AllianceBernstein (NYSE:AB) Receives Equal Weight Rating from Barclays

AllianceBernstein (NYSE:AB)‘s stock had its “equal weight” rating reaffirmed by equities research analysts at Barclays in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $34.00 price objective on the asset manager’s stock. Barclays‘s price target would indicate a potential downside of 0.28% from the company’s previous close.

Several other research analysts also recently commented on AB. TD Cowen downgraded AllianceBernstein from a “buy” rating to a “hold” rating and boosted their target price for the stock from $38.00 to $38.50 in a report on Tuesday, February 25th. Sanford C. Bernstein lowered AllianceBernstein from a “buy” rating to a “neutral” rating and set a $38.00 price objective on the stock. in a research note on Thursday. Finally, Bank of America downgraded shares of AllianceBernstein from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $42.00 to $38.00 in a research report on Thursday, April 3rd. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, AllianceBernstein presently has an average rating of “Hold” and an average target price of $39.08.

AllianceBernstein Stock Performance

Shares of NYSE AB opened at $34.10 on Tuesday. AllianceBernstein has a 52-week low of $30.57 and a 52-week high of $41.37. The business has a fifty day moving average of $37.54 and a two-hundred day moving average of $36.92. The stock has a market cap of $3.77 billion, a PE ratio of 9.17, a PEG ratio of 0.78 and a beta of 0.97.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings results on Thursday, February 6th. The asset manager reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.18. AllianceBernstein had a net margin of 9.46% and a return on equity of 17.88%. Analysts predict that AllianceBernstein will post 3.58 earnings per share for the current year.

Institutional Trading of AllianceBernstein

Hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its stake in AllianceBernstein by 3.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 178,386 shares of the asset manager’s stock valued at $6,616,000 after purchasing an additional 5,637 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its stake in AllianceBernstein by 58.2% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 66,783 shares of the asset manager’s stock worth $2,477,000 after buying an additional 24,575 shares during the period. 10Elms LLP acquired a new stake in AllianceBernstein during the 4th quarter worth $592,000. Virtus Investment Advisers Inc. bought a new position in AllianceBernstein during the fourth quarter worth about $556,000. Finally, State of Wyoming grew its stake in AllianceBernstein by 15.1% in the fourth quarter. State of Wyoming now owns 10,462 shares of the asset manager’s stock valued at $388,000 after acquiring an additional 1,375 shares during the period. 19.25% of the stock is currently owned by institutional investors and hedge funds.

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.