Citigroup Raises AllianceBernstein (NYSE:AB) Price Target to $37.00

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AllianceBernstein (NYSE:AB) had its price objective hoisted by Citigroup from $36.00 to $37.00 in a report released on Tuesday morning, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the asset manager’s stock.

Several other research analysts also recently commented on the stock. Goldman Sachs Group assumed coverage on shares of Taylor Wimpey in a report on Wednesday, June 12th. They set a buy rating for the company. Zacks Investment Research raised shares of FirstService from a strong sell rating to a hold rating and set a $110.00 price objective for the company in a report on Tuesday, June 25th.

AB opened at $30.71 on Tuesday. The firm’s 50-day moving average is $29.01. AllianceBernstein has a 52 week low of $23.34 and a 52 week high of $31.42. The company has a market cap of $2.88 billion, a P/E ratio of 11.50, a PEG ratio of 2.75 and a beta of 1.21.

AllianceBernstein (NYSE:AB) last released its quarterly earnings data on Thursday, April 25th. The asset manager reported $0.49 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.05). AllianceBernstein had a net margin of 7.01% and a return on equity of 15.89%. The company had revenue of $795.46 million for the quarter, compared to the consensus estimate of $739.93 million. During the same period last year, the company earned $0.73 EPS. The firm’s revenue for the quarter was down 8.3% on a year-over-year basis. On average, equities research analysts predict that AllianceBernstein will post 2.38 earnings per share for the current year.

In other AllianceBernstein news, insider Kate C. Burke sold 18,897 shares of the stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $28.75, for a total transaction of $543,288.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.70% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Meridian Wealth Management LLC raised its position in shares of AllianceBernstein by 4.7% during the 1st quarter. Meridian Wealth Management LLC now owns 7,915 shares of the asset manager’s stock valued at $229,000 after buying an additional 355 shares in the last quarter. MML Investors Services LLC raised its position in shares of AllianceBernstein by 4.9% during the 4th quarter. MML Investors Services LLC now owns 7,888 shares of the asset manager’s stock valued at $216,000 after buying an additional 367 shares in the last quarter. Cetera Advisor Networks LLC raised its position in shares of AllianceBernstein by 2.2% during the 4th quarter. Cetera Advisor Networks LLC now owns 17,839 shares of the asset manager’s stock valued at $486,000 after buying an additional 380 shares in the last quarter. Blue Fin Capital Inc. raised its position in shares of AllianceBernstein by 1.3% during the 1st quarter. Blue Fin Capital Inc. now owns 36,324 shares of the asset manager’s stock valued at $1,049,000 after buying an additional 459 shares in the last quarter. Finally, Fiduciary Group LLC raised its position in shares of AllianceBernstein by 4.8% during the 1st quarter. Fiduciary Group LLC now owns 10,193 shares of the asset manager’s stock valued at $294,000 after buying an additional 465 shares in the last quarter. Hedge funds and other institutional investors own 16.66% 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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