AllianceBernstein (NYSE:AB) had its target price raised by equities researchers at Cfra from $32.00 to $39.00 in a report issued on Wednesday, BenzingaRatingsTable reports. The brokerage presently has a “buy” rating on the asset manager’s stock. Cfra’s target price suggests a potential upside of 12.88% from the company’s current price.
Several other research analysts have also issued reports on AB. Citigroup increased their target price on AllianceBernstein from $34.00 to $38.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Zacks Investment Research raised AllianceBernstein from a “sell” rating to a “hold” rating and set a $34.00 target price for the company in a research report on Monday, December 23rd.
Shares of NYSE:AB opened at $34.55 on Wednesday. AllianceBernstein has a 52-week low of $26.29 and a 52-week high of $35.43. The firm has a market capitalization of $3.33 billion, a P/E ratio of 15.15, a P/E/G ratio of 1.65 and a beta of 1.16. The stock has a 50 day moving average price of $32.54 and a 200-day moving average price of $29.80.
AllianceBernstein (NYSE:AB) last announced its earnings results on Wednesday, February 12th. The asset manager reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.15. AllianceBernstein had a return on equity of 15.18% and a net margin of 6.55%. The firm had revenue of $987.30 million during the quarter, compared to analyst estimates of $937.41 million. During the same quarter in the prior year, the company earned $0.64 EPS. The business’s revenue was up 22.7% compared to the same quarter last year. On average, analysts forecast that AllianceBernstein will post 2.4 earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the company. Gradient Investments LLC bought a new position in AllianceBernstein during the 4th quarter valued at approximately $30,000. Pacitti Group Inc. bought a new position in AllianceBernstein during the 4th quarter valued at approximately $31,000. Samalin Investment Counsel LLC bought a new position in AllianceBernstein during the 4th quarter valued at approximately $45,000. Moser Wealth Advisors LLC bought a new position in AllianceBernstein during the 4th quarter valued at approximately $46,000. Finally, Sowell Financial Services LLC increased its position in AllianceBernstein by 78.0% during the 4th quarter. Sowell Financial Services LLC now owns 1,506 shares of the asset manager’s stock valued at $46,000 after buying an additional 660 shares in the last quarter. 17.68% of the stock is owned by hedge funds and other institutional investors.
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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