Keefe, Bruyette & Woods Downgrades AllianceBernstein (NYSE:AB) to Market Perform


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AllianceBernstein (NYSE:AB) was downgraded by Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a research note issued to investors on Tuesday, Price Targets.com reports. They currently have a $42.00 target price on the asset manager’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 3.50% from the company’s current price.

A number of other equities analysts have also recently commented on AB. Zacks Investment Research raised shares of AllianceBernstein from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a research note on Monday, March 29th. The Goldman Sachs Group reissued a “neutral” rating and issued a $40.00 price objective (down from $41.00) on shares of AllianceBernstein in a research report on Thursday, April 1st. Sanford C. Bernstein cut shares of AllianceBernstein from a “buy” rating to a “neutral” rating and set a $40.00 price objective for the company. in a research report on Thursday, March 25th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell reissued a “neutral” rating and issued a $40.00 price objective (down from $41.00) on shares of AllianceBernstein in a research report on Wednesday, March 31st. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $34.70.

Shares of NYSE AB opened at $40.58 on Tuesday. The firm has a fifty day moving average price of $38.90 and a 200-day moving average price of $34.24. The stock has a market cap of $3.99 billion, a PE ratio of 14.70, a price-to-earnings-growth ratio of 0.80 and a beta of 1.51. AllianceBernstein has a 1 year low of $19.13 and a 1 year high of $42.93.

AllianceBernstein (NYSE:AB) last issued its quarterly earnings data on Wednesday, February 10th. The asset manager reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.16. AllianceBernstein had a net margin of 7.33% and a return on equity of 17.85%. The business had revenue of $879.80 million during the quarter, compared to analysts’ expectations of $783.80 million. During the same period last year, the company posted $0.85 EPS. On average, sell-side analysts expect that AllianceBernstein will post 2.77 earnings per share for the current fiscal year.

In other AllianceBernstein news, insider Laurence E. Cranch sold 9,154 shares of the company’s stock in a transaction on Monday, March 8th. The stock was sold at an average price of $37.71, for a total transaction of $345,197.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.70% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Aviance Capital Partners LLC lifted its holdings in shares of AllianceBernstein by 0.8% during the 4th quarter. Aviance Capital Partners LLC now owns 38,205 shares of the asset manager’s stock valued at $1,290,000 after purchasing an additional 320 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of AllianceBernstein by 14.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 59,139 shares of the asset manager’s stock valued at $1,997,000 after purchasing an additional 7,534 shares during the last quarter. Miller Howard Investments Inc. NY lifted its holdings in shares of AllianceBernstein by 20.0% during the 4th quarter. Miller Howard Investments Inc. NY now owns 239,640 shares of the asset manager’s stock valued at $8,093,000 after purchasing an additional 40,000 shares during the last quarter. LPL Financial LLC lifted its holdings in shares of AllianceBernstein by 14.6% during the 4th quarter. LPL Financial LLC now owns 150,587 shares of the asset manager’s stock valued at $5,085,000 after purchasing an additional 19,211 shares during the last quarter. Finally, Americana Partners LLC lifted its holdings in shares of AllianceBernstein by 5.2% during the 4th quarter. Americana Partners LLC now owns 14,440 shares of the asset manager’s stock valued at $487,000 after purchasing an additional 715 shares during the last quarter. Hedge funds and other institutional investors own 17.75% of the company’s stock.

AllianceBernstein Company Profile

AllianceBernstein Holding L.P. is publicly owned investment manager. The firm also provides research services to its clients. It provides its services to investment companies, pension and profit sharing plans, banks and thrift institutions, trusts, estates, government agencies, charitable organizations, individuals, corporations, and other business entities.

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