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

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

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

AllianceBernstein Price Performance

AllianceBernstein stock opened at $33.10 on Monday. AllianceBernstein has a 1-year low of $25.83 and a 1-year high of $35.84. The company’s 50-day moving average is $33.69 and its 200 day moving average is $31.75. The firm has a market capitalization of $3.79 billion, a P/E ratio of 13.73, a price-to-earnings-growth ratio of 0.67 and a beta of 1.25.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings results on Wednesday, February 7th. The asset manager reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.14. The firm had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $857.85 million. AllianceBernstein had a return on equity of 15.27% and a net margin of 6.47%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.70 earnings per share. Research analysts anticipate that AllianceBernstein will post 3 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Monday, May 6th will be issued a $0.73 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $2.92 annualized dividend and a dividend yield of 8.82%. AllianceBernstein’s dividend payout ratio is currently 127.80%.

Institutional Trading of AllianceBernstein

A number of hedge funds have recently bought and sold shares of the stock. Principal Securities Inc. bought a new position in shares of AllianceBernstein in the 4th quarter worth $26,000. GAMMA Investing LLC purchased a new position in AllianceBernstein in the fourth quarter valued at about $27,000. FinTrust Capital Advisors LLC bought a new position in AllianceBernstein in the third quarter worth about $30,000. Register Financial Advisors LLC purchased a new stake in shares of AllianceBernstein during the first quarter valued at about $42,000. Finally, Cape Investment Advisory Inc. boosted its holdings 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 buying 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.