Bank of America Cuts AllianceBernstein (NYSE:AB) Price Target to $51.00

AllianceBernstein (NYSE:AB) had its price target dropped by equities researchers at Bank of America from $54.00 to $51.00 in a report released on Monday, Benzinga reports. The firm presently has a “buy” rating on the asset manager’s stock. Bank of America‘s price target points to a potential upside of 51.97% from the company’s previous close.

Several other brokerages have also recently weighed in on AB. TheStreet upgraded shares of AllianceBernstein from a “c” rating to a “b-” rating in a research note on Friday, March 8th. Evercore ISI reiterated a “buy” rating and issued a $38.00 price objective on shares of AllianceBernstein in a research note on Tuesday, March 12th. Finally, TD Cowen restated a “buy” rating and set a $40.00 target price on shares of AllianceBernstein in a research note on Tuesday, April 9th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $41.44.

AllianceBernstein Stock Down 0.4 %

Shares of NYSE AB opened at $33.56 on Monday. The firm’s 50-day moving average price is $33.63 and its 200-day moving average price is $31.69. The company has a market cap of $3.84 billion, a PE ratio of 13.93, a PEG ratio of 0.65 and a beta of 1.25. AllianceBernstein has a 52-week low of $25.83 and a 52-week high of $35.84.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings results on Wednesday, February 7th. The asset manager reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.14. AllianceBernstein had a net margin of 6.47% and a return on equity of 15.27%. The firm had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $857.85 million. During the same quarter last year, the firm posted $0.70 EPS. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, equities research analysts anticipate that AllianceBernstein will post 3.06 EPS for the current fiscal year.

Institutional Investors Weigh In On AllianceBernstein

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Crestwood Advisors Group LLC bought a new stake in shares of AllianceBernstein during the third quarter valued at approximately $85,508,000. UBS Group AG grew its holdings in shares of AllianceBernstein by 39.9% in the fourth quarter. UBS Group AG now owns 851,533 shares of the asset manager’s stock valued at $26,423,000 after purchasing an additional 242,765 shares in the last quarter. TCG Advisory Services LLC grew its holdings in shares of AllianceBernstein by 2,811.0% in the fourth quarter. TCG Advisory Services LLC now owns 222,928 shares of the asset manager’s stock valued at $6,917,000 after purchasing an additional 215,270 shares in the last quarter. Nomura Holdings Inc. purchased a new position in shares of AllianceBernstein in the third quarter valued at $4,328,000. Finally, General American Investors Co. Inc. purchased a new position in shares of AllianceBernstein in the fourth quarter valued at $4,192,000. Institutional investors own 19.25% of the company’s stock.

AllianceBernstein Company Profile

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.