AllianceBernstein (NYSE:AB) Given New $40.00 Price Target at Barclays

Key Points

• Barclays lowered its price target on AllianceBernstein from $41 to $40 and kept an "equal weight" rating, implying roughly a 2.6% upside from the previous close.
• Consensus among analysts remains a Hold with an average price target of $41.42; the current breakdown is 2 Buys, 5 Holds and 1 Sell.
• AllianceBernstein beat Q1 EPS estimates ($0.96 vs. $0.92) on revenue of $957.3M (down 2.7% YoY); the stock recently traded around $38.97 with a market cap near $3.6B and a P/E of 12.99.

AllianceBernstein (NYSE:AB - Get Free Report) had its price target decreased by Barclays from $41.00 to $40.00 in a research note issued on Friday,Benzinga reports. The firm presently has an "equal weight" rating on the asset manager's stock. Barclays's price objective points to a potential upside of 2.64% from the company's previous close.

Other analysts also recently issued research reports about the stock. TD Cowen reaffirmed a "hold" rating on shares of AllianceBernstein in a report on Wednesday, January 14th. Sanford C. Bernstein reiterated a "negative" rating on shares of AllianceBernstein in a research note on Friday. Finally, Weiss Ratings upgraded shares of AllianceBernstein from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, February 17th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, AllianceBernstein currently has an average rating of "Hold" and an average price target of $41.42.

AllianceBernstein Stock Performance

Shares of NYSE:AB traded up $0.26 during trading on Friday, reaching $38.97. 25,165 shares of the stock traded hands, compared to its average volume of 407,108. The stock has a 50-day moving average of $38.65 and a two-hundred day moving average of $39.39. AllianceBernstein has a 52-week low of $35.59 and a 52-week high of $44.11. The stock has a market cap of $3.60 billion, a P/E ratio of 12.99, a price-to-earnings-growth ratio of 1.85 and a beta of 0.86.

AllianceBernstein (NYSE:AB - Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The asset manager reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.04. AllianceBernstein had a return on equity of 21.17% and a net margin of 6.62%.The firm had revenue of $957.31 million during the quarter, compared to analysts' expectations of $956.45 million. During the same quarter in the previous year, the business earned $1.05 earnings per share. The company's revenue was down 2.7% on a year-over-year basis. Sell-side analysts expect that AllianceBernstein will post 3.58 earnings per share for the current year.

Hedge Funds Weigh In On AllianceBernstein

Several institutional investors and hedge funds have recently bought and sold shares of AB. Payne Capital Management LLC purchased a new position in shares of AllianceBernstein during the 3rd quarter valued at $1,055,000. Moody Aldrich Partners LLC lifted its stake in shares of AllianceBernstein by 131.6% during the 3rd quarter. Moody Aldrich Partners LLC now owns 137,341 shares of the asset manager's stock valued at $5,249,000 after buying an additional 78,047 shares in the last quarter. CWM LLC lifted its stake in shares of AllianceBernstein by 4,164.8% during the 3rd 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. MGO One Seven LLC lifted its stake in shares of AllianceBernstein by 15.1% during the 3rd quarter. MGO One Seven LLC now owns 32,088 shares of the asset manager's stock valued at $1,226,000 after buying an additional 4,206 shares in the last quarter. Finally, CWA Asset Management Group LLC purchased a new position in shares of AllianceBernstein during the 3rd quarter valued at $248,000. 19.25% of the stock is currently owned by hedge funds and other institutional investors.

About AllianceBernstein

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.