TD Cowen Cuts AllianceBernstein (NYSE:AB) Price Target to $39.00

AllianceBernstein (NYSE:AB) had its target price cut by analysts at TD Cowen from $40.00 to $39.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the asset manager’s stock. TD Cowen’s price objective would indicate a potential upside of 15.59% from the stock’s current price.

Several other analysts also recently weighed in on AB. Bank of America reduced their price objective on shares of AllianceBernstein from $54.00 to $51.00 and set a “buy” rating for the company in a research report on Monday. TheStreet upgraded shares of AllianceBernstein from a “c” rating to a “b-” rating in a research report on Friday, March 8th. Finally, Evercore ISI reiterated a “buy” rating and issued a $38.00 price target on shares of AllianceBernstein in a research report on Tuesday, March 12th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, AllianceBernstein presently has a consensus rating of “Moderate Buy” and an average price target of $41.19.

AllianceBernstein Stock Up 0.5 %

AllianceBernstein stock traded up $0.18 during trading on Monday, reaching $33.74. The stock had a trading volume of 228,743 shares, compared to its average volume of 342,197. AllianceBernstein has a 52-week low of $25.83 and a 52-week high of $35.84. The business has a 50 day moving average price of $33.63 and a 200 day moving average price of $31.69. The stock has a market cap of $3.86 billion, a PE ratio of 13.87, a P/E/G ratio of 0.65 and a beta of 1.25.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings data on Wednesday, February 7th. The asset manager reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.14. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $857.85 million. AllianceBernstein had a net margin of 6.47% and a return on equity of 15.27%. The company’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.70 EPS. On average, equities analysts predict that AllianceBernstein will post 3.06 EPS for the current fiscal year.

Hedge Funds Weigh In On AllianceBernstein

Several institutional investors have recently bought and sold shares of AB. Nomura Holdings Inc. acquired a new position in shares of AllianceBernstein during the 3rd quarter worth $4,328,000. Tritonpoint Wealth LLC acquired a new position in shares of AllianceBernstein during the 4th quarter worth $909,000. KMG Fiduciary Partners LLC acquired a new position in shares of AllianceBernstein during the 4th quarter worth $1,244,000. HighTower Advisors LLC boosted its position in shares of AllianceBernstein by 12.5% in the 3rd quarter. HighTower Advisors LLC now owns 28,401 shares of the asset manager’s stock worth $859,000 after buying an additional 3,158 shares in the last quarter. Finally, Anchor Investment Management LLC purchased a new position in AllianceBernstein in the 4th quarter valued at about $105,000. 19.25% of the stock is owned by institutional investors and hedge funds.

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.