TD Cowen Has Lowered Expectations for AllianceBernstein (NYSE:AB) Stock Price

AllianceBernstein (NYSE:AB) had its price objective cut by research analysts at TD Cowen from $38.00 to $36.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “hold” rating on the asset manager’s stock. TD Cowen’s target price points to a potential upside of 5.24% from the stock’s previous close.

Several other research analysts have also recently issued reports on AB. Weiss Ratings cut AllianceBernstein from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, August 3rd. Zacks Research upgraded AllianceBernstein from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. Sanford C. Bernstein reissued an “outperform” rating on shares of AllianceBernstein in a research report on Friday. Finally, Evercore set a $39.00 price target on AllianceBernstein in a research report on Friday, July 10th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $38.38.

AllianceBernstein Price Performance

Shares of AB stock opened at $34.21 on Monday. The company has a market capitalization of $3.18 billion, a P/E ratio of 10.00, a P/E/G ratio of 1.13 and a beta of 0.79. The company’s 50-day simple moving average is $36.12 and its two-hundred day simple moving average is $37.03. AllianceBernstein has a one year low of $33.95 and a one year high of $44.11.

AllianceBernstein (NYSE:AB) last posted its quarterly earnings results on Tuesday, July 28th. The asset manager reported $0.82 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.01). The company had revenue of $887.55 million for the quarter, compared to the consensus estimate of $907.67 million. AllianceBernstein had a net margin of 6.60% and a return on equity of 25.94%. The business’s revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.76 EPS. On average, research analysts expect that AllianceBernstein will post 3.46 EPS for the current fiscal year.

Insider Activity at AllianceBernstein

In other news, Director Charles Stonehill sold 5,000 shares of the business’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $37.17, for a total value of $185,850.00. Following the completion of the sale, the director owned 24,573 shares in the company, valued at approximately $913,378.41. The trade was a 16.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On AllianceBernstein

Hedge funds and other institutional investors have recently modified their holdings of the business. Almitas Capital LLC acquired a new stake in AllianceBernstein in the second quarter valued at approximately $1,381,000. The Manufacturers Life Insurance Company acquired a new position in shares of AllianceBernstein during the second quarter worth $1,908,000. Bank of America Corp DE acquired a new position in shares of AllianceBernstein during the second quarter worth $522,000. Kestra Advisory Services LLC increased its position in shares of AllianceBernstein by 114.6% during the first quarter. Kestra Advisory Services LLC now owns 74,211 shares of the asset manager’s stock worth $2,778,000 after purchasing an additional 39,636 shares in the last quarter. Finally, MidFirst Bank purchased a new stake in shares of AllianceBernstein during the 4th quarter valued at $1,491,000. 19.25% of the stock is currently owned by institutional investors.

About AllianceBernstein

AllianceBernstein Holding L.P. (NYSE:AB) is a global investment management and research firm serving institutional investors, retail clients and private-wealth customers. The company provides investment strategies and advisory services across public and private markets, including equities, fixed income, multi-asset portfolios, alternatives and sustainable investing.

AllianceBernstein’s offerings include actively managed mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and private-market solutions.