AllianceBernstein (NYSE:AB) Given New $37.00 Price Target at Citigroup

AllianceBernstein (NYSE:AB) had its price target upped by Citigroup from $36.00 to $37.00 in a report released on Tuesday morning, BenzingaRatingsTable reports. The firm currently has a buy rating on the asset manager’s stock.

Other equities research analysts have also issued reports about the company. Zacks Investment Research upgraded FirstService from a strong sell rating to a hold rating and set a $110.00 price target on the stock in a research report on Tuesday, June 25th. Goldman Sachs Group assumed coverage on Taylor Wimpey in a research report on Wednesday, June 12th. They set a buy rating on the stock.

AB stock opened at $30.49 on Tuesday. AllianceBernstein has a 1-year low of $23.34 and a 1-year high of $31.42. The company has a market cap of $2.92 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 2.78 and a beta of 1.21. The firm has a 50 day moving average of $29.05.

AllianceBernstein (NYSE:AB) last released its quarterly earnings data on Thursday, April 25th. The asset manager reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.05). AllianceBernstein had a net margin of 7.01% and a return on equity of 15.89%. The company had revenue of $795.46 million during the quarter, compared to the consensus estimate of $739.93 million. During the same quarter in the prior year, the company posted $0.73 earnings per share. The company’s revenue for the quarter was down 8.3% on a year-over-year basis. On average, equities analysts expect that AllianceBernstein will post 2.38 earnings per share for the current year.

In related news, insider Kate C. Burke sold 18,897 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $28.75, for a total transaction of $543,288.75. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.70% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AB. Bank of Montreal Can boosted its position in AllianceBernstein by 106.5% in the 1st quarter. Bank of Montreal Can now owns 279,000 shares of the asset manager’s stock valued at $8,061,000 after buying an additional 143,898 shares during the last quarter. Foresters Investment Management Company Inc. boosted its position in AllianceBernstein by 12.1% in the 4th quarter. Foresters Investment Management Company Inc. now owns 626,650 shares of the asset manager’s stock valued at $17,120,000 after buying an additional 67,750 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in AllianceBernstein by 382.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 76,560 shares of the asset manager’s stock valued at $2,212,000 after buying an additional 60,700 shares during the last quarter. Moors & Cabot Inc. boosted its position in AllianceBernstein by 93.2% in the 1st quarter. Moors & Cabot Inc. now owns 98,722 shares of the asset manager’s stock valued at $2,854,000 after buying an additional 47,631 shares during the last quarter. Finally, Foundry Partners LLC boosted its position in AllianceBernstein by 9.0% in the 1st quarter. Foundry Partners LLC now owns 547,491 shares of the asset manager’s stock valued at $15,817,000 after buying an additional 45,089 shares during the last quarter. Institutional investors and hedge funds own 16.66% of the company’s stock.

AllianceBernstein Company Profile

AllianceBernstein Holding L.P. is publicly owned investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit sharing plans, banks and thrift institutions, trusts, estates, government agencies, charitable organizations, individuals, corporations, and other business entities.

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