TD Cowen Has Lowered Expectations for AllianceBernstein (NYSE:AB) Stock Price

AllianceBernstein (NYSE:AB) had its price objective decreased by TD Cowen from $37.50 to $34.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the asset manager’s stock. TD Cowen’s target price points to a potential downside of 4.58% from the company’s current price.

Other research analysts have also issued reports about the company. Sanford C. Bernstein lowered AllianceBernstein from a “buy” rating to a “neutral” rating and set a $38.00 price objective for the company. in a research note on Thursday, April 3rd. Barclays reiterated an “equal weight” rating and set a $34.00 target price on shares of AllianceBernstein in a research report on Tuesday. Finally, Bank of America lowered shares of AllianceBernstein from a “buy” rating to a “neutral” rating and reduced their price target for the company from $42.00 to $38.00 in a research report on Thursday, April 3rd. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $38.33.

AllianceBernstein Trading Down 0.7 %

Shares of NYSE:AB opened at $35.63 on Wednesday. The business’s 50 day moving average is $37.04 and its 200-day moving average is $36.88. The firm has a market capitalization of $3.94 billion, a PE ratio of 9.58, a PEG ratio of 0.78 and a beta of 0.97. AllianceBernstein has a 1-year low of $30.57 and a 1-year high of $41.37.

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%. On average, sell-side analysts predict that AllianceBernstein will post 3.58 EPS for the current year.

Hedge Funds Weigh In On AllianceBernstein

Several large investors have recently bought and sold shares of the business. Crestwood Advisors Group LLC lifted its stake in shares of AllianceBernstein by 2.5% in the 4th quarter. Crestwood Advisors Group LLC now owns 288,032 shares of the asset manager’s stock valued at $10,683,000 after purchasing an additional 7,071 shares during the period. Perigon Wealth Management LLC acquired a new stake in shares of AllianceBernstein during the fourth quarter worth $290,000. Atria Wealth Solutions Inc. bought a new stake in AllianceBernstein in the fourth quarter valued at about $277,000. Horizon Kinetics Asset Management LLC lifted its stake in AllianceBernstein by 175.5% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 71,287 shares of the asset manager’s stock valued at $2,644,000 after buying an additional 45,413 shares during the period. Finally, Opal Wealth Advisors LLC bought a new position in AllianceBernstein during the fourth quarter worth about $264,000. 19.25% of the stock is currently owned by institutional investors and hedge funds.

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.