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

AllianceBernstein (NYSE:AB) had its price target increased by equities researchers at TD Cowen from $40.00 to $41.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the asset manager’s stock. TD Cowen’s price objective would suggest a potential upside of 6.02% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Weiss Ratings restated a “hold (c)” rating on shares of AllianceBernstein in a research note on Wednesday, October 8th. Barclays lifted their price target on shares of AllianceBernstein from $39.00 to $42.00 and gave the company an “equal weight” rating in a research report on Friday, December 12th. Zacks Research cut shares of AllianceBernstein from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Sanford C. Bernstein reissued a “neutral” rating on shares of AllianceBernstein in a research note on Wednesday, December 10th. Finally, Evercore ISI upped 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. One analyst has rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $42.33.

AllianceBernstein Stock Performance

NYSE AB traded up $0.73 during trading on Wednesday, hitting $38.67. The stock had a trading volume of 47,313 shares, compared to its average volume of 178,028. The company has a market capitalization of $3.52 billion, a PE ratio of 12.72, a P/E/G ratio of 1.11 and a beta of 0.86. AllianceBernstein has a 12 month low of $32.28 and a 12 month high of $43.30. The company’s 50-day moving average price is $39.76 and its two-hundred day moving average price is $39.79.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings data on Thursday, October 23rd. The asset manager reported $0.86 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 20.56% and a net margin of 7.09%.AllianceBernstein’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.77 EPS. As a group, equities analysts anticipate that AllianceBernstein will post 3.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kingstone Capital Partners Texas LLC bought a new position in shares of AllianceBernstein in the second quarter valued at approximately $193,757,000. Goldman Sachs Group Inc. increased its position in shares of AllianceBernstein by 51.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 916,574 shares of the asset manager’s stock valued at $35,114,000 after purchasing an additional 312,878 shares during the last quarter. Focus Partners Wealth boosted its holdings in shares of AllianceBernstein by 1,154.2% in the 3rd quarter. Focus Partners Wealth now owns 336,502 shares of the asset manager’s stock worth $12,861,000 after buying an additional 309,673 shares during the last quarter. HRT Financial LP increased its holdings in AllianceBernstein by 438.1% during the second quarter. HRT Financial LP now owns 108,143 shares of the asset manager’s stock worth $4,415,000 after buying an additional 88,045 shares during the last quarter. Finally, Chelsea Counsel Co. raised its holdings in shares of AllianceBernstein by 807.9% in the 2nd quarter. Chelsea Counsel Co. now owns 95,330 shares of the asset manager’s stock worth $3,892,000 after purchasing an additional 84,830 shares during the period. 19.25% of the stock is currently owned by hedge funds and other institutional investors.

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.