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

AllianceBernstein (NYSE:AB) had its target price decreased by TD Cowen from $40.00 to $39.00 in a research report report published on Monday, Benzinga reports. TD Cowen currently has a buy rating on the asset manager’s stock.

AB has been the subject of several other research reports. Bank of America decreased their price objective on shares of AllianceBernstein from $54.00 to $51.00 and set a buy rating for the company in a research note on Monday. TheStreet upgraded AllianceBernstein from a c rating to a b- rating in a research note on Friday, March 8th. Finally, Evercore ISI reaffirmed a buy rating and set a $38.00 price target on shares of AllianceBernstein in a research report on Tuesday, March 12th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $41.19.

AllianceBernstein Trading Up 1.4 %

Shares of AB stock opened at $34.05 on Monday. The company has a market cap of $3.90 billion, a P/E ratio of 14.13, a PEG ratio of 0.65 and a beta of 1.25. The firm has a fifty day moving average price of $33.66 and a 200 day moving average price of $31.72. AllianceBernstein has a 12 month low of $25.83 and a 12 month high of $35.84.

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

AllianceBernstein Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Monday, May 6th will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 8.58%. The ex-dividend date is Friday, May 3rd. AllianceBernstein’s dividend payout ratio is presently 121.16%.

Hedge Funds Weigh In On AllianceBernstein

Large investors have recently bought and sold shares of the company. Herold Advisors Inc. lifted its holdings in shares of AllianceBernstein by 2.0% in the 4th quarter. Herold Advisors Inc. now owns 15,500 shares of the asset manager’s stock valued at $481,000 after buying an additional 300 shares during the period. Advisory Services Network LLC lifted its holdings in AllianceBernstein by 1.7% in the fourth quarter. Advisory Services Network LLC now owns 18,975 shares of the asset manager’s stock valued at $589,000 after acquiring an additional 315 shares during the period. Karpas Strategies LLC boosted its position in shares of AllianceBernstein by 2.2% during the 4th quarter. Karpas Strategies LLC now owns 18,110 shares of the asset manager’s stock worth $562,000 after purchasing an additional 395 shares in the last quarter. Chilton Capital Management LLC grew its stake in shares of AllianceBernstein by 1.3% during the 4th quarter. Chilton Capital Management LLC now owns 34,540 shares of the asset manager’s stock worth $1,072,000 after purchasing an additional 448 shares during the period. Finally, Avantax Advisory Services Inc. increased its holdings in shares of AllianceBernstein by 7.6% in the 4th quarter. Avantax Advisory Services Inc. now owns 8,014 shares of the asset manager’s stock valued at $249,000 after purchasing an additional 565 shares in the last quarter. Hedge funds and other 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.