Barclays Cuts AllianceBernstein (NYSE:AB) Price Target to $39.00

AllianceBernstein (NYSE:AB) had its target price decreased by Barclays from $40.00 to $39.00 in a report issued on Wednesday morning,Benzinga reports. Barclays currently has an equal weight rating on the asset manager’s stock.

Several other research analysts have also issued reports on AB. Sanford C. Bernstein restated a “negative” rating on shares of AllianceBernstein in a report on Friday, April 17th. Zacks Research lowered shares of AllianceBernstein from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 21st. TD Cowen restated a “hold” rating on shares of AllianceBernstein in a report on Wednesday, January 14th. Finally, Weiss Ratings raised shares of AllianceBernstein from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, February 17th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $40.25.

AllianceBernstein Stock Performance

AllianceBernstein stock opened at $39.43 on Wednesday. AllianceBernstein has a 52-week low of $35.59 and a 52-week high of $44.11. The firm has a 50 day moving average price of $38.33 and a two-hundred day moving average price of $39.45. The firm has a market cap of $3.64 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 1.88 and a beta of 0.83.

AllianceBernstein (NYSE:AB) last released its quarterly earnings results on Tuesday, April 28th. The asset manager reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.04). AllianceBernstein had a return on equity of 22.31% and a net margin of 6.69%.The firm had revenue of $871.14 million for the quarter, compared to the consensus estimate of $894.70 million. During the same quarter in the previous year, the business posted $0.80 EPS. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, equities research analysts predict that AllianceBernstein will post 3.46 EPS for the current fiscal year.

AllianceBernstein Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 21st. Stockholders of record on Friday, May 8th will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, May 8th. This represents a $3.32 annualized dividend and a dividend yield of 8.4%. AllianceBernstein’s dividend payout ratio (DPR) is 128.00%.

Institutional Trading of AllianceBernstein

Large investors have recently modified their holdings of the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of AllianceBernstein during the 4th quarter worth approximately $28,000. Ascentis Independent Advisors acquired a new stake in shares of AllianceBernstein during the 1st quarter worth approximately $30,000. Garton & Associates Financial Advisors LLC acquired a new stake in shares of AllianceBernstein during the 4th quarter worth approximately $35,000. Motiv8 Investments LLC acquired a new stake in shares of AllianceBernstein during the 4th quarter worth approximately $36,000. Finally, Elyxium Wealth LLC acquired a new stake in shares of AllianceBernstein during the 4th quarter worth approximately $51,000. Institutional investors and hedge funds own 19.25% of the company’s stock.

AllianceBernstein Company Profile

AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.

The firm’s roots date back to 1967 with the founding of Sanford C.