per share. As a group, analysts expect that AllianceBernstein will post 3.58 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. B. Riley Wealth Advisors Inc. purchased a new stake in AllianceBernstein during the 2nd quarter valued at about $3,135,000. Disciplined Equity Management Inc. lifted its position in AllianceBernstein by 12.1% during the second quarter. Disciplined Equity Management Inc. now owns 60,293 shares of the asset manager’s stock worth $2,462,000 after buying an additional 6,490 shares in the last quarter. Highland Capital Management LLC raised its holdings in shares of AllianceBernstein by 112.5% during the 2nd quarter. Highland Capital Management LLC now owns 34,915 shares of the asset manager’s stock worth $1,426,000 after acquiring an additional 18,482 shares during the period. Global Retirement Partners LLC acquired a new position in shares of AllianceBernstein during the 2nd quarter valued at about $722,000. Finally, Brookwood Investment Group LLC grew its holdings in shares of AllianceBernstein by 76.5% in the second quarter. Brookwood Investment Group LLC now owns 27,344 shares of the asset manager’s stock valued at $1,116,000 after purchasing an additional 11,849 shares during the period. 19.25% of the stock is owned by institutional investors and hedge funds.

AllianceBernstein Company Profile

AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.

The firm’s roots date back to 1967 with the founding of Sanford C.