AllianceBernstein (NYSE:AB) Price Target Cut to $37.00

AllianceBernstein (NYSE:AB) had its target price lowered by equities research analysts at TD Cowen from $39.00 to $37.00 in a research report issued to clients and investors on Monday, MarketBeat reports. The brokerage presently has a “buy” rating on the asset manager’s stock. TD Cowen’s price objective would indicate a potential upside of 8.73% from the stock’s previous close.

AB has been the topic of several other reports. Bank of America reduced their price objective on AllianceBernstein from $54.00 to $51.00 and set a “buy” rating on the stock in a research note on Monday, April 29th. Evercore ISI restated a “buy” rating and set a $38.00 price objective 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 given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $40.69.

AllianceBernstein Stock Up 1.0 %

Shares of NYSE:AB opened at $34.03 on Monday. AllianceBernstein has a 52-week low of $25.83 and a 52-week high of $35.43. The company has a 50 day moving average of $33.46 and a two-hundred day moving average of $33.30. The company has a market capitalization of $3.92 billion, a price-to-earnings ratio of 14.12, a price-to-earnings-growth ratio of 0.77 and a beta of 1.24.

AllianceBernstein (NYSE:AB) last released its earnings results on Thursday, April 25th. The asset manager reported $0.73 EPS for the quarter, beating the consensus estimate of $0.71 by $0.02. The company had revenue of $884.18 million during the quarter, compared to analysts’ expectations of $900.60 million. AllianceBernstein had a return on equity of 15.27% and a net margin of 6.47%. On average, equities analysts anticipate that AllianceBernstein will post 2.96 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Principal Securities Inc. acquired a new position in shares of AllianceBernstein in the 4th quarter valued at $26,000. GAMMA Investing LLC acquired a new position in shares of AllianceBernstein in the 4th quarter valued at $27,000. Geneos Wealth Management Inc. acquired a new position in shares of AllianceBernstein in the 1st quarter valued at $28,000. Register Financial Advisors LLC acquired a new position in shares of AllianceBernstein in the 1st quarter valued at $42,000. Finally, Cape Investment Advisory Inc. boosted its position in shares of AllianceBernstein by 198.7% in the 4th quarter. Cape Investment Advisory Inc. now owns 1,428 shares of the asset manager’s stock valued at $44,000 after purchasing an additional 950 shares during the period. 19.25% of the stock is owned by institutional investors and hedge funds.

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.