AllianceBernstein (NYSE:AB) Price Target Raised to $41.00

AllianceBernstein (NYSE:AB) had its price objective raised by TD Cowen from $40.00 to $41.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has a hold rating on the asset manager’s stock.

Other analysts have also recently issued reports about the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AllianceBernstein in a research report on Wednesday, October 8th. Zacks Research cut AllianceBernstein from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Cowen reaffirmed a “hold” rating on shares of AllianceBernstein in a report on Wednesday. Evercore ISI lifted their price objective on shares of AllianceBernstein from $44.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, December 5th. Finally, Barclays increased their price objective 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. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $41.83.

AllianceBernstein Price Performance

Shares of NYSE:AB opened at $40.21 on Wednesday. The company’s 50-day moving average price is $39.76 and its two-hundred day moving average price is $39.78. AllianceBernstein has a one year low of $32.28 and a one year high of $43.30. The stock has a market capitalization of $3.66 billion, a PE ratio of 13.23, a price-to-earnings-growth ratio of 1.12 and a beta of 0.86.

AllianceBernstein (NYSE:AB) last released its earnings results 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 business had revenue of $884.67 million for the quarter, compared to the consensus estimate of $900.69 million. AllianceBernstein had a return on equity of 20.56% and a net margin of 7.09%.AllianceBernstein’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.77 earnings per share. On average, analysts anticipate that AllianceBernstein will post 3.58 earnings per share for the current fiscal year.

AllianceBernstein Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Monday, November 3rd were issued a dividend of $0.86 per share. This is a boost from AllianceBernstein’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend was Monday, November 3rd. This represents a $3.44 dividend on an annualized basis and a dividend yield of 8.6%. AllianceBernstein’s payout ratio is currently 113.16%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in AB. Trust Co. of Vermont purchased a new stake in shares of AllianceBernstein during the 3rd quarter worth $115,000. CWM LLC raised its stake in AllianceBernstein by 4,164.8% in the third quarter. CWM LLC now owns 3,028 shares of the asset manager’s stock valued at $116,000 after buying an additional 2,957 shares in the last quarter. Bessemer Group Inc. purchased a new stake in AllianceBernstein during the 2nd quarter worth about $163,000. Joel Adams & Associates Inc. purchased a new position in shares of AllianceBernstein in the 2nd quarter valued at about $204,000. Finally, Tyche Wealth Partners LLC acquired a new stake in shares of AllianceBernstein during the 2nd quarter worth about $204,000. 19.25% of the stock is currently owned by institutional investors and hedge funds.

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.