AllianceBernstein (NYSE:AB) Price Target Cut to $51.00

AllianceBernstein (NYSE:AB) had its target price lowered by stock analysts at Bank of America from $54.00 to $51.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the asset manager’s stock. Bank of America‘s target price would suggest a potential upside of 52.33% from the stock’s previous close.

A number of other research firms also recently weighed in on AB. Evercore ISI restated a “buy” rating and set a $38.00 price target on shares of AllianceBernstein in a report on Tuesday, March 12th. TD Cowen reiterated a “buy” rating and issued a $40.00 target price on shares of AllianceBernstein in a report on Tuesday, April 9th. Finally, TheStreet upgraded shares of AllianceBernstein from a “c” rating to a “b-” rating in a report on Friday, March 8th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.19.

AllianceBernstein Stock Performance

AllianceBernstein stock opened at $33.48 on Monday. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of 13.89, a price-to-earnings-growth 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. The firm’s 50 day moving average price is $33.68 and its two-hundred day moving average price is $31.74.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings data on Wednesday, February 7th. The asset manager reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.14. The firm had revenue of $1.09 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the business posted $0.70 EPS. As a group, equities analysts predict that AllianceBernstein will post 3.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC bought a new position in shares of AllianceBernstein in the 4th quarter valued at about $27,000. Principal Securities Inc. acquired a new stake in shares of AllianceBernstein during the 4th quarter worth about $26,000. FinTrust Capital Advisors LLC acquired a new stake in shares of AllianceBernstein during the 3rd quarter worth about $30,000. Register Financial Advisors LLC acquired a new stake in shares of AllianceBernstein during the 1st quarter worth about $42,000. Finally, Cape Investment Advisory Inc. lifted its stake in shares of AllianceBernstein by 198.7% during the 4th quarter. Cape Investment Advisory Inc. now owns 1,428 shares of the asset manager’s stock worth $44,000 after buying an additional 950 shares during the last quarter. Institutional investors own 19.25% of the company’s stock.

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.