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

Key Points

• TD Cowen cut AllianceBernstein’s price target from $38 to $36 and maintained a “Hold” rating, implying roughly 3.6% upside from the prior close.
• Analyst sentiment remains mixed but leans toward caution: MarketBeat reports a consensus “Hold” rating and an average price target of $38.38, based on two Buy and four Hold ratings.
• AllianceBernstein’s latest quarterly results slightly missed expectations, with earnings per share of $0.82 versus $0.83 expected and revenue of $887.55 million versus $907.67 million forecast, despite 7.5% year-over-year revenue growth.

AllianceBernstein (NYSE:AB - Get Free Report) had its price target dropped by TD Cowen from $38.00 to $36.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a "hold" rating on the asset manager's stock. TD Cowen's target price indicates a potential upside of 3.64% from the stock's previous close.

Several other analysts have also commented on the company. Evercore set a $39.00 target price on AllianceBernstein in a report on Friday, July 10th. Zacks Research raised AllianceBernstein from a "strong sell" rating to a "hold" rating in a report on Monday, June 29th. Sanford C. Bernstein restated an "outperform" rating on shares of AllianceBernstein in a research report on Friday. Finally, Weiss Ratings lowered AllianceBernstein from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, August 3rd. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, AllianceBernstein currently has a consensus rating of "Hold" and a consensus price target of $38.38.

AllianceBernstein Stock Performance

Shares of AllianceBernstein stock traded down $0.17 during trading on Monday, hitting $34.73. 100,568 shares of the company's stock were exchanged, compared to its average volume of 340,492. The business has a 50-day simple moving average of $36.22 and a 200-day simple moving average of $37.06. AllianceBernstein has a 52-week low of $34.58 and a 52-week high of $44.11. The stock has a market capitalization of $3.23 billion, a price-to-earnings ratio of 10.28, a PEG ratio of 1.14 and a beta of 0.79.

AllianceBernstein (NYSE:AB - Get Free Report) last announced 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 analyst estimates of $907.67 million. AllianceBernstein had a return on equity of 25.94% and a net margin of 6.60%. AllianceBernstein's revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.76 earnings per share. On average, equities analysts anticipate that AllianceBernstein will post 3.46 earnings per share for the current fiscal year.

Insider Buying and Selling at AllianceBernstein

In related news, Director Charles Stonehill sold 5,000 shares of the company's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $37.17, for a total value of $185,850.00. Following the completion of the transaction, the director owned 24,573 shares of the company's stock, valued at approximately $913,378.41. This represents 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. 2.70% of the stock is currently owned by corporate insiders.

Institutional Trading of AllianceBernstein

Several institutional investors have recently bought and sold shares of AB. Concurrent Investment Advisors LLC raised its position in shares of AllianceBernstein by 2.4% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 16,971 shares of the asset manager's stock worth $598,000 after purchasing an additional 395 shares during the last quarter. Vivaldi Capital Management LP increased its stake in AllianceBernstein by 4.8% during the 1st quarter. Vivaldi Capital Management LP now owns 9,048 shares of the asset manager's stock worth $339,000 after buying an additional 418 shares in the last quarter. Jeppson Wealth Management LLC increased its stake in AllianceBernstein by 5.6% during the 2nd quarter. Jeppson Wealth Management LLC now owns 8,553 shares of the asset manager's stock worth $301,000 after buying an additional 450 shares in the last quarter. CENTRAL TRUST Co increased its stake in AllianceBernstein by 50.0% during the 1st quarter. CENTRAL TRUST Co now owns 1,500 shares of the asset manager's stock worth $56,000 after buying an additional 500 shares in the last quarter. Finally, Mallini Complete Financial Planning LLC raised its holdings in shares of AllianceBernstein by 6.0% during the third quarter. Mallini Complete Financial Planning LLC now owns 10,979 shares of the asset manager's stock valued at $383,000 after acquiring an additional 622 shares during the last quarter. 19.25% of the stock is owned by institutional investors and hedge funds.

AllianceBernstein Company Profile

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.

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