AllianceBernstein (NYSE:AB) Stock Price Target Lowered at Barclays

AllianceBernstein (NYSE:AB) had its target price decreased by analysts at Barclays from $39.00 to $37.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the asset manager’s stock. Barclays‘s price objective points to a potential upside of 8.94% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on AB. Evercore set a $39.00 price objective on AllianceBernstein in a research report on Friday, July 10th. Weiss Ratings cut AllianceBernstein from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, August 3rd. Zacks Research upgraded AllianceBernstein from a “strong sell” rating to a “hold” rating in a research note on Monday, June 29th. Sanford C. Bernstein restated an “outperform” rating on shares of AllianceBernstein in a research note on Friday. Finally, TD Cowen lowered their price target on AllianceBernstein from $38.00 to $36.00 and set a “hold” rating on the stock in a report on Monday. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $37.88.

AllianceBernstein Price Performance

NYSE AB opened at $33.97 on Wednesday. The company’s 50 day simple moving average is $36.12 and its two-hundred day simple moving average is $37.03. AllianceBernstein has a 1 year low of $33.95 and a 1 year high of $44.11. The stock has a market capitalization of $3.16 billion, a PE ratio of 10.03, a P/E/G ratio of 1.13 and a beta of 0.79.

AllianceBernstein (NYSE:AB) last released its quarterly earnings results on Tuesday, July 28th. The asset manager reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). The firm had revenue of $887.55 million for the quarter, compared to analysts’ expectations of $907.67 million. AllianceBernstein had a net margin of 6.60% and a return on equity of 25.94%. The firm’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.76 earnings per share. On average, research analysts anticipate that AllianceBernstein will post 3.46 EPS for the current year.

Insider Buying and Selling

In other AllianceBernstein news, Director Charles Stonehill sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $37.17, for a total transaction of $185,850.00. Following the sale, the director owned 24,573 shares in the company, valued at $913,378.41. This trade represents a 16.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AllianceBernstein

Large investors have recently added to or reduced their stakes in the business. Cetera Investment Advisers raised its holdings in AllianceBernstein by 3.3% during the 1st quarter. Cetera Investment Advisers now owns 156,695 shares of the asset manager’s stock valued at $5,867,000 after buying an additional 5,075 shares during the last quarter. Almitas Capital LLC bought a new stake in AllianceBernstein in the 2nd quarter worth $1,381,000. Royal Bank of Canada grew its holdings in AllianceBernstein by 5.8% in the 1st quarter. Royal Bank of Canada now owns 115,126 shares of the asset manager’s stock worth $4,311,000 after acquiring an additional 6,263 shares during the last quarter. Kestra Advisory Services LLC grew its holdings in AllianceBernstein by 114.6% in the 1st quarter. Kestra Advisory Services LLC now owns 74,211 shares of the asset manager’s stock worth $2,778,000 after acquiring an additional 39,636 shares during the last quarter. Finally, Corient Private Wealth LP increased its position in shares of AllianceBernstein by 26.3% in the second quarter. Corient Private Wealth LP now owns 56,019 shares of the asset manager’s stock valued at $1,973,000 after acquiring an additional 11,676 shares during the period. Hedge funds and other institutional investors own 19.25% of the company’s stock.

About AllianceBernstein

AllianceBernstein Holding L.P. (NYSE:AB) is a global investment management and research firm serving institutional investors, retail clients and private-wealth customers. The company provides investment strategies and advisory services across public and private markets, including equities, fixed income, multi-asset portfolios, alternatives and sustainable investing.

AllianceBernstein’s offerings include actively managed mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and private-market solutions.