TD Cowen Cuts AllianceBernstein (NYSE:AB) Price Target to $34.00

AllianceBernstein (NYSE:AB) had its target price trimmed by TD Cowen from $37.50 to $34.00 in a report released on Wednesday,Benzinga reports. The firm currently has a hold rating on the asset manager’s stock.

A number of other equities research analysts also recently issued reports on AB. Bank of America downgraded shares of AllianceBernstein from a “buy” rating to a “neutral” rating and decreased their price target for the company from $42.00 to $38.00 in a research note on Thursday, April 3rd. Sanford C. Bernstein downgraded shares of AllianceBernstein from a “buy” rating to a “neutral” rating and set a $38.00 price target for the company. in a report on Thursday, April 3rd. Finally, Barclays reissued an “equal weight” rating and set a $34.00 price objective on shares of AllianceBernstein in a research note on Tuesday. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, AllianceBernstein currently has an average rating of “Hold” and a consensus target price of $37.17.

AllianceBernstein Trading Up 4.8 %

Shares of NYSE:AB opened at $37.44 on Wednesday. The stock has a 50 day moving average of $37.01 and a 200 day moving average of $36.90. The company has a market cap of $4.14 billion, a PE ratio of 10.06, a price-to-earnings-growth ratio of 0.78 and a beta of 0.97. AllianceBernstein has a 12-month low of $30.57 and a 12-month high of $41.37.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings data on Thursday, February 6th. The asset manager reported $1.05 EPS for the quarter, beating the consensus estimate of $0.87 by $0.18. AllianceBernstein had a return on equity of 17.88% and a net margin of 9.46%. Equities research analysts predict that AllianceBernstein will post 3.58 earnings per share for the current fiscal year.

AllianceBernstein Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Tuesday, February 18th were paid a $1.05 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $4.20 annualized dividend and a yield of 11.22%. This is an increase from AllianceBernstein’s previous quarterly dividend of $0.77. AllianceBernstein’s dividend payout ratio (DPR) is presently 112.90%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Transce3nd LLC bought a new position in AllianceBernstein in the 4th quarter valued at $25,000. Luken Investment Analytics LLC purchased a new position in AllianceBernstein in the 4th quarter worth about $37,000. Summit Securities Group LLC purchased a new position in AllianceBernstein in the 4th quarter worth about $41,000. Harbor Investment Advisory LLC bought a new stake in AllianceBernstein during the 1st quarter valued at about $48,000. Finally, HHM Wealth Advisors LLC purchased a new stake in AllianceBernstein in the 4th quarter valued at about $61,000. Institutional investors own 19.25% of the company’s stock.

AllianceBernstein Company Profile

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.