AllianceBernstein (NYSE:AB) Given New $33.00 Price Target at Citigroup

AllianceBernstein (NYSE:AB) had its price target cut by analysts at Citigroup from $37.00 to $33.00 in a note issued to investors on Tuesday, BenzingaRatingsTable reports. The brokerage currently has a “buy” rating on the asset manager’s stock. Citigroup‘s target price suggests a potential upside of 17.15% from the company’s current price.

Separately, Zacks Investment Research downgraded AllianceBernstein from a “hold” rating to a “sell” rating in a research note on Wednesday, October 9th.

Shares of NYSE:AB opened at $28.17 on Tuesday. The company has a market capitalization of $2.75 billion, a PE ratio of 10.55, a price-to-earnings-growth ratio of 2.36 and a beta of 1.20. The business has a fifty day moving average price of $28.84 and a two-hundred day moving average price of $29.00. AllianceBernstein has a 1 year low of $23.34 and a 1 year high of $31.42.

AllianceBernstein (NYSE:AB) last announced its quarterly earnings data on Thursday, July 25th. The asset manager reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.02). The business had revenue of $714.00 million during the quarter, compared to the consensus estimate of $778.88 million. AllianceBernstein had a net margin of 6.79% and a return on equity of 15.54%. The firm’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter last year, the company earned $0.62 EPS. On average, sell-side analysts forecast that AllianceBernstein will post 2.38 EPS for the current year.

In related news, CFO John C. Weisenseel sold 32,723 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $29.61, for a total transaction of $968,928.03. Following the transaction, the chief financial officer now directly owns 22,723 shares in the company, valued at approximately $672,828.03. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO John C. Weisenseel sold 10,000 shares of AllianceBernstein stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $29.63, for a total value of $296,300.00. Following the completion of the sale, the chief financial officer now owns 22,723 shares in the company, valued at $673,282.49. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. North Star Investment Management Corp. bought a new stake in shares of AllianceBernstein during the third quarter valued at approximately $44,000. Royal Bank of Canada raised its stake in AllianceBernstein by 13.3% during the second quarter. Royal Bank of Canada now owns 120,278 shares of the asset manager’s stock valued at $3,574,000 after buying an additional 14,154 shares during the last quarter. UBS Group AG raised its stake in AllianceBernstein by 11.0% during the second quarter. UBS Group AG now owns 1,324,574 shares of the asset manager’s stock valued at $39,366,000 after buying an additional 131,201 shares during the last quarter. HM Payson & Co. purchased a new position in AllianceBernstein during the second quarter valued at $30,000. Finally, Ladenburg Thalmann Financial Services Inc. raised its stake in AllianceBernstein by 5.9% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 90,844 shares of the asset manager’s stock valued at $2,700,000 after buying an additional 5,066 shares during the last quarter. Hedge funds and other institutional investors own 17.60% 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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