AllianceBernstein (NYSE:AB) Given New $38.00 Price Target at Evercore ISI

AllianceBernstein (NYSE:AB) had its price target lowered by investment analysts at Evercore ISI from $41.00 to $38.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the asset manager’s stock. Evercore ISI’s price objective indicates a potential upside of 4.85% from the stock’s current price.

Several other equities research analysts also recently weighed in on AB. Bank of America downgraded shares of AllianceBernstein from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $42.00 to $38.00 in a research report on Thursday, April 3rd. Sanford C. Bernstein lowered AllianceBernstein from a “buy” rating to a “neutral” rating and set a $38.00 price objective for the company. in a report on Thursday, April 3rd. Barclays restated an “equal weight” rating and set a $34.00 price objective on shares of AllianceBernstein in a research note on Tuesday. Finally, TD Cowen decreased their target price on AllianceBernstein from $37.50 to $34.00 and set a “hold” rating for the company in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, AllianceBernstein currently has a consensus rating of “Hold” and an average price target of $37.17.

AllianceBernstein Price Performance

AB traded up $0.53 on Friday, reaching $36.24. The company’s stock had a trading volume of 113,907 shares, compared to its average volume of 439,077. AllianceBernstein has a 1 year low of $30.57 and a 1 year high of $41.37. The business’s 50 day moving average is $37.04 and its 200 day moving average is $36.88. The stock has a market cap of $4.01 billion, a price-to-earnings ratio of 9.73, a price-to-earnings-growth ratio of 0.78 and a beta of 0.97.

AllianceBernstein (NYSE:AB) last released its earnings results 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%. As a group, research analysts forecast that AllianceBernstein will post 3.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AllianceBernstein

Institutional investors have recently made changes to their positions in the stock. Transce3nd LLC bought a new stake in shares of AllianceBernstein in the 4th quarter worth approximately $25,000. Luken Investment Analytics LLC bought a new stake in AllianceBernstein in the fourth quarter valued at $37,000. Summit Securities Group LLC bought a new stake in AllianceBernstein in the fourth quarter valued at $41,000. Harbor Investment Advisory LLC acquired a new position in shares of AllianceBernstein during the first quarter valued at $48,000. Finally, HHM Wealth Advisors LLC bought a new position in shares of AllianceBernstein during the fourth quarter worth about $61,000. 19.25% of the stock is owned by institutional investors.

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.