AllianceBernstein (NYSE:AB) Downgraded to Hold Rating by TD Cowen

AllianceBernstein (NYSE:AB) was downgraded by stock analysts at TD Cowen from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Marketbeat.com reports. They currently have a $38.50 price objective on the asset manager’s stock, up from their previous price objective of $38.00. TD Cowen’s price objective suggests a potential upside of 2.41% from the company’s current price.

Several other brokerages also recently weighed in on AB. Sanford C. Bernstein set a $45.00 price target on AllianceBernstein in a report on Thursday, January 16th. Barclays decreased their price target on AllianceBernstein from $39.00 to $36.00 and set an “equal weight” rating for the company in a report on Monday, December 9th. Finally, Evercore ISI increased their price target on AllianceBernstein from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, AllianceBernstein has an average rating of “Moderate Buy” and a consensus price target of $42.75.

AllianceBernstein Price Performance

Shares of NYSE AB opened at $37.59 on Tuesday. AllianceBernstein has a 1-year low of $30.57 and a 1-year high of $41.37. The company has a market cap of $4.16 billion, a price-to-earnings ratio of 10.11, a price-to-earnings-growth ratio of 0.78 and a beta of 1.21. The stock’s 50-day moving average is $37.29 and its two-hundred day moving average is $36.20.

AllianceBernstein (NYSE:AB) last announced its earnings results on Thursday, February 6th. The asset manager reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.18. AllianceBernstein had a net margin of 9.46% and a return on equity of 17.88%. Equities research analysts anticipate that AllianceBernstein will post 3.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC increased its position in AllianceBernstein by 19.0% during the 4th quarter. FMR LLC now owns 3,110,304 shares of the asset manager’s stock worth $115,361,000 after purchasing an additional 496,923 shares in the last quarter. JPMorgan Chase & Co. increased its position in AllianceBernstein by 18.1% during the 4th quarter. JPMorgan Chase & Co. now owns 2,899,762 shares of the asset manager’s stock worth $107,552,000 after purchasing an additional 445,398 shares in the last quarter. Basswood Capital Management L.L.C. purchased a new stake in AllianceBernstein during the 4th quarter worth about $10,300,000. Crestwood Advisors Group LLC grew its holdings in AllianceBernstein by 1,019.7% in the 3rd quarter. Crestwood Advisors Group LLC now owns 280,961 shares of the asset manager’s stock valued at $9,803,000 after buying an additional 255,868 shares during the period. Finally, Citigroup Inc. grew its holdings in AllianceBernstein by 59.1% in the 3rd quarter. Citigroup Inc. now owns 645,685 shares of the asset manager’s stock valued at $22,528,000 after buying an additional 239,941 shares during the period. Institutional investors and hedge funds 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.