AllianceBernstein (NYSE:AB) PT Lowered to $51.00

AllianceBernstein (NYSE:AB) had its price objective reduced by equities research analysts at Bank of America from $54.00 to $51.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the asset manager’s stock. Bank of America‘s price objective points to a potential upside of 52.33% from the company’s previous close.

Other equities analysts have also issued research reports about the company. TD Cowen reissued a “buy” rating and issued a $40.00 target price on shares of AllianceBernstein in a research report on Tuesday, April 9th. Evercore ISI reiterated a “buy” rating and set a $38.00 price objective on shares of AllianceBernstein in a research note on Tuesday, March 12th. Finally, TheStreet upgraded AllianceBernstein from a “c” rating to a “b-” rating in a research note on Friday, March 8th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, AllianceBernstein presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.19.

AllianceBernstein Price Performance

AB opened at $33.48 on Monday. The stock has a 50-day moving average price of $33.68 and a 200-day moving average price of $31.74. The firm has a market cap of $3.83 billion, a PE ratio of 13.89, a P/E/G ratio of 0.65 and a beta of 1.25. AllianceBernstein has a 1 year low of $25.83 and a 1 year high of $35.84.

AllianceBernstein (NYSE:AB) last issued its earnings results on Wednesday, February 7th. The asset manager reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $857.85 million. During the same quarter in the previous year, the firm earned $0.70 EPS. AllianceBernstein’s revenue was up 10.2% on a year-over-year basis. As a group, sell-side analysts anticipate that AllianceBernstein will post 3.06 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of AB. Private Advisor Group LLC lifted its holdings in shares of AllianceBernstein by 9.5% in the 1st quarter. Private Advisor Group LLC now owns 50,429 shares of the asset manager’s stock worth $1,752,000 after buying an additional 4,364 shares during the period. Global Retirement Partners LLC lifted its holdings in shares of AllianceBernstein by 174.3% in the 1st quarter. Global Retirement Partners LLC now owns 3,360 shares of the asset manager’s stock worth $117,000 after buying an additional 2,135 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of AllianceBernstein by 2.3% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 137,855 shares of the asset manager’s stock worth $4,789,000 after buying an additional 3,135 shares during the period. Kovack Advisors Inc. purchased a new stake in shares of AllianceBernstein in the 1st quarter worth $566,000. Finally, Register Financial Advisors LLC purchased a new stake in shares of AllianceBernstein in the 1st quarter worth $42,000. 19.25% of the stock is currently owned by hedge funds and other institutional investors.

About AllianceBernstein

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.