AllianceBernstein (NYSE:AB) PT Lowered to $51.00 at Bank of America

AllianceBernstein (NYSE:AB) had its price target reduced by Bank of America from $54.00 to $51.00 in a research note published on Monday, Benzinga reports. Bank of America currently has a buy rating on the asset manager’s stock.

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

AllianceBernstein Stock Up 1.4 %

NYSE AB opened at $34.05 on Monday. The company has a market cap of $3.90 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 0.65 and a beta of 1.25. The firm’s 50-day simple moving average is $33.66 and its two-hundred day simple moving average is $31.72. AllianceBernstein has a 52 week low of $25.83 and a 52 week high of $35.84.

AllianceBernstein (NYSE:AB) last released its quarterly earnings data on Wednesday, February 7th. The asset manager reported $0.77 EPS for the quarter, topping the consensus estimate of $0.63 by $0.14. AllianceBernstein had a net margin of 6.47% and a return on equity of 15.27%. The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $857.85 million. During the same period last year, the firm earned $0.70 EPS. AllianceBernstein’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities research analysts anticipate that AllianceBernstein will post 3.06 EPS for the current year.

AllianceBernstein Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Monday, May 6th will be paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 8.58%. The ex-dividend date of this dividend is Friday, May 3rd. AllianceBernstein’s dividend payout ratio is currently 121.16%.

Institutional Trading of AllianceBernstein

Several institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC purchased a new position in shares of AllianceBernstein during the 4th quarter valued at about $27,000. Principal Securities Inc. bought a new position in AllianceBernstein during the fourth quarter valued at approximately $26,000. FinTrust Capital Advisors LLC purchased a new position in shares of AllianceBernstein during the third quarter worth approximately $30,000. Register Financial Advisors LLC bought a new stake in shares of AllianceBernstein in the 1st quarter worth approximately $42,000. Finally, Cape Investment Advisory Inc. boosted its stake in shares of AllianceBernstein by 198.7% in the 4th quarter. Cape Investment Advisory Inc. now owns 1,428 shares of the asset manager’s stock valued at $44,000 after purchasing an additional 950 shares in the last quarter. Hedge funds and other institutional investors 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.