AllianceBernstein (NYSE:AB) Downgraded to Hold Rating by TD Cowen

AllianceBernstein (NYSE:AB) was downgraded by stock analysts at TD Cowen from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. They currently have a $38.50 target price on the asset manager’s stock, up from their prior target price of $38.00. TD Cowen’s price target suggests a potential upside of 2.41% from the stock’s previous close.

A number of other analysts have also weighed in on the company. Barclays reduced their target price on AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Monday, December 9th. Evercore ISI increased their target price on AllianceBernstein from $43.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Finally, Sanford C. Bernstein set a $45.00 target price on AllianceBernstein in a research note on Thursday, January 16th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $42.75.

AllianceBernstein Stock Up 5.2 %

NYSE AB opened at $37.59 on Tuesday. AllianceBernstein has a 52 week low of $30.57 and a 52 week high of $41.37. The firm has a market capitalization of $4.16 billion, a P/E ratio of 10.11, a PEG ratio of 0.78 and a beta of 1.21. The company has a 50-day moving average price of $37.29 and a 200-day moving average price of $36.20.

AllianceBernstein (NYSE:AB) last posted its earnings results on Thursday, February 6th. The asset manager reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.18. AllianceBernstein had a return on equity of 17.88% and a net margin of 9.46%. As a group, equities research analysts anticipate that AllianceBernstein will post 3.58 EPS for the current year.

Institutional Trading of AllianceBernstein

A number of institutional investors and hedge funds have recently made changes to their positions in AB. Transce3nd LLC purchased a new stake in shares of AllianceBernstein during the fourth quarter worth approximately $25,000. Truvestments Capital LLC purchased a new stake in shares of AllianceBernstein during the third quarter worth approximately $31,000. Luken Investment Analytics LLC acquired a new position in AllianceBernstein during the fourth quarter worth $37,000. FSA Wealth Management LLC acquired a new position in AllianceBernstein during the third quarter worth $36,000. Finally, Summit Securities Group LLC acquired a new position in AllianceBernstein during the fourth quarter worth $41,000. 19.25% of the stock is currently owned by hedge funds and other institutional investors.

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.