AllianceBernstein (NYSE:AB) Price Target Cut to $37.00

AllianceBernstein (NYSE:AB) had its target price cut by TD Cowen from $39.00 to $37.00 in a report published on Monday morning, MarketBeat Ratings reports. They currently have a buy rating on the asset manager’s stock.

AB has been the topic of several other reports. Evercore ISI restated a buy rating and issued a $38.00 target price on shares of AllianceBernstein in a research note on Tuesday, March 12th. Bank of America cut their price objective on AllianceBernstein from $54.00 to $51.00 and set a buy rating on the stock in a report on Monday, April 29th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $40.69.

AllianceBernstein Stock Performance

Shares of AllianceBernstein stock opened at $33.96 on Monday. AllianceBernstein has a one year low of $25.83 and a one year high of $35.43. The company has a market capitalization of $3.91 billion, a PE ratio of 14.09, a P/E/G ratio of 0.77 and a beta of 1.24. The company has a 50-day simple moving average of $33.48 and a two-hundred day simple moving average of $33.31.

AllianceBernstein (NYSE:AB) last released its quarterly earnings results on Thursday, April 25th. The asset manager reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.02. AllianceBernstein had a net margin of 6.47% and a return on equity of 15.27%. The business had revenue of $884.18 million for the quarter, compared to analyst estimates of $900.60 million. On average, equities analysts predict that AllianceBernstein will post 2.96 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Monday, May 6th were paid a dividend of $0.73 per share. The ex-dividend date was Friday, May 3rd. This represents a $2.92 dividend on an annualized basis and a dividend yield of 8.60%. AllianceBernstein’s dividend payout ratio is currently 121.16%.

Institutional Trading of AllianceBernstein

A number of institutional investors have recently made changes to their positions in AB. UBS Group AG raised its holdings in AllianceBernstein by 39.9% in the 4th quarter. UBS Group AG now owns 851,533 shares of the asset manager’s stock valued at $26,423,000 after acquiring an additional 242,765 shares during the last quarter. Jennison Associates LLC acquired a new stake in shares of AllianceBernstein in the first quarter valued at approximately $23,660,000. Nomura Holdings Inc. boosted its stake in AllianceBernstein by 61.7% during the fourth quarter. Nomura Holdings Inc. now owns 230,600 shares of the asset manager’s stock worth $7,156,000 after buying an additional 88,000 shares during the last quarter. TCG Advisory Services LLC grew its holdings in AllianceBernstein by 2,811.0% in the 4th quarter. TCG Advisory Services LLC now owns 222,928 shares of the asset manager’s stock valued at $6,917,000 after buying an additional 215,270 shares in the last quarter. Finally, Osaic Holdings Inc. increased its stake in shares of AllianceBernstein by 13.1% in the 1st quarter. Osaic Holdings Inc. now owns 215,337 shares of the asset manager’s stock worth $7,481,000 after acquiring an additional 24,951 shares during the last quarter. 19.25% of the stock is owned by institutional investors and hedge funds.

About AllianceBernstein

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.