AllianceBernstein (NYSE:AB) Stock Price Expected to Rise, TD Cowen Analyst Says

AllianceBernstein (NYSE:AB) had its price objective upped by equities research analysts at TD Cowen from $40.00 to $41.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the asset manager’s stock. TD Cowen’s price target points to a potential upside of 4.34% from the company’s current price.

A number of other equities research analysts have also weighed in on the company. Cowen reissued a “hold” rating on shares of AllianceBernstein in a research note on Wednesday. Zacks Research cut AllianceBernstein from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Evercore ISI increased their price objective on AllianceBernstein from $44.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, December 5th. Sanford C. Bernstein restated a “neutral” rating on shares of AllianceBernstein in a report on Wednesday, December 10th. Finally, Barclays lifted their target price on shares of AllianceBernstein from $39.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Friday, December 12th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, AllianceBernstein currently has a consensus rating of “Hold” and an average target price of $41.83.

AllianceBernstein Price Performance

Shares of NYSE AB opened at $39.30 on Wednesday. The stock has a market capitalization of $3.58 billion, a P/E ratio of 12.93, a PEG ratio of 1.13 and a beta of 0.86. AllianceBernstein has a one year low of $32.28 and a one year high of $43.30. The firm’s 50 day simple moving average is $39.74 and its two-hundred day simple moving average is $39.78.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings data on Thursday, October 23rd. The asset manager reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.01. The company had revenue of $884.67 million during the quarter, compared to analysts’ expectations of $900.69 million. AllianceBernstein had a net margin of 7.09% and a return on equity of 20.56%. The firm’s revenue was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.77 EPS. As a group, equities analysts expect that AllianceBernstein will post 3.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AllianceBernstein

Several institutional investors and hedge funds have recently added to or reduced their stakes in AB. B. Riley Wealth Advisors Inc. purchased a new position in AllianceBernstein in the 2nd quarter worth approximately $3,135,000. Disciplined Equity Management Inc. grew its position in AllianceBernstein by 12.1% during the second quarter. Disciplined Equity Management Inc. now owns 60,293 shares of the asset manager’s stock valued at $2,462,000 after buying an additional 6,490 shares during the period. Highland Capital Management LLC increased its stake in shares of AllianceBernstein by 112.5% in the 2nd quarter. Highland Capital Management LLC now owns 34,915 shares of the asset manager’s stock worth $1,426,000 after purchasing an additional 18,482 shares in the last quarter. Global Retirement Partners LLC purchased a new position in shares of AllianceBernstein during the 2nd quarter valued at about $722,000. Finally, Brookwood Investment Group LLC boosted its position in shares of AllianceBernstein by 76.5% in the second quarter. Brookwood Investment Group LLC now owns 27,344 shares of the asset manager’s stock worth $1,116,000 after purchasing an additional 11,849 shares during the period. Hedge funds and other institutional investors 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.