AllianceBernstein (NYSE:AB) Given New $39.00 Price Target at TD Cowen

AllianceBernstein (NYSE:AB) had its target price reduced by research analysts at TD Cowen from $40.00 to $39.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the asset manager’s stock. TD Cowen’s price objective indicates a potential upside of 16.49% from the company’s previous close.

Several other analysts have also recently commented on the stock. Bank of America dropped their target price 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 set a $38.00 target price on shares of AllianceBernstein in a research report on Tuesday, March 12th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the 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 Price Performance

AB stock opened at $33.48 on Monday. The company has a 50 day moving average price of $33.68 and a 200 day moving average price of $31.74. AllianceBernstein has a fifty-two week low of $25.83 and a fifty-two week high of $35.84. The stock has a market capitalization of $3.83 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 0.65 and a beta of 1.25.

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

Hedge Funds Weigh In On AllianceBernstein

Several institutional investors and hedge funds have recently made changes to their positions in the company. Commonwealth Equity Services LLC boosted its stake in AllianceBernstein by 3.7% in the 3rd quarter. Commonwealth Equity Services LLC now owns 127,211 shares of the asset manager’s stock worth $3,861,000 after purchasing an additional 4,482 shares during the period. Mission Wealth Management LP boosted its stake in AllianceBernstein by 28.1% in the 3rd quarter. Mission Wealth Management LP now owns 30,035 shares of the asset manager’s stock worth $912,000 after purchasing an additional 6,595 shares during the period. FinTrust Capital Advisors LLC acquired a new position in AllianceBernstein in the 3rd quarter worth $30,000. Raymond James Financial Services Advisors Inc. boosted its stake in AllianceBernstein by 6.7% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 148,920 shares of the asset manager’s stock worth $4,520,000 after purchasing an additional 9,309 shares during the period. Finally, Stratos Wealth Partners LTD. boosted its stake in AllianceBernstein by 28.0% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 11,832 shares of the asset manager’s stock worth $359,000 after purchasing an additional 2,588 shares during the period. Institutional investors and hedge funds 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.