AllianceBernstein (NYSE:AB) Stock Gets Price Target Reduction from TD Cowen

AllianceBernstein (NYSE:AB) had its target price decreased by TD Cowen from $38.00 to $36.00 in a research report report published on Monday morning,Benzinga reports. TD Cowen currently has a hold rating on the asset manager’s stock.

A number of other analysts have also recently commented on AB. Weiss Ratings cut AllianceBernstein from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, August 3rd. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of AllianceBernstein in a research note on Friday, October 9th. Evercore set a $39.00 target price on AllianceBernstein in a research report on Friday, July 10th. Finally, Zacks Research raised shares of AllianceBernstein from a “strong sell” rating to a “hold” rating in a research note on Monday, June 29th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $37.88.

AllianceBernstein Stock Up 0.4%

Shares of AllianceBernstein stock opened at $34.31 on Monday. The firm has a market cap of $3.19 billion, a PE ratio of 9.85, a P/E/G ratio of 1.11 and a beta of 0.79. AllianceBernstein has a twelve month low of $33.90 and a twelve month high of $44.11. The business has a 50-day moving average price of $36.06 and a 200 day moving average price of $37.01.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings results on Tuesday, July 28th. The asset manager reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). The business had revenue of $887.55 million for the quarter, compared to analysts’ expectations of $907.67 million. AllianceBernstein had a return on equity of 25.94% and a net margin of 6.60%. The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.76 EPS. On average, sell-side analysts expect that AllianceBernstein will post 3.46 EPS for the current year.

AllianceBernstein Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Wednesday, August 12th were given a dividend of $0.82 per share. This is a drop from AllianceBernstein’s previous quarterly dividend of $0.83. The ex-dividend date was Wednesday, August 12th. This represents a $3.28 annualized dividend and a dividend yield of 9.6%. AllianceBernstein’s payout ratio is currently 97.04%.

Insider Buying and Selling at AllianceBernstein

In related news, Director Charles Stonehill sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $37.17, for a total value of $185,850.00. Following the transaction, the director directly owned 24,573 shares of the company’s stock, valued at approximately $913,378.41. This trade represents a 16.91% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AllianceBernstein

Several large investors have recently bought and sold shares of the company. Mallini Complete Financial Planning LLC boosted its position in AllianceBernstein by 6.0% during the third quarter. Mallini Complete Financial Planning LLC now owns 10,979 shares of the asset manager’s stock worth $383,000 after acquiring an additional 622 shares during the last quarter. Parrish Capital LLC grew its stake in AllianceBernstein by 10.5% during the 3rd quarter. Parrish Capital LLC now owns 53,743 shares of the asset manager’s stock valued at $1,875,000 after acquiring an additional 5,107 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in AllianceBernstein during the 2nd quarter valued at about $1,908,000. Sequoia Financial Advisors LLC grew its stake in AllianceBernstein by 4.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,293 shares of the asset manager’s stock valued at $715,000 after acquiring an additional 829 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new stake in AllianceBernstein in the 2nd quarter valued at about $420,000. 19.25% of the stock is currently owned by hedge funds and other institutional investors.

About AllianceBernstein

AllianceBernstein Holding L.P. (NYSE:AB) is a global investment management and research firm serving institutional investors, retail clients and private-wealth customers. The company provides investment strategies and advisory services across public and private markets, including equities, fixed income, multi-asset portfolios, alternatives and sustainable investing.

AllianceBernstein’s offerings include actively managed mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and private-market solutions.